Essentially, there must be a paid parking footprint in the area already.The ideal asset would cashflow from day one with the ability to add value via technology, operations improvements, and/or NN lease addition (or renegotiation).

Unless the tank gets a leak it never ends up totally empty, so you'll need to dispose of it carefully and professionally, but otherwise there's nothing inside to cause environmental concern as far as leaking on the property.

I've been hearing a lot on passive income by working with real estate investors. I would love first off to learn more. Secondly find investors that don't work on new construction. Ones that rehab..Any ideas??

That will determine what you can actually build on site to reach density... and then consider if the cost of underground parking will be worth the cost to add the units.Then do some very rough napkin math, Determine your footprint and how many floors you can do within the height restriction of the zoning. = Total sq ft.Then determine your usable sq ft. from the total sq ft. calculation, ideally you want to aim around 74% usable space.

Some modifiers and gotchas are:  are there environmental restrictions against building or improving the land? 

I have a degree in natural resources and my job title is an Environmental Scientist.

With this type of commercial property, likely the most important aspect you will want to consider is the environmental aspect.

Hi Chris,Adding to what Jamie said just because you can build a larger duplex does not mean it is the most efficient use of that foot print within the setbacks. 

I worked as an environmental contractor in two LARGE manufacturing facilities.

Toledo is now ranked the #1 city for environmental sustainability and the apartments that have just been built downtown have reported low vacancy rates.