I'm new to this site and new to billboard business. I'm interested in buying a vacant commercial lot in Detroit with one sided Lamar billboard on the property. I found out the property taxes to be $5,000 (yr). How can I find out what kind of ground rent does the current land owner gets from this billboard. I can't contact the current owner becuase its a foreclosed auctioned property. I called local Lamar rep and left him a message with the property address but never heard from him.
I have to act quickly to get this property but I want to make sure that I would make money after paying $5k taxes.
Any advise on how can I find out the ground rent for this property or can anyone give me a ball park figure for average monthly ground rent in Detroit. The Billboard is facing a major freeway.
Thank you in advance for your assistance.