Key quotes:
“A surface parking lot offers a good rate of return and its rewards are as close to being recession-proof as you’re going to get,” says Ross Moore, chief economist for Boston commercial real estate firm, Colliers International.
“The older ones are nice little cash cows with relatively little maintenance,” adds Moore, who has authored an annual North American Parking Rates Survey for the past ten years.
“It sounds like an easy thing to do, but it’s extremely difficult to make it profitable,” says John Van Horn, editor of Parking Today magazine. “It’s like buying a bar. If you don’t know how to run it, you’ll lose money. Many companies have gone broke. It sounds like a lot of cash, but there are many ways for it to disappear. You’d better have someone who knows about it to work with you as third-party investor.”
Read the full article at Parking Lots Offer Safe Haven for Real-Estate Investors
For example, a parking lot for sale on Loopnet.com.
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