How Much Does an Extra Parking Space Add to a Property?

Every square foot matters when it comes to property valuation. This is particularly true in cities where parking is scarce. The value of a property can be significantly altered by the provision of additional parking. But how much value does a parking spot contribute to a building?

The response varies depending on a number of elements, including geography, property type, and local parking demand. Generally speaking, an additional parking space can increase a property’s value by $5,000 to $50,000. This implies that a home with more parking may fetch a higher price than a comparable one lacking one.

For instance, an additional parking space can increase a property’s worth by up to $50,000 in New York City, where parking is notoriously difficult to come by. An additional parking space can increase a property’s value by between $15,000 and $50,000 in Los Angeles, where parking is also in great demand. The value added by an additional parking space may be smaller in other regions where parking is less of a problem. But what if you don’t want to sell your house and just want to make money off a spare parking space? Starting a parking company makes sense in this situation.

Parking businesses can be lucrative businesses, particularly in places where parking is in great demand. However, it takes consideration and planning to launch a parking business. Owning a parking lot, which can hold numerous automobiles and produce consistent income, is one possibility. Owning a laundry or a warehouse and using the extra space for parking is another choice. How many automobiles can a warehouse hold, speaking of which? Although it also depends on the warehouse’s size, on average 25 to 50 cars can be stored in a 10,000 square foot warehouse. However, this figure may change based on how the warehouse is organized and the size of the parked cars.

And last, how many vehicles can you fit in a typical parking garage? A single parking place in a garage normally measures around 8 to 9 feet wide and 18 to 20 feet long, though this varies depending on the size and layout of the garage. This means that, depending on its size, a typical parking garage can hold between 100 and 300 vehicles.

In conclusion, an additional parking space can significantly increase a property’s worth, although the amount depends on a number of variables. Starting a parking company can be successful, but it requires proper planning. The number of vehicles that can fit in parking spaces in warehouses and garages varies based on their size and layout.