As an investor, a parking garage is a great way to earn relatively passive income with a property. Since they don’t have regular inhabitants like rental properties, the headache is kept to a minimum. But if you are thinking of investing in a parking garage, there are a few things you should keep in mind.
First and foremost – safety. Parking garages can be very unsafe. There are vehicles and pedestrians in very close proximity to each other, and often not paying enough attention. So adding safety features like curved mirrors at turns and blind spots is important. Also, making sure to have clear crosswalks, good lighting, and keeping up on line striping is important.
The other thing to consider is crime. It is important to keep your parking lot patrons safe is very important. Be sure to have a video surveillance system. Even just the site of the cameras can deter thieves and other criminals from doing something.
All things considered though, a parking garage can be a great investment. Just be sure to keep things safe.