RE:RE:Selling offInteresting. I considered that. There is a trend towards consolidation in the dealership business, so many may be redundant. I Iooked at most of the properties. The ones in big cities are either 0.5-2 acres, and the suburban and small town ones are a little larger. Many are near the highway, which I'd think not as desirable for residential. You may be right, but the value wasn't obvious to me.
The hard part is doing a DCF for these development properties. The cash flow is so far in the future, and sensitive to development times (permitting) and appreciation rates.