General Area in Nob Hill>Question Details

sfdragonboy, Home Owner in San Francisco, CA

Thinking about converting a basement to garage spaces in my building. What is the current rate for parking spaces and how much value will this add?

Asked by sfdragonboy, San Francisco, CA Fri Apr 13, 2012

Building is on the Chinatown/North Beach side. Would like references on contractors as well as owners who have done this exact same thing.

Help the community by answering this question:

Answers

5
The rental rate would be between $300-$500 per month depending on type, size and location of the space.


Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted. truonly
2 votes Thank Flag Link Fri Apr 13, 2012
I'm in the $100,000 per space camp. But you need to call one of the companies that specializes in garage installation first and have them go by to check for feasibility. The City may shoot the whole idea down if your curb cut somehow impairs the streetscape, requires tree removal, etc.
1 vote Thank Flag Link Sun Apr 15, 2012
$100k per space might be a little too optimistic. Try about $50k or so.
1 vote Thank Flag Link Fri Apr 13, 2012
I also believe $100k is way too hi
Flag Mon Apr 16, 2012
Hi there. Appreciate the response. I was actually wondering what the going rental rate is per space these crazy days? I recall about $200/mo awhile ago but that may be low now.
Flag Fri Apr 13, 2012
In your neighborhood that conversion adds roughly $100,000 in value. That is to the home's value. Take a look at similar buildings to yours - with and without garages - and find some recent comps in the neighborhood to get a better idea.

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Sun Apr 15, 2012
Garage space is a premium in San Francisco in general and more so in your area. I cannot tell you the rental benefit but should you sell this bldg the value would be $100,000 per space.
0 votes Thank Flag Link Fri Apr 13, 2012
Thanks Bob. It sounds like it is a no-brainer to do with the area just booming in terms of the rental market. Better to investment the money this way than have it sit in banking instruments that pay zilch.
Flag Fri Apr 13, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer