Automatized Parking facilities.

I'm trying to make my very first commercial deal in a very difficult economy. Any advice on finding a top parking operator willing to finance and operate a property (building + Lot) that have to be rebuilt to suit the needs of this kind of facilities?. After all, regardless the economy, people need places to park their cars, as they need drug stores, especially older people.
I must to say that I haven't done any deep research but there are many huge multifamily constructions around the subject property in an area that seems to have very small to none spaces for parking, according to aerial photos of the place.
Suggestion are more that welcome. thanks.
In Buying Property - Asked by VLADIMIR M. - Oct 29, 2009
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Answer(s)

Michal B.
Broker/Agent
Miami Beach, FL

Vladimir, most likely the lender will be a different entity from your parking garage operator. You will have to do some research based on your location but you can hire somebody like Standard Parking to review your location and give you an advice. You need a parking expert to conduct a feasibility study if the structure is not currently used as a parking garage. This will consequently be more challenging to obtain financing because you are basing your income on pro forma numbers and not actuals. I don't want to discourage you though. If the numbers make sense, go for it.

Oct 29, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

What area are you looking in?
Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com

Nov 6, 2009
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