Airport, Hangers and Airstrips

From hangers to airports, we appraise them.       An aircraft hanger in DeKalb, Illinois belonging to Monsanto Corporation

One of the more unusual areas of expertise demonstrated by the Gorman Group Ltd. has been in the appraisal of airport, airparks and landing strips.  The Gorman Group Ltd. has invested much time and effort in learning the intricacies of small, privately owned and municipal airports and facilities.

Potomac Airpark - owned by U.S. Silica

Our experience in appraising airports, hangars includes assignments from all over the country.  Corporate airstrips which are privately owned, to privately owned corporate hangars on municipally owned land, to airfields catering to the casino industry and suburban airports have been past assignments of the Gorman Group Ltd.

While on the surface seeming easy, this type of property incorporates knowledge not only of real estate appraisal in general, but a knowledge of the needs of the aircraft industry and the demand for such properties in any given market.   Aircraft sales have been at all time lows for decades due to spiraling insurance costs and the federal government has, in the past made efforts to fund municipalities activities in promoting the growth of the private aviation industry.  The special needs of these facility users such as charter companies, repair companies, passenger shuttle and express airlines, freight terminal operatior and other FOBs (fixed base operations), present special appraisal problems not to mention the valuation issues with permanent privately owned buildings on government owned lands. 

Certain aircraft require runways of certain lengths, lighting and other FAA requirements for approval are only the tip of the iceberg as most local governments i.e., counties, townships and municipalities have their own set of requirements including the ever increasing presence of the EPA…both federal an state.

Got an airport? Want an appraisal?…the Gorman Group can help!

The aerial photgrap below is of Frankfort Airport in Frankfort, Illinois