I am looking at a sale of two lots together in a residential area, walkable to a small university. One of the lots has a house which can be fixed for rental and the second lot is currently vacant. Seems like the vacant lot actually was used as a parking lot at some point (marking and numbers, non-working flood light left behind). Earlier I was thinking to leave the second lot empty till I figure out if I can/want to construct a duplex or a quadplex on it, since its very close to the university. Now I am thinking of using it as a parking lot, instead of leaving it empty till I get a plan together for buiding on it (I am not a pro). Just trying to figure out the logistics of using the empty lot as a parking lot, if it makes sense or not or if its even feasible. I have seen students parking in that area, right in front of the lot on the street but it is 2 hr parking. I started to talk to the county to inquire about the zoning regulations/process but haven't heard any concrete information yet, still in process.
It will be very helpful if anybody who owns/runs/invests in parking lots provide some guidance on how to go about it/pitfalls/problems in this area of investment. I have browsed through the information on the internet, general guidelines, how to maintain/running a lot e.t.c but not sure if its the nitty-gritty :).
Welcome to bureaucracy.
Applicable fees: assuming you are zoning compliant, building and zoning permit (Accessory Building, Fence, Landscaping, etc.), Parking Lot Lighting, and Thorough fare Fees at a minimum. pages 14, 16, 23 of the Raleigh fee scheduleExpect $400 or more per space in fees alone plus attorney costs ($273/space Thorough fare Fees alone) Or... run covertly. Good luck
@Mona Verma I worked (ugh) for a parking company. You don't want to run your own lot. You really don't. You really, really, really don't. What you want is for a parking company to have it's a managed-agreement or lease-agreement with you. Let them handle all of the headaches, claims, ticketing, if you want to automate, rates, rate adjustments, peak rates, etc. Odds are there are other paid lots near you. Go look at the bag of the ticket that you probably put on your dashboard. I'd bet a box of donuts that you'll have a logo for LAZ, SP+ (Standard + Central Parking), etc. on it. Do that with 5+ lots and you'll know who manages the lots in town. There are huge economies of scale when it comes to parking so not every "major" company is in every geography. If you do secure the property they can probably come up and give you recommendations on what to do with a property, terms and duration for a lease agreement, etc. Again, you don't want to do it yourself. You really don't. Trust me, you don't.
The covert lot I ran in Raleigh (up to 22 spaces, but we were never close to full) for our members as a 'revenue enhancer' was unattended, automated, easy to manage (handled a few calls a semester), and not a burden. No signs and no stickers, so code enforecement driving around in their Ranger pickups didn't have a clue. The key was SEO, simple processes, very targeted and directed keyword marketing, automated payment and enforcement. It was not our primary revenue stream but we owned/controlled the adjacent scrap (empty) land and it was a very small (and inexpensive) lot but convenient for 'customers'... but I'd do it again in a heartbeat if I had a similar opportunity.