Adding off-street parking- how much does it increase values?

[Katie Jewell]

We have a triplex in Lafayette, IN that currently only has street parking. The lot is very long and there is actually a sunken spot with some foundation left that used to be a garage, but is now just an overgrown mess of bushes. I got a quote from a contractor that it would only cost $1000-$1500 to clear the brush and lay gravel to turn it into off street parking for at least two of the units. There is still access from the street with the former garage space so that wouldn't be affected. How much value would this add to the overall property? And how much could I expect in a rent increase? How would you work it? Charge something extra to use it? Let the three units duke it out and just take turns with two spots?

Am I missing something obvious here? But it seems like a really small amount of money to add some good value and functionality to the property.