Buying a piece of land with ONLY a garage on it to rent out. Good idea, or bad idea?

[Aidan Cullinan]

I found a garage for sale, on the MLS, in an appreciating part of town. The garage is located behind a townhouse, and looks to be a divided parcel. It has two separate entrances with an extra 100 sqft of storage behind each garage. This is in PA, where it is cold and rainy often. That being said, I know that there would be demand for garage space, especially from car enthusiasts. My idea is that I purchase this garage and rent it out through Neighbor, or Facebook marketplace. Assuming I can get a loan, or seller finance this, it would cost me about $400 a month. After running the numbers, I would cash flow about $200 a month, based on no vacancies. This puts me at a cap rate of ~4.3%, and a CoC return of ~22%.

While these numbers look good, I am also considering the risk that I get stuck with the property because It would be hard to sell it. I am also unsure if it is even possible to get a loan for just a garage. Additionally, I don't know what the demand looks like for a garage in my area. 

I have not seen anyone cover this, so I am hopeful that someone may have experience with this asset class. Thanks!