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How Much Is a Parking Space Worth?

by Shilpi Paul

How Much Is a Parking Space Worth?: Figure 1
Garage at 3413 R Street NW

To many DC area residents, private parking spaces are worth their weight in gold. But exactly what is the value of being free from persistent meter maids, aggressive parallel parkers, and measly street parking options? To get to the bottom of this question, UrbanTurf decided to investigate the current market price for a parking place in neighborhoods around the city.

For a few years, the average price for a parking space in DC has been pegged at somewhere in the $25,000 to $30,000 range, and home buyers have become savvy enough to negotiate a list price down in the event that the listing they are interested in doesn’t come with a spot.

Based on our research, Georgetown and Dupont Circle boast the highest prices for individual spaces (more on this below). Spots in Glover Park and Mount Pleasant also ranked as fairly expensive, while Forest Hills, where the houses are high-priced, came away as the least expensive option.

Here’s a sampling of what we found (all of the listed spaces are in condo buildings):

  • $22,500 for a space in Forest Hills
  • $25,000 for a space in Columbia Heights
  • $39,900 for a space in Logan Circle
  • $40,000 for a space in Mount Pleasant
  • $40,000 for a space in Glover Park

In August, DC Real Estate News blogged about some spaces at Dupont East Condominiums going for $50,000. Taking the cake, however, is a one-car garage at 3413 R Street NW (map) that is currently under contract for $85,000. The garage has enough room for one car with a little space left over for storage, according to the description.

As for places outside of DC, earlier this year Keller Williams’ Laura Rubinchuk Schwartz tried to determine the worth of an extra parking space at condo projects in Northern Virginia by comparing the prices of two condo units that were similar in every respect but one: one unit had two parking spaces while the other had one. Schwartz found that the difference in prices ranged widely, from $4,500 at Courthouse Hill all the way up to $45,572 at Station Square.

See other articles related to: parking, dclofts

This article originally published at http://dc.urbanturf.com/articles/blog/how_much_is_a_parking_space_worth/4498

7 Comments

  1. Mike said at 2:14 pm on Friday November 4, 2011:
    When I moved to this area in 2006, condos in Clarendon wanted $40k for a second parking spot. I laughed and walked away because that seemed ridiculous. I now live on Capitol Hill where our parking is street, but available. Wish I had my own parking, but I still wouldn't pay 40k for it.
  1. Barney said at 6:31 pm on Friday November 4, 2011:
    I think it would depend on the location and use - near a metro station would limit value, if it was used for a car-share company, the value might go up.
  1. JT said at 6:01 pm on Sunday November 6, 2011:
    You can look at parking that same way you look at the value of a rental property: how much would it cost you to rent the same parking space (or how much could the space rent for)? Then consider what that monthly payment equates to in a mortgage at today's rates and take into consideration: 1) tax benefits of deductible interest 2) maintenance fees (if any) 3) monthly principal paid 4) resale value 5) convenience of an assigned space at your building vs. a rented space at a garage next door 6) potential for increasing garage rentals rates A $40,000 30-year fixed rate mortgage at 4% = $191/month. If a garage in Logan Circle rents parking for $225/month then $40,000 for an equally convenient space seems like a good deal.
  1. Ralph said at 2:18 am on Monday November 7, 2011:
    I know a couple of condo complexes in SW/Waterfront offer parking spaces for about $20K. I didn't go through with one when I bought because I don't have a car anyway, and if I have company (i.e. girlfriend), I could pay for the parking space for as long as she's here. $191 may not seem like a lot to some people, but if you're paying a mortgage those $191 can go somewhere else, like groceries.
  1. saladman8283 said at 10:53 pm on Tuesday November 8, 2011:
    When I bought my condo on Logan in 1999, the going price for a separately-titled, indoor garage space was between $10,000 - $15,000. Looks like it was a sound investment, especially considering you don't have to maintain a parking space.
  1. Denise said at 12:15 pm on Tuesday October 22, 2013:
    I have a parking space I havent used since I bought my condo on Cathedral Ave NW. When I bought the condo I was told the value was $30,000. Indoor spaces, like mine, are now selling for $45,000. I'm renting mine out at $150/month. I'm debating selling given it would take me 25 years to get that same value. I also have a balcony so that alone adds value to the condo without the parking!
  1. Bridget Hallmark said at 6:17 pm on Sunday April 6, 2014:
    I know this is a super-old thread but I wonder if the numbers below reflect an indoor or outdoor space? $40,000 for a space in Glover Park I'm trying to figure out the fair market value of my Glover Park space for my taxes. I bought my Glover Park condo sans parking (it wasn't an option) in 2001 and waited patiently for someone to put their space up for sale. It finally happened in 2008 and I paid $27k. I am so glad I did. Now, I'm renting the condo and the space separately and I see both properties as a tremendous source of income. To Denise, who is thinking of selling - I wouldn't unless you really need that money right now. You can probably get $175 or $200 a month for that indoor space. I am charging $150 per month for my OUTDOOR space, and could probably get $175 or $200 right now if I wanted to. Every few years I could easily see your price going up another $15-$25. There is next to no maintenance at all and it's just going to be extra income for you forever. There is no upkeep (I assume your condo fee includes maintaining your parking space with regards to line painting, signs, etc.) and it's really hard to have a tenant "mess up" your parking space the way someone might damage a condo unit. It just seems like such an easy win.

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