I have a property with a full size billboard in the city of Denver and am looking to renegotiate the terms with the billboard company. This will be my first billboard negotiation and I am hoping to find some information as to average rents per year/mo. and any other terms I should consider before I enter into these negotiations.
It is currently rented at $1500/yr. which seems extremely low to me. Anyone with experience and perspective, or a good resource?
Depending on the location, I'd be interested at that price and maybe more. Seriously.
Also, you should give these guys a call and ask for pricing. http://www.milehighoutdoor.com
We have one in Houston going for 850 but only one side can be seen.
I sold a property last year that had one, they were getting about $185 a month, heavy commercial & industrial neighborhood, on a one way street, in a City just outside of Boston...try Clear Channel, or also try calling commercial brokers or appraisers that may be able to shed some light on it for you...just my opinion !
@Niles Emerick I'll summons @Joel Owens as he has some experience that might help here. You might also locate a few signs that are similar to yours and contact the land owners to see what they are getting. You might also try locating a company that installs the actual signs. The owner/manager might actually know the business if you can get a few minutes of their time they might share some insight.
Thanks so much for the info Matt, Jeff, Bill and Bill! A fun adventure ahead.
I'm guessing the lease is just for the land itself and not for the structure of the board, solely based on the rent price.
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