My husband and I own a billboard in Tuscaloosa, AL. We are considering selling it. Any thoughts?
First, figure out the realistic amount it can make a year. Then come up with a price that is supported by this income level. Then put it on outdoorbillboard.com under “billboard for sale”. At the same time, contact all the other billboard companies in your market, encouraging them to make an offer on it. Finally, advertise it in your local paper under “business for sale”.
Press every lead to make an offer. Take the offer and go, as long as it meets your criteria for what you wanted out of it. Be thinking of potential financing options if the buyer does not have the cash (lending is really hard right now).
When you say “figure out the realistic amount it can make a year” , are you talking net or gross. Is there an average sales price for structures based on the current gross rentals x
We paid it off years ago, we’re just tired of the hassle of keeping it rented in this crappy economy. How can we determine how much it is worth? Lately we’ve been renting it for $1,600 per month, per side. The ground lease is only $200 per month. I was told the approx. value is the yearly rent times 3, ($1,600 + $1,600 = $3,200 x 12 = $38,400 x 3 = $115,200) does that seem right? It’s on an interstate, near an exit.
Have you sold your billboard yet? If not are you still interested in doing so? What size and where in Tuscaloosa is it located?
Outie,
Here’s your best strategy. Offer it to every billboard company in that market, asking about $120,000 or best offer. See what the offers are. That’s a free appraisal that is 100% accurate. If you don’t like the offers, then just hold on to it and try it again later. I have done that many times with billboards that I’m thinking of selling. Sometimes I’m happily surprised on the strength of the market, sometimes not. But it’s free, so what the heck.
I am looking for someone to hang some vinyls for me in jasper, al. hoping this person could tell me of someone. Could someone pass this on to them and my email. If you know someone who could help that would be great. thanks
Look under your yellow pages for sign companies. They usally do this type of work.