CR 331, Seminole, TX 79360 - Gaines County

PRICE REDUCED

This 2,560 +/- acre irrigated farm is located 16 miles southwest of Seminole, Texas in Gaines County. It has paved access from County Road 331. It is one contiguous tract, running 4 miles east to west, and 1 mile north to south. There are 2,000 acres of irrigation, 311 acres of native pasture, 35 acres of dryland, and 214 acres of CRP. This area is known for its production of cotton and peanuts, but a variety of crops can also be grown. The land is suitable for peanuts, potatoes, cotton, sorghum, and wheat. There are some other specialty crops grown in the area.

Crops are watered by center pivot irrigation, and wells from the Ogallala Aquifer. The land is located in the Llano Estacada Underground Water Conservation District. The property is located south of Oasis and Ocho Gins, which provides flexibility with cotton marketing.

This farm is highly developed with irrigation equipment and facilities. There are many depreciable assets on this farm. Besides 4 quarter-mile sprinklers, 3 half-mile sprinklers, and 47 irrigation wells, there is a nice 40x50 barn on the property, and a large amount of underground water and electric lines.

The farm is leased out for the 2014 growing season. Under the terms of the lease the Land Owner is responsible for the property taxes and sprinkler insurance. Therefore, a Landowner does not have to expect a lot of out of pocket expenses. The farm is providing a 6.0% net ROI at the current asking price. There is also a significant amount of depreciable assets that will offer a variety of solutions for tax planning.

The native grass corners have some mesquite brush on them. There are large mule deer in the area. Gaines County season runs from November 23 to December 1. There is a collection pond at sprinkler VI that is stocked with fish.