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.