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Updated over 7 years ago,
how to value parking spaces for multifamily quadplex
How do i value absence of dedicated paved parking spots for a property? Im looking to make an offer on a multi-family quadplex that does not have parking spots where most other fourplexs on that street do have at least some paved parking. There is a medium amount of street parking and I can see the current tenants are parking on the street at night. It gets crowded, but it looks to be at least functional to this point.
Ive googled and search on the forums here, (maybe poorly) but cant find any related topics.
I've pulled up the tax records and compared the land improvement valuations, but cant seem to digest how to come up with a number. For example the surrounding houses on the county tax website as as follows:
Prop A - 3600 sq' bldg, 2400 sq' parking, 7700 sq' lot - Taxed Improvements Val: $150,000
Prop B - 3600 sq' bldg, 1400 sq' parking, 8700 sq' lot - Taxed Improvements Val : $210,000
Prop C - 3600 sq' bldg, 3000 sq' parking, 13300 sq' lot - Taxed Improvements Val : $200,000
The property I'm interested in :
Prop - 3600 sq' bldg, 0000 sq' parking, 8700 sq' lot - Taxed Improvements Val : $160,000
Any suggestions?
Bill