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Subject: How you can increase the value of your property via parking!
Property owners and managers are always looking for affordable ways to increase the value of their property. Often, a simple paint job or a minor cosmetic renovation is what property owners/managers opt for. However, what if we told you that there’s another sure-fire way to create value.
Parking. Yes, parking spaces.
Parking spaces are a highly underutilized asset that can be converted into a steady ancillary revenue stream for property owners.
WhereiPark offers a simple solution for property owners looking to do this. List your space on WhereiPark’s platform and we do the rest. Property owners don’t have to pay to list it on the site, nor do they have to deal with any administrative tasks, payment processing, or managing of deposits – WhereiPark does it all on the owner’s behalf. In addition, WhereiPark also conducts background checks on prospective parkers to give property owners a peace of mind before letting just anyone onto their property.
Take a look at this multifamily apartment example or this hotel example, the numbers speak for themselves! Below is the multifamily example:
Let’s break this case down. WhereiPark was able to rent out 52 spaces and generate monthly NOI of $7,020 for the property (this based on the rates as the time this case study was created and is after removing WhereiPark’s performance based commission). Multiply the monthly NOI of $7,020 by 12 months which brings us to the New Annualized NOI of $84,820. Based on a cap rate of 4.5% and with an annualized NOI of $84,820, the INCREASE in asset value is $84,820 divided by 4.5%, which is an increa
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