This is the listing of a 16 2/3% interest in Row Hangar No. Two, LLC which owns a 21,600 square foot hangar building divided into 6 units. The building sits on a 1.72 acre site leased from the Charlotte County Airport Authority. According to the Restated Operating Agreement, each member is granted exclusive possession, use and occupancy of the unit designated in the agreement. In this case, owner has exclusive use of Hangar Unit 2, which is a 3,600 square foot unit. The hangar unit is stubbed for a bathroom but there is no bathroom in place. The unit has been damaged by Hurricane Ian. The Charlotte County Airport Authority owns the land and leases it to Row Hangar II, LLC. The current lease commenced on June 1, 2005 and expires on May 31, 2035 being a 30 year term. The current rent is $14,250 annually for the entire building (21,600 SF). The rent is adjusted every five years with the next adjustment being on June 1, 2025. The rent will be adjusted based on a fair market value appraisal at the time. There are two renewal options of five years each. There are no real estate taxes due since the land is airport property. The tenant is responsible for maintenance of the building and land, all utilities, and liability insurance.
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