Has anyone invested in a city parking space for passive income? Recommend? Have opp to own a spot in nyc Essex crossing area for 85k. Could possibly rent for 400-500 per month I’m told. Thoughts?

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Do you have to pay 85k upfront? <5% cap is kinda low. Although there might be room for appreciation as there are a lot a development in Essex crossing

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Yea 85k up front to own the space. $250 per month combined after that in maintenance fees and taxes. Could probably clear 300 per month in passive income after taxes and fees plus upside of appreciation after development of that area

If you don’t want it, I’ll take it.
Just kidding, not really but take the deal if it’s within your means.

Essex crossing is a huge development and the neighborhood is undergoing an overhaul (Trader Joe’s, movie theater, Target). You might not find someone immediately but definitely in the next 5 years once all the developments have been completed.

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As someone who has lived in NYC for the past decade... wtf is Essex Crossing?? 😂

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