Say I found a building for sale that includes two lighted billboards on the roof. The owner of this building currently leases the billboards to some national company; state issued permit numbers are on the billboards.
My thought is buy this building with the billboards and after the lease expires on the billboards,
- enlarge them
- later upgrade them to digital
- perhaps move them to a more valuable location
I checked with the state and as far as I can tell the permit numbers allow the above.
The state permit numbers on the boards are issued to the national company who leases the physical billboards.
What is the valuable thing to own in this situation – the physical boards or the state issued permits?