Sell 2nd Lot and Lose Parking? 3 unit in West Chicago

[Kevin Danikowski]

I have a building that has 2 lots. I'm considering selling it, and the land is worth about $50,000-60k (located in forest park).

Currently, there are 5 spots lined next to eachother on the short end of the property which crosses the two 25' x 125' lots. So If I broke this off and sold it, I would lose 2.5 spots (so 3), but try to get them back by extending my parking lot which would now be 40' x 25' instead of its current 20' x 25'. One of my tenants would lose a spot in the process and now the cars would be stacked potentially causing an issue with entering and exiting. This would likely lower the value of my building as a result as well. 

Is it worth it? 

Other option to use this 25'x125' lot... Lay down asphalt or concrete for $3,000-13k (depending on material) and have 3 new spots I could potentially find people to sell it to. I would guess I could get $50-100/mo for it (so return is low). It's in a residential district so not sure if I could do much else.

[John Warren]

@Kevin Danikowski make sure you still meet the parking requirements in Forest Park. The village is pretty strict on parking, and you could make it so your subject property loses its zoning status, etc. I recently sold a two unit that had been a legal three unit in the past. The only reason Forest Park didn't allow it to remain a three unit was that it didn't have six parking spaces (2 per apartment). It had two entrances, good ceiling heights, etc.