Rental on a machine shed In SW Iowa?

Jdeere562

Jdeere562

Joined
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So my Step Dad just gifted me an approx 70 x 100 machine shed, on 2 1/2 acres. Morten building with a gravel floor.
Not trying to gouge anyone, but want what it is worth. Taxes around $2000 per year.

I'm no farmer and don't know what the rent should be. Any farmers here with any idea?

Rent could be bargained for, if they did the mowing or pastured some sheep there. I'm unable to mow these days.
 
Are you paying taxes, insurance, and utilities? Triple net industrial space is $4-$7/SF annually but you have a gravel floor and are presumably in a rural area.

I’d say if you can get $1,500 a month you are doing ok but you didn’t mention the location.

You’d be likely be paying taxes and insurance on it.
 
Jdeere562 said:
So my Step Dad just gifted me an approx 70 x 100 machine shed, on 2 1/2 acres. Morten building with a gravel floor.
Not trying to gouge anyone, but want what it is worth. Taxes around $2000 per year.

I'm no farmer and don't know what the rent should be. Any farmers here with any idea?

Rent could be bargained for, if they did the mowing or pastured some sheep there. I'm unable to mow these days.
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I think Iowa State University has some rental schedules for things like this. I can’t look for it now, but it’s worth Googling it. We rented our machine shed in IL by the square foot, but I don’t recall what that was, plus it was 20 years ago….Good luck.
 
About 100 questions need to be asked/answered:

*Is building in or out of city limits
*Electric to building
*Water to building
*Bathroom in building
*Will you allow a business to be run, and if so what limits
*How much of the outside does the tenant get
*Is maintenance and upkeep the responsibility of landlord or tenant
*If for storage, what will you permit to be stored

This is a huge risk to rent in many cases, you may end up with a guy who drops his junk cars there, failed to pay rent, and you have a legal issue removing the junk vehicles. I could go on and on.

It's late in your life to learn how to be a landlord. Be very careful.
 
Not a farmer, but our family rents my deceased inlaws farm. Not involved, last I heard it didn't pay enough :(

This is going to a wildly local answer. Anyone else in the area rent anything like it you can get comps from?

Here is some ideas from 2014. Its says $0.40 per square foot back then. https://aglease101.org/wp-content/uploads/2020/10/NCFMEC-07.pdf

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In the end its what someone is willing to pay. A good tenant for less better than a lousy tenant for more. Your also going to need to carry landlord insurance unless your willing to self insure.
 
It’s so location specific. People pay $100 a month for a 3x8 storage unit but not in rural areas. Give us an idea where it is.
 
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RhondaHonda said:
No details? I’m curious what the terms were, don’t leave us hanging!
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Hard to describe in detail, more of a barter thing. He is paying property tax, insurance and grounds upkeep. (which I can't do)
In return, he has a 1 mile private watershed pond, lots of bass, crappie and blue gills. Locked gate and my kids get a key to fish there.

He also has a small campground along the MO River for the kids to use. Threw in 1/2 of a beef and we shook hands, Both of us are happy. :)
 
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