Parking Lot Underwriting

[Jonathan Orr]

Hi BP, have an opportunity to acquire a retail asset and  attached parking lot.  In the investigation I have determined that because of the area, the parking lot can be a source of revenue.  However, I have never underwritten a parking lot before.  The lot does not currently produce any income so I don't know what to base it off of.  In talking with a friend he mentioned that it may be hard to get realistic numbers for comparable in the area because some may not have the best reporting of financials.  Just wondering if anyone has experience in it and where should I start?  Site is located in a beach city in southern california.