I am appraising the leased fee on a billboard that is somewhat atypical in that it is not subject to a ground lease or any expenses that could be considered in a typical billboard revenue. Market participants have told me that 3 to 5 times GRM is the predominant way to value a billboard. I have found that comparables are hard to come by. I was just curious to find out if anybody would consider using a cap rate to value a billboard and what an appropiate range be? Thank you!