Finding a tenant for a parking lot

[Ethan Cole]

I just bought a nice duplex that also included a 12-space parking lot. The parking lot brought in $500 per month, and was leased by a dentist office across the street. The dentist terminated his lease when the property transferred to me, as he is nearing retirement anyways. My dilemma is that I have no clue where to start in finding a new tenant for it. It’s a downtown setting, so that makes it a little easier maybe. The parking lot really made the deal attractive and I hated to lose it like that. How hard is it going to be for me to get it leased back out?

[Andrew S.]

Go talk to commercial building owners and store managers within a few 100 yards, see if anyone needs additional parking space. Post online. Maybe could post on loopnet? Might be too small.