70 Queen Street - 15 parking spaces
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||Cash to Seller
Overview / Comments
This listing is for fifteen spaces that are located in a twenty seven space lot. The spaces have been generating excellent income and is managed by HAH. These spaces are the first twelve on the west side of the lot, closest to Queen. Space 11 is not owned by the seller, but the owner is in the process of swapping his space to a different one to allow a contiguous group. The remaining three spaces are on the east side of the lot closest to the Gibbes Museum. Currently the spaces that are rented short term are managed by HAH parking app. Regime is expected to be about $60 per year per space ($40 for insurance, $20 for reserves for eventual repaving).The only other expense will be property taxes as the gross income noted as already seen the management fee taken out. Seller began having non payers towed in the middle of May 2021 and has seen a drastic increase in income. It went from a $14 per day per space average in daily income to $30 to $40 per space per day in daily income. On average, the spaces have been generating in the neighborhood of $1,000 per month per space, which is after the management fee has been applied.
||51 - Peninsula Chas. inside of crosstown
||GB - General Business
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