From what you've said above, are we talking about this property at the intersection of US 36 and OH 235?
This being a farm, there is probably a maxim about shutting the barn door after the horse has left that applies here. In general, you should only buy property that you have a plan for. But it's a bit late for that now.
On the other hand, it sounds like your family has the skills & experience to farm it and make some level of profit until you develop a plan. But farming is not really real estate investment, which is what we talk about here. Very few of us will be in a position to tell you whether it makes more sense financially to keep farming the land vs developing the land.
It seems like that's a somewhat busy corner by area standards and there are some businesses around there. A few thoughts if you don't want to use it for permanent farmland:
- Rent out the restaurant on a triple-net lease (tenants pay all the improvements), offering it up very cheaply to anyone who is willing to make a go of it. There's an established place across the street and you aren't far from the KTH factory so maybe anotherrestaurant owner could make a go of it on lunches and dinners. Figure out what comparable rents for restaurant space are and offer it at 15-20% less. Any income you can make out of it is better than nothing at this point.
- Alternately, maximize the benefit of that corner location and see if you can entice a gas station/convenience store owner to put something up there. Go talk to several of the local owners of this kind of business and see what they look for in a new location and if you can make a deal with them. Maybe you can become part owner and share in the risk/profit instead of a straight lease.
- Maximize that 1000' of frontage on a busy intersection with some sort of commercial rentals. What businesses are doing well in your local area? Cater to those that would be looking to expand into some sort of relatively inexpensive commercial space that you can build.
- Find out what the local rules about billboards and cell phone towers are. If you're allowed to put either of these up, sell a lease to a company that specializes in this kind of thing (or learn how to DIY if you feel up for a challenge).
- Since you are on town water/sewer, this might make a good spot for an apartment building or mobile home park - just make sure to situate it well behind the prime commercial space since most people don't want to live on a busy intersection and most businesses are looking for high traffic space.
- Looks like you are just down the road from Kiser Lakes State Park. I see a lot of signs around for camp wood, too. Is there a demand for boat storage, a general store type business that sells marine supplies, outdoor recreational supplies, and camping gear of the type that would be in demand at the state park? Is your land close enough/desirable enough to start a seasonal campground or RV facility to take advantage of the park?
I also see on the village website that "The Village of St. Paris Planning Commission holds regularly scheduled monthly meetings at 7:30 P.M. the first Thursday of each month. The meetings are held at the Village of St. Paris Municipal Building located at 135 West Main Street." You should think about attending a few of these meetings to meet the local officials and ask some questions about what kind of development they want to see and what they think the area will support. The next meeting is just a couple of days from now.
Good luck!
