How do I find out the groundrent from LAMAR/CBS?

Hi all,
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.



Try locating the previous owner. I would start checking records at the local courthouse where deed info is kept to find out who was the last owner of the property. See if they started the lease.

Those are both excellent ideas. You might also see if you can find out the advertising rent on a similar sign, multiply by 13 (if it’s sold per 4 week, and 12 if it is sold by the month) and then multiply by 20%. This is very rough, but might give you a ballpark idea of the ground rent amount.