Where readers ask and we (the community) try to answer:
I am considering buying a condo in the Noe Valley/Mission Dolores (around 21st and Church) area and I am trying to understand what the going rate for a garage is in this area. I have the option to purchase a space with the condo. I’ve heard between $75-100k. Is this accurate?
Thanks, C
C, It depends largely on what type of space you get. Something like the above stacked parking might drop the cost a little, but as we know these brilliant uses of space are few and far between in San Francisco (we’re ahead of the curve, but still a couple hundred years behind Europe), we’ll assume it’s a space with either tandem or individual parking. Our estimate is that it would be closer to the $75k range rather than the $100k, but wonder if some readers might be able to shed some light on the matter as well.
Anyone?
[Editor’s note and update: The cost for a garage is entirely different than the cost to purchase a single parking space. Our estimate is assuming you’re talking about one space, not an entire garage.]
Data point of one:
I paid an app. 100K premium for a side-by-side space with another shared guest space (tandem behind mine) and some garage storage space of a 2-unit converted condo.
It also matters quite a bit the neighborhood (and the availability of street parking) but those numbers sound about right. You can look at it from an income basis and capitalize the NOI of the parking space and come close to that.
I would take a hard look at comps in the area (or ask your agent to do it for you), comparing like properties with and without garages. I own near 30th and Sanchez and I can tell you that for single family homes, it’s about a $100K premium for places that have garages in this part of the city. Coincidentally (or not), it typically costs anywhere from $50K-100K to add a garage (i.e. excavation, curb cut, etc.) in a single family home. Probably not an option for a condo, but you can at least use that data to help triangulate the price/value of having the space…
$200K to priceless for District 7. ie if u wanted to buy a 2.5mil SFH, it could be the best SFH ever, but pass if it doesn’t have parking.
I don’t think 21st and Church is one of the harder areas to find parking, so probably a little less over there. Maybe like 100K? Some ‘hoods definitely more like 200K.
points to check
– is the space in the same building? interior/weather proof access?
– is it a parking spot? or a usable space? ie: can you bolt a storage for ski on the wall or on the ceiling? is this a working space? (light and electricity)
– is your street a “street cleaning” one? or Z parking? -> do you NEED a parking space if you are out of town for 3 weeks?
– is your street steep or one way that makes street parking a pain? (or the opposite)?
depending on answers, figure out your motivation to get that space, and make an offer accordingly. If you must have the spot, tend to the higher end. If you can afford poker-facing, make a lower offer.
One more legal question. Is the parking spot in the same offer as the unit?
can you/would you split in 2 offers, securing the condo at a reasonable price – then working on the parking spot?
the parking spot is a financial investment, but might not be a necessity. think J and car-sharing. and I know many of your future neighbors who are car-free.
75K is $208/month. So buy it IF it has some RE value, can be rented out, is convenient, practical etc OR if the price is low enough not to miss.
zipcar CCS and likes could be a good stop to ask them what a “good” parking should be.
that was me. sorry – I was logged out.
it’s 50-75k in value for that area for a condo. sure a $2 mil sfh would have more than 50-75k value, mostly because people paying 2 mil will insist on a garage. my personal opinion: go for it. garages will only increase in value in SF as: planning dept is making it harder to add new garages; green activists are pushing for less private parking in new cnstruction (thinking it will bring less cars); as wealthier people move into SF they will demand a car (a prius if they are ‘green’, but it’s still a car!) bottom line- that space will be worth alot more $$ 10 years from now. trust me on this one. i just broke the piggie bank to add a big ass garage to one of my rental bldgs- 4 spaces to rent out, which will pay for the cap improvements in 5-7 years. afterwards, the garage rental income, and the capital appreciation will be money in the bank.
Hey. Great stuff. I like your spin on this.