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Updated over 6 years ago on . Most recent reply
Beach side parking lot passive income investment?
Hey,
I’m new to real estate investing and during my recent vacation at Myrtle Beach, SC I’ve noticed that beach front parking lots were always packed.
Now I did some conservative calculations of one specific parking lot by the beach and right next to the boardwalk(restaurants, bars...)and based on the hourly price of $7/hr I came up with a gross income of 200k/month on a 100 spot parking lot. My calculations are probably completely off so PLEASE feel free to set me straight and give me an idea of the ROI.
The parking lot I based my calculations on is a simple 0.5 acre lot with two solar powered parking meters.
Give the prices of lots currently for sale in Myrtle Beach it seems like a lucrative opportunity for a passive income.
Most Popular Reply
So your recent trip was in July I imagine ? It's pretty empty off season. At night you can get $10 for the night off season.