Denver is littered with surface parking lots. This is due to the relatively recent spike in value.
There is no way you could buy the property now and operate a parking lot, but they got in when it was cheap, so it's all profit now.
There is no way you could buy the property now and operate a parking lot, but they got in when it was cheap, so it's all profit now.
That is, maybe they could sell for $10 million now vs making $200k per year on parking, but if they hold on for another 5 years, the offers could rise to $15 million.