I’m selling two sets of leases and permits to erect two static, double-sided billboards on two separate properties in Nashville, TN.
Permit & Lease A: 12’x24’ double-sided monopole (full flag configuration) with a 15 degree vee and overall height of 42’5". Billboard is non-illuminated. Competitors charge $800 to $900 per side per 4-week period for nearby billboards of the same size. The lease for this billboard has a 15-year term that pays the greater of 20% of gross revenue or $308.33 to the landowner each month.
Permit & Lease B: 14’x48’ double-sided monopole (center-mounted configuration with back-to-back faces) and overall height of 50’. Billboard is illuminated. Competitors charge $1800 to $2250 per side per 4-week period for nearby billboards of the same size. The lease for this billboard has a 15-year term that makes one annual payment of $11,000 to the landowner each year. This billboard is illuminated.
Using Frank’s valuation method, $137,148 is the average combined value for both sets of permits and leases, which reflects a cap rate of 15%, vacancy rate of 15% (nearby billboards are almost never vacant, but for safe measure, this has been factored in), and the quoted cost to fabricate and install both billboards. However, due to a time crunch, I’m discounting the price to $99,000.
If you’re interested, please contact me at:
Matt Harmon
matthewgharmon90@gmail.com
(224) 401-2299