Indianapolis - What is the Value of a Garage?

[Matthew Schroeder]

Dear Indianapolis BP Members,

Your input, comments and feedback are greatly appreciated on the value ($) of garage in Indianapolis. 

I am trying to assess what the cost/benefit is of having a 2-car garage vs not having a garage at all for a single-family house in the Center Township.  Said another way, what is the added value in sales price ($) by having a 2-car garage (vs. no garage), and how much would the garage cost to build?

I am currently rehabbing a 3 bed / 2 bath property which has a 2-car, detached garage, however unfortunately, it is an old wood structure which is in virtually unsalvageable condition so I have decided just to have it demolished.

I am fine to leave it as a just a concrete slab after the demolition, but I think I should at least analyze if it is compelling to add/build a garage. For your reference, the property is in a revitalizing neighborhood about 5 minutes from downtown and the ARV is approximately $130k - $150k.

So, in short, the questions are:

(1)  How much more would a property typically sell for with a 2-car garage vs. no garage at all?

(2)  How much would it typically cost to construct/build a 2-car garage?

(3)  Are there any other 'creative' solutions which make sense from a cost/benefit perspective (e.g.  carport instead of garage, a modular/pre-fabricated garage, etc.)?

I look forward to the insight from the Indianapolis BP members!

As always, thank you very much for your input!

Best,

Matthew