LOL this $100K parking spot is the cheapest real estate in San Francisco

The space is located in a high-end building near San Francisco's financial district

TRD NATIONAL /
Feb.February 09, 2020 12:00 PM
San Francisco has a $100,000 parking spot

San Francisco has a $100,000 parking spot

A hundred grand will get you a house in some parts of the country. In San Francisco, it might get you a parking spot in a decent neighborhood.

Parking spot no. 140 at the 88 Townsend in prime San Francisco has hit the market for just that, according to SF Gate. It wouldn’t be unusual if it sold for that much either — a spot a few spaces away sold for $90,000 in November. The owners have reportedly passed on an offer at that price.

Compass agent Bill Williams is marketing the property as an investment.

“You could leave [$100,000] in your bank account and you might see the same return, but you wouldn’t have a parking spot,” Williams said.

San Francisco is the most expensive city in the country to build in and some developers have come up with novel projects to meet demand for housing there. A Kansas developer wants to build two apartment buildings with 88 basement “sleeping pods” renting for $1,000-per-month.

Rising real estate prices have put many residents on the streets of the city and many have turned to sleeping in their cars. It’s unclear whether 88 Townsend has a rule against sleeping in cars in their parking garage, but the city itself bars overnight sleeping in public parking spaces. Some city officials want to create lots where people can park and sleep legally.

It’s not even close to being the most expensive parking space out there. In 2017, someone paid $300,000 for a parking spot at a high-end apartment building in Hong Kong. There’s a whole “car condo” industry in New York City and people regularly pay hundreds of thousands of dollars for spaces. [SF Gate]Dennis Lynch


Related Articles

arrow_forward_ios
Oceanwide Center sale in San Francisco delayed 3 more months

Oceanwide Center sale in San Francisco delayed 3 more months

Oceanwide Center sale in San Francisco delayed 3 more months
Tom Steyer (Getty)

Ex-candidate Tom Steyer lists SF home for $11M

Ex-candidate Tom Steyer lists SF home for $11M
Stripe CEO Patrick Collison (JD Lasica via Wikipedia; Unsplash)

Firms dangle big bucks to lure employees out of big cities

Firms dangle big bucks to lure employees out of big cities
Robin Williams and 95 St Thomas Way (Getty, Compass)

Robin Williams’ Marin County home is price-chopped to $6M

Robin Williams’ Marin County home is price-chopped to $6M
Nirav Tolia and his San Francisco home (Linkedin, Compass)

Leaving the neighborhood: Nextdoor founder lists Beaux Arts home in San Francisco for $25M

Leaving the neighborhood: Nextdoor founder lists Beaux Arts home in San Francisco for $25M
Sotheby’s CEO Philip White and McGuire CEO Charles Moore

Sotheby’s International acquires Bay Area mainstay McGuire Realty

Sotheby’s International acquires Bay Area mainstay McGuire Realty
San Francisco Supervisor Dean Preston and San Francisco Apartment Association Executive Director Janan New

Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions

Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions
San Francisco rents gets huge correction

San Francisco rents gets huge correction

San Francisco rents gets huge correction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...