Garages vs. Dedicated Off-Street Parking
Greetings!
First time poster here, but have been lurking for a while! Thanks for all the great information here! I own a 4-unit building with a detached garage (one garage for each apartment) behind the building that is accessed from an alley. The garages, constructed with the building in 1942, are small and not really utilized by my tenants. Most park on the main street or squeeze along the alley, sometimes several places down if they can't find a spot.
My garage needs a new roof, windows, and garage doors. Rather than spend the money on doing all that, I'm considering removing the garage altogether and replacing it with dedicated off-street parking, one spot for each apartment. There are one or two other buildings in the area that have done this (the entire street consists of buildings almost identical to mine). I think I save quite a bit of money in the long run and it appears as though it might better utilize the land for my tenants.
Will this be an issue for me on resale or on the rentability of my units for top dollar?
Thanks in advance for any input! - Matt