As FM coverage is so ubiquitous around the world, several applications can be considered to better exploit this useful band. Thus, it is of significant interest to investigate and characterize channel properties of the FM Band for the potential two-way digital wireless systems. In this paper, we present the results of field measurements at 86 MHz conducted at Gebze, Kocaeli, Turkey. Through the measurements, some of the FM channel characteristics are identified. Measurements are performed for urban, hilly terrain, and rural areas. Our results show that the FM channel expectedly has a large coverage area but at the same time, it possesses large channel excess delays. While most of COST-207 channel power delay profile models are also applicable for the FM Band, for urban environments and hilly terrain environments, channel clusters and excess delays are higher than those of COST-207 models. As 5G systems aim to utilize lower frequency bands for supplementary links, FM Band can be considered as one of the potential bands and the channel models proposed in this study can then be exploited for performance analysis.