Farm or Develop?

Agricultural Income Capitalization

Worked example: $250/acre NOI at 3.5% cap = $7,140/acre agricultural value.

Development Feasibility

5-step analysis: zoning, infrastructure, construction costs, revenue potential, residual land value.

Regulatory Constraints

Agricultural preservation zoning, right-to-farm laws, conservation easements.

Tax Implications

Rollback taxes, capital gains vs ordinary income, 1031 exchange opportunities.