What does it take to get into the Billboard business...
BP - Need some help / advice on this one.
We just bought a property in Indiana from another BP member that we are going to reposition for commercial sale (i.e. either small office / retail strip or storage business) after we clean the property up. I am trying to think creatively here on how we can generate some income from this to office some of our carrying costs until we find the right buyer...hence the billboard idea.
Here is a little about he location:
- Back of property has clear visibility from major state route with INDOT listed traffic counts of 12 to 20k cars / day
- Property is located on a slight curve, so cars traveling north will get prime exposure (though this may prevent having usable space for southbound traffic)
- No billboards in the immediate area with tons of major retails present (i.e. tractor supply, Holiday Inn, Menards, etc.)
So in addition to checking the City / State to see if I could obtain a permit, what other advice / insights do you have?
- Monopole vs. wooden structure
- Stacked vs. single panel
- Junior vs. larger size
- Should I look to do a land lease or build / market myself
- Typical cost of building and ballpark rents
As you can tell I have no clue if this is even a viable option at this point, but given the location I really want to explore what the ROI would be. Any billboard pro's out there?