Buying Parking Spaces

[Dave Madoch]

I posted this in the main real estate thread and didn't get any input. I am hoping the Chicago specific forum will help. Thank you

I am considering buying a 2nd spot in the building I live(West Loop/Fulton Market Chicago). The area is booming and parking is scarce. I am still waiting on the price that he is asking but guessing he will go for $30k-$35k. I am curious what is the overall opinion out there on buying a spot for investment reasons(we will be using the spot for the next 1-2 years while living there). Once we start to rent the space only, it will go for at least $250/month. I just want to hear pros and cons of purchasing a space to rent out and/or sell in the future.

Thanks