Sold Price:  $10,208,550

Property Size:  5,918 Acres

Location:  Hastings, FL

Category:  Investment Timberland, Vacant Land

Broker Comments:

Property Description

Click Here for Executive Summary

5,918 acres located in northwest Flagler County. The tract is currently owned by Ocala Manufacturing Corporation and was previously owned by International Paper. The tract consists of three separate parcels in close proximity to each other and is comprised completely of planted and natural timber. There are no existing improvements and there is electricity to the site. The planted timber is benefited by an excellent grid-style road system. Also, a well-established system of drainage canals crosses the property. The tract is bordered on two sides by existing, irrigated agricultural fields and on two sides by pine production land. The greater area is predominantly timberland and agriculture. Recently, some timber tracts have been converted to agricultural uses. The tracts are within 15 minutes of both Palatka and Hastings. They are approximately 11 miles west of Interstate Highway #95 and just four miles east of the St. Johns River.

Key Facts:

Asking Price: $10,208,550

Sale Price: $8,725,000

5,918 total acres

3,050 plantable acres (51.5%)

Majority slash pine

35% merchantable/65% premerchantable

69% of premerchantable is 10 years old or older

Average age of all planted timber is 15.8 years

5 year hunting lease expires May 2013, average income of slightly more than $6/acre

2012 property taxes of $2.31/acre