How do I value a billboard I own?

Question

I own a piece of land with a billboard right off a busy highway in Northern California. How can I find out what it is worth, I am trying to renegotiate the current lease that was setup 15 years ago which I was not involved in.

Answer 1

check the city or county websites.  didn't you get it appraised before you bought it?  wasn't very smart if you didn't.

Answer 2

You might consider contacting a company in your area that handles billboard rentals.  Tell them your story and ask them to give you an approximate idea of how much one of their billboards would cost to lease.  It can't hurt to ask - and they might even answer.

Another option:  contact a commercial real estate person in your area - explain the location; ask how much that piece of land would be worth to lease (for billboard use).  

Good luck.  

Answer 3

Call some of the local outdoor media companies in your area and find out what the billboards in that area go for.