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Wayne County – 72.45 Acres Productive Farmland With Oil Production *SOLD 3-25-24*

County Road 950N, ,
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SOLD MARCH 25, 2024 FOR $565,262.50 ($7802/AC)

72.45 acres of highly tillable productive farmland located northeast of Fairfield, IL

Legal:

PIN:  16-31-025-006-00; 16-31-025-004

Part of the W 1/2 SE 1/4 Sec. 31, T1S R9E 3rd P.M., Wayne County, Illinois

Directions: From Fairfield, IL go east on Hwy. 15 5mi. to CH 21 (2400E) turn north and go 2mi. to CR 950N turn east and go 1/2mi. The property is on the south side of the road.

(Approx. 7mi. NE of Fairfield, IL; Approx. 40 miles E of Mt. Vernon ,IL; Approx. 70 miles NE of Evansville, IN)

Lot Size:  72.45 acres

Tillable Acres:  96% tillable being 67.17 acres in row crop production and 2.57 acres in CRP paying $185.94/ac = $478/yr.

Mineral Rights:  Sellers retain 1/2 of their mineral rights.  Sellers believe they own 100% of the mineral rights on this property. There is a producing oil well on this farm that the new owner’s will receive 1/2 of the royalty interest.  For an additional cost the well can also be purchased.

Possession:  At closing – subject to present tenancy agreement. Farm is rented for the 2024 farming season.

Rent Agreement:  Farm is currently being rented on a 1/3 – land owner and 2/3 – tenant agreement.

Soil Types Tillable Acreage: Sexton, Wynoose, Bonnie, Henshaw, Racoon, Piopolis, Plumfield, Bluford

Crop Productivity Index:  109.2

Real Estate Taxes: $1,741.60 – 2022 taxes

Other Income:  

  • Flowline rental across property – $180/yr.
  • 2022 current hunting lease – $1,725/yr.
  • 2022 1/2 oil well royalty income – $1,239.57

Oil Well: The producing oil well can be purchased. It was drilled in 2012 and has had very dependable production.  The Gross Income on the well in 2022 was $18,88.01.  This well is very efficient, produces very little water, and is easy to maintain.

This is an outstanding farm with road frontage on two sides that produces income from multiple sources. The property is 96% income producing and also has a large amount of passive income. Productive farmland is very difficult to purchase in today’s market and this farm offers almost 100% tillable acres with outstanding income.

Documents
Address: County Road 950N
City:
State/County:
Country: United States
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Property Id : 24146
Selling Price: $565,262.50 ($7802/AC)
Date Sold: SOLD 3-25-24
Sort Date: 2024-03-25

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