In Lieu of a Rental Today – Parking Spot For Sale for $100,000


Holy crow. The listing for this spot at 1414 22nd Street, Northwest says:

“Garage parking space available for sale. PRIME LOCATION! Secure. Fob entry.”

It’s yours for a cool $100,000.

16 Comment

  • There are a lot of newer buildings in that area, so I’d imagine that many have at least some parking, which would make the price ludicrous. The assessed value of indoor parking spaces in my area (Logan) is $35K and the prices I’ve heard in various parts of NW to sell have usually been $30-50K.

  • The average cost for a parking spot in that part of town is $200-$250 per month. At $250 per month, or $3000 per year, you’d need to use this spot for 33 years to make the costs even out. So basically, you’d need to find a youngish person with $100K in the bank who expects to be living or working in the area for their entire career. I doubt such a person exists.

  • Accountering

    This is a ridiculous price. Parking in DC is worth at most about 50k, based on how much you can rent it for.

    If it only rents for $250/month, this would be the equivalent of spending $500,000 on a condo that you could only rent for $1250/month. Not a very smart move.

  • When I paid $18K for a parking space in Dupont many years ago, the sellers were an old couple who at the closing laughingly told me that was how much they had paid for their first house. It seemed like so much money at the time, I considered having a “parking space warming party.”

  • Yeah. That’s an absurd price. They may find someone wealthy and lazy enough to buy it, though. So good for them!

  • That is absolutely absurd. We bought our parking space shortly after some fuss in Dupont over a spot that sold for $75,000. The original asking price for our spot was $60,000 — outdoors, not covered. We decided it wasn’t worth it, and lo and behold the owners came back to us asking around $25,000. It seems like an absurd amount of money for parking, but we talked to the real estate agent who helped us buy our condo and she agreed that it would add double the value to our place when we eventually sold.

    • Accountering

      If I could get a spot worth $200-$250/month for $25k – I would do it tomorrow. Sounds like you got a great deal.

  • And it’s one partially cut off by a pole, no less.

    • Eh, the pole is outside of the space itself. I always look for these parking spaces. Then you can park right on the edge of the space and still open the door into the space covered by the pole and not be worried about someone coming in and blocking your door. And that then gives you more room on the other side of the space to open that door and get stuff out of your car. Plus less likelihood of dings on either side of the car from others.

      But, other than that, 100K is absolutely CRAZY for a parking space!

  • Yeah that’s a high price for car storage, but would a tiny house fit in it?

  • To be fair it is a luxuriously large parking space.

  • jim_ed

    But where else am I going to park my SWEET 2001 Buick Regal? You can’t just street park a classic like that.

  • What’s also not mentioned is that the owner also owes monthly condo dues on the spot. Maybe $40/month. It’s not just buying the spot, it’s also dues!

    • anonymouse_dianne

      Yeah, and there are probably rules about selling your parking space separately from your unit. I lived at the Newport for 22 years in this neighborhood. There is virtually no on street parking, but with a highly transient population living on interns income very few have cars. Many of the unit owners in my building had to rent their parking space separate from the unit because the demand for parking is so specific. Very few people who don’t live in the building want a parking space in that building.

  • I did live in a building once with only 12 parking spaces for ~75 condos… that really squeezed the supply. Probably not to the $100K range, but really increased the value of owning one of them… if you live in a particular building, a space in the garage at the bottom of your elevator is worth significantly more than the one down the block.

  • Holy Sweet Jebus! The sales history on this spot has it at $40K in 2005 and $60K in 2007 and a neighboring spot sold for $75K in 2007!

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