Vehicle traffic and parking are usually among the most controversial issues when it comes to new developments anywhere in Chicago, even in the dense downtown area. And while it’s common for residents of high-rise buildings to own a parking spot, an investor arrived early in Lakeshore East and grabbed 38 spots from the Field Harbor parking garage. Located right across from popular Maggie Daley Park and other great Grant Park attractions, these spaces are quite valuable as one might imagine.
Parking spaces are offered as a package for $ 1.3 million or can be purchased individually for $ 35,000. According to listing agent Ryan Hardy who is representing the seller, spaces bring in around $ 180 per month. The total rent collected from the 38 parking spaces is approximately $ 82,000 per year. However, Hardy suggests that neighboring buildings charge a much higher rent and that it is possible to earn even more with these.
The timing of registration is no coincidence. Even the list of 38 parking spaces highlights the hundreds of new rental units and hotel rooms planned for the remaining sites in Lakeshore East. In Hardy’s list, he speculates that notarized parking in the neighborhood could potentially reach $ 50,000 to $ 75,000 per space once these new rental units are on sites I, J, K, L, and O.