Retail and Billboard Real Estate Evaluation

[Joseph Young]

Hello all, I currently own a business in which I lease a free standing building on .8 acres/2,200 sq building. Also on the property is a billboard owned by one of the major advertising companies. The landlord came to me to see if I wanted to purchase the property because he has some health issues and wants to sell off. Now my question is: When valuing the the Billboard sign, do I go about this the same way I would any commercial real estate? Currently, I have a triple net lease so I am paying the CAM/taxes on the entire property since the billboard is listed as a temporary structure. The billboard company has 6 years left on their lease and as with any major billboard company they have an easy out in the lease(90 days). The current landlord has minimum expenses, and is treating the billboard as traditional commercial real estate evaluation. This significantly increases the asking price because it brings the gross rent to around 145K year(Triple Net). Should I be calculating the estimation a different way?