Estimate the value of this parking garage property

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Reference no: EM131288039

You have been hired to evaluate for appraisal a parking garage with 196 spaces.Each space rents for $85 per month or $5 per day (both values are for weekday parking only). The prospective buyer perceives that 140 spaces are rented on a monthly basis (weekdays) and the other 56 spaces are rented on a daily basis with an average turn per parking spot of 1.2 cars per weekday (the turn is for parking spaces rented on a daily basis).Weekend parking is more scattered, but with ballgames, hotels and theatre events the parking situation on average (per weekend day) would be 30% full at a per day premium of 100% ($10 per day). In addition, weekday parking during the evening comes at the same premium as weekends with 100 evenings of use during the year and utilization during those evenings of 70% of capacity. There are eight holidays (assume they are weekdays) per year that parking is estimated to be zero use. Estimate the value of this parking garage property.

Reference no: EM131288039

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