This $750K Boston parking space also costs $900 per month

The same parking space was sold for $500,000 just two years ago, meaning owners want to make 50% of their profits

In Boston, real estate prices have long been a legend, but it’s not just homes that absorb ridiculous money. Even modest parking spaces are taking action to achieve prices comparable to suburban single-family homes.

There is no doubt that having a closed parking space in downtown is convenient, but if you follow one in downtown Boston, be prepared to clear your bank account. Currently, a space in the Brimmer Street garage in Tag Hill is listed at $750,000.

More: The cost of parking in Boston on this street is almost as much as a home

Always have access to your car before you assume this prince sum purchases unlimited, consider it again. Brimmer Street garage is from 6 a.m. to 10 p.m. on weekdays, from 6:30 a.m. to midnight on weekends. Want to leave in the middle of the night? You need to arrange in advance so that the vehicle is placed in a “always accessible designated space.”

High-quality location, high-price

The garage is just block from Boston Public Gardens, half a mile from the State Capitol, and only seven minutes to the Esplanade Center and the Charles River, so yes, in location, it’s ideal.

In addition to having enough space to park the vehicle safely in a very convenient location, available services include refueling, charging, car washing, and some “other concierge options”. Unfortunately, any type of truck is not popular in the garage, which means your friend’s F-150 can’t be parked in your fantasy place. However, guests with more modest vehicles can use the space if there is no space, or rent nearby places for a nearby fee.

About $900 per month

On Reddit, one user noted that nearby garages charge about $400 a month, meaning $750,000 can cover parking costs worth more than 150 years. But the cost is more than that. Look, according to Redfin We looked up listings, Beacon Hill attractions also come with about $400 of monthly HOA fees, $291 in property taxes and $238 in homeowner insurance, although other sources suggest insurance could be as low as $167. Even with lower estimates, you’re still looking for about $858 per month, or over $10,200 per year for overhead.

From $300,000 to $750,000 in 12 years

While it sounds outrageous, the price is not without precedent. This particular space sold for $300,000 in 2013, rose to $400,000 in 2016, reached $460,000 in 2020 and $500,000 in 2023. The current listing shows that the owner’s rate of return is 50%, and the owner pays a 50% return before including the HOA fees, taxes, tax periods, and loan interest that may be involved when financing is possible.

For anyone who doesn’t want to spend the value of a home on a parking space, alternatives include the Laz Charles Street garage and the Boston Regular garage. These are open to the public, despite their lack of valet service and are not guaranteed, depending on timing.

Parking in Boston has risen

Paying three-quarters of a single parking space may sound crazy, but for Boston, that number is not new territory. Back in 2022, a couple reportedly rejected a $750,000 offer that closed its $10.5 million apartment.

Brimmer Street Garage has seen a considerable portion of its six-figure deal. Real estate agent Betsy Herald mentioned that she sold three attractions there for about $500,000. And, if you think this is extreme, consider the 1970s, the same space reportedly sold for just $7,500.

More: Car shelves rise $208,000 in parking fees

According to Rene Rodriguez, senior vice president of Cabot & Company, buyers have shown interest in the market just a week later. He does not expect prices to fall anytime soon, calling the space a “quite good investment.”

Speech BostonRodriguez neatly summed it up: “It’s a pure luxury purchase. Not for everyone. Not everyone can go shopping at Hermes or travel on a private jet. But I get it because it’s outrageous to a certain extent. But if you have the money to do it, it’s very convenient.”