I was wondering if someone could provide some suggested land lease terms for the following area.
Pop. 60,000 +
Traffic count for area is 13,000 right before an exit off a loop to main road for the city leading to city’s only mall. Only two other billboards on this stretch of loop approximately 1 mile before this location.
Same city with a traffic count of 31,000 on the largest street in the city.
There is basically only two billboard advertisers in this town, Lamar and another local company with not that many signs. SIgnAd is also beginning to erect some billboards.
I am looking for suggestions as far as monthly lease rate and percentage revenue from the boards as well as term length. I was going to try for $1,000/month with 15% revenue, no higher than 20%, and 15 year lease with 15 year option.
Lamar currently has rates for 14x48 of $2,250/month and 10’6"x36’ for $2,140.
Any suggestions would be appreciated.