Existing Steel Frame Pricing and Potential Removal Questions


#1

Hello,

This is my first time posting here but looks like a great forum. I am very unfamiliar with the billboard industry as a whole. I am working with an owner who is selling a large tract of land. On site there are currently 2, 14 foot x 48 foot structures that were used to self market the development area. From my brief research it seems that they are multi-mast double facing structures. They currently sit at ground level opposed to high in the air as traditional billboards are. They still have good visibility to the highway however. Iā€™m not sure how long they have been place but it seems like the bones of the structure are decent, and the faces are 4ā€™ x4ā€™ sheet metal held together by rivets as the cover, which would need some work.

The owner wants them removed from the property as he is looking to sell, (the billboards currently do not generate revenue onsite). Can i get some advice on a) if there is a market to sell existing structures and how much these structures would possibly go for if someone where to remove them. I have seen valuations around $50,000 for similar type product according to an Arkansas billboard valuation guide I found online but that seems high to me b) it seems like by removing these structures it would negate any permits and lease opportunities that are in place to potentially create lease revenue for the next owner.

Any help or advice in this arena would be appreciated.


#2

If removed, they are likely worth more than scrap steel but less than new steel (assuming they are steel structures). Much less than the figure you indicated in any case, since labor and transport costs to remove them would be significant. What state are they in? Do you have photos?