Selling a leased billboard separately from a property
I am about to list a piece of freeway adjacent land that has a billboard on it. The billboard is not on a separate parcel. It is leased for 10 years and has 10 year options. 

Can we sell the land and the billboard separately?

I was thinking we could do a 99 year ground lease for the 5 SF and the air rights and still retain rights to the income if the buyer did not want to buy it. 

I appreciate the responses.
[{"id": "irc8v2t", "text": "The buyer won\u2019t like the fact that the billboard isn\u2019t in the deal. If it\u2019s got 10 yr lease options that\u2019s income they don\u2019t want to miss out on. I get that you will price the property differently vs selling with a billboard and a \u201cpretty much guaranteed\u201d stream of rental income but that will still make the sale a bit harder. \n\nIt could hurt them in the future based on the product advertised on the billboard. It could be competing or dissuading to customers from going onto their property (political messages).\n\nFor example, a McDonalds buys your land and puts a branch. Your billboard has a Burger King ad. That creates a problem for the McDonalds on the property.", "replies": [{"id": "irebd2o", "text": "Yes, I get that. Good point though. \n\nIt\u2019s more of a negotiating point if anything. If someone really doesn\u2019t see the value in it, we can sell it separately", "replies": [], "depth": 2}], "depth": 1}, {"id": "irca1c2", "text": "Yes you can. But should you is a different question that needs to be answered. Is the billboard in the way of future development of the property? Does its location diminish the development potential? Would the presence of the BB deter certain types of development? If so your ability to sell or sell at the price you want may be negatively impacted. Could be better to add the value of the BB into the sales price and allow a buyer to decide. I had a carwash with a cell tower on it that I tried to sell for redevelopment. Tried to keep the cell but ultimately had to include it with the land to get a deal done on the land. The tower location kind of split the lot up in a bad way so only having control of it got the land sold. That said the discounted present value of the income stream was worth $350k so I made peace with selling it.", "replies": [{"id": "irch6by", "text": "Thank you. That was my thought exactly. \n\nI was thinking of offering the land to people with or without the tower, just to negotiate a better sale for the seller really", "replies": [], "depth": 2}], "depth": 1}, {"id": "ircgs29", "text": "If you want to limit your pool of buyers, sure.", "replies": [], "depth": 1}, {"id": "ircvqqp", "text": "Follow-up - has anyone thought to turn the billboard into its own condo unit?", "replies": [], "depth": 1}]