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Home » Deeded Parking for Sale | 38 Spaces for $1,330,000

Deeded Parking for Sale | 38 Spaces for $1,330,000

Deeded Parking for Sale, 38 Spaces

LAKESHORE EAST – Total package is priced at $1,330,000. Also available in smaller segments for $35,000 per parking space.

On site management in place. Current rents (~$180/month) generate $82,000 in gross income. Significant upside in rental income is possible. Neighboring garages charge $240-$275/month.

Field harbor parking garage

Lakeshore East Neighborhood

LOCATION: The parking spaces are located in Lakeshore East,  just off Randolph Street and across from Millennium Park. It’s a short walk to the Aon Center, The Blue Cross/Blue Shield building, The Prudential building, The Chicago Yacht Club, Monroe Harbor and all businesses in the Loop. The next phase of Lakeshore East development will include 2,000 additional residential units and nearly 900 hotel rooms. The neighborhood is booming.

Field Harbor Parking Garage, 165 N Field Blvd

Designed as a parking condominium, the Field Harbor Garage has approximately 400 parking spaces. If purchased all together the new owner will be the largest single owner in the garage.

  • Lakeshore East neighborhood
  • 24-hour Security
  • On-site Management
  • Heated Facility
  • Well-Lit Interior
  • Sprinkler System
  • Battery Jump Service

PRICING: Total package is priced at $1,330,000. Also available in smaller segments for $35,000 per parking space. Deeded parking for sale in the new construction high-rises planned for the neighborhood will sell for $50,000 to $75,0000 per space.

RENTS: The spaces rent for $180 per month. Significant upside in rental income is possible. Neighboring garages charge $240-$275/month.

ANNUALIZED OPERATING DATA:

ANNUALIZED OPERATING DATA:Per Space (1)Total (38)
Gross Annual Rental Income:
($180/month)
$2,160$82,080
Annual Assessment:
($60 monthly)
($707)($26,880)
Real Estate Taxes:($383)($14,554)
Management Fee:N/A($TBD)
Net Annual Income:$1,070$40,646
Current Capitalization Rate:
N/A3.1%
Projected Cap Rate
@$200/month
N/A3.7%
Projected Cap Rate
@$225/month
N/A4.6%
Projected Cap Rate
@$250/month
N/A5.5%

For more information contact the listing agent, Ryan Hardy.

www.RyanHardyChicago.com

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