Home Buying in Lone Mountain>Question Details

Hans, Other/Just Looking in San Francisco, CA

What is the value of a tandem parking space compared to a single in San Francisco (Lone Mountain)?

Asked by Hans, San Francisco, CA Wed Jul 18, 2007

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If both tandem spots were for the same unit (mine), then I would personally value it almost as much as two separate spots. If you need to put a number on it, then I'd do this: look at what leased indoor parking costs per month in that area, and then calculate how much mortgage that would support. That's the value of one spot. Scale that number according to how much you value having one complete spot and one encumbered spot.
0 votes Thank Flag Link Tue Dec 15, 2009
Value is based on many things. If you own a classic car that needs to be stored or worked on by you it has higher value. If you rent the space to a student or neighbor and receive income on the space that too will go to value. If it just holds the usual boxes and kids stuff the value would be the amount not spent on the off-site storage.

How much value does it add to the living space? That depends on the buyer. Seller wants $100,000 more for it over a comparable property down the street probably won't get it unless the buyer has that classic expensive car and it's worth it to them. All value comes down to how much the buyer wants to pay.

I know that answer isn't really quantitative, but the only thing that you can do is ask yourself "how much is it worth to me" and then throw out numbers toll you get there.
0 votes Thank Flag Link Sun Dec 13, 2009
Jed Lane, Real Estate Pro in San Francisco, CA
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(follow up) Thanks Mario - in this case, the parking space is not shared, both parts of the tandem space belong to the same unit. So, the question is how much incremental value the tandem provides as compared to a single space. The space is in a garage.
0 votes Thank Flag Link Wed Jul 18, 2007
The Visa answer... priceless, assuming you have to share the tandem space with another condo/TIC owner in the building. This can cause severe headaches when your garage-mate is not home and you are stuck behind his car because he decided to take Muni that day. I would put the value at approximately $25,000 for a shared tandem space and upwards of $50,000 for a single space if it is a true garage. Regardless of price, strive for the long-term happiness.
0 votes Thank Flag Link Wed Jul 18, 2007
Mario Pinedo,…, Real Estate Pro in Cupertino, CA
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