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- San Francisco has a high cost of living. That can also increase the cost of keeping a car in the city.
- Case in point: A parking lot at a condo complex near Oracle Park is for sale for $90,000.
- The space currently rents for $300 a month, so it will take 25 years to get your money’s worth.
San Francisco is one of the most expensive real estate markets in America, and an unusual new listing shows just how much it can fetch.
88 Townsend St. in the city’s South Beach neighborhood. It sells for $90,000. At first glance, that seems exceptionally cheap in a city where the median home price is $1.3 million.
But 88 Townsend Street is not a house – or any residential place for that matter. It’s a parking lot.
“This is a parking lot only,” the listing says. “It’s not a condo, but a single parking spot near the lobby.”
The listing says the space is currently being rented for $300 a month. At that rate, whoever bought the place would have to use it for 25 years to get their money back.
The location is one block from the Oracle Park baseball stadium.
Although tenants typically only get one parking space in such a building, the listing agent for the location, Bill Williams of Compass Real Estate, told USA TODAY that clients have purchased the additional space. The space can be used by building occupants or non-occupants.
In the year In 2020, another South Beach parking lot in San Francisco was listed for $100,000. But San Francisco isn’t the only big city with expensive parking.
New York City has a $1 million parking lot. In the year In 2018, a Hong Kong couple sold a parking lot for HK$6 million, or roughly $760,000, setting a new property record at the time.
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