There’s money to be made by investing in parking lots. This is true just about anywhere, but especially so in urban areas. If you like the idea, it pays to have some idea of what motivates parking garage investors to sink money into certain garages. Here are a few examples to keep in mind.
One key factor is the location. Simply put, a garage that’s in an area where the demand is high is likely to remain full most of the time. That’s great since the facility is making money, and in turn earning profits for all the investors.
Another point to ponder is the condition of the parking garage. How well is it maintained? A structure that’s kept clean is sound and receives proper attention on a regular basis is likely to have plenty of customers. By contrast, one that’s run down and unkept won’t attract as much attention.
Last, parking garage investors like this type of investment because of the relatively low cost of upkeep and maintenance. Compared to office buildings or retail spaces, a parking garage incurs relatively little expense for keeping the property in good condition. That translates into higher net returns for the investors.
If you think this might be a reasonable investment opportunity for you, talk with a professional today. It won’t take long to figure out how this approach fits in with your investment planning and may even turn out to be one of the more secure holdings in your financial portfolio.
For more information, please contact Parking Advisors, Inc today.