Deeded Parking Or Monthly Garage? Loop Value Math

You live or plan to live in the Chicago Loop and you need parking. Should you buy a deeded space or keep a monthly garage pass? It is a money question, but it is also about convenience and resale. In this guide, you will see how to run the numbers, what rules and fees to check, and when each option makes sense. Let’s dive in.

Deeded parking vs. monthly garage

Deeded parking in Chicago is a parking space that transfers by deed and is recorded like real property. In many buildings, the space has its own legal description, its own Cook County Property Index Number, and its own tax bill. You can confirm how separate parcels are treated in Cook County in the county’s property tax guidance. Cook County often treats deeded parking as its own parcel with a separate bill.

Some buildings use assigned or leased parking that the association manages. Those spaces are not sold as separate property and cannot be resold on their own. Always check the condo declaration and rules to confirm what you are actually getting.

What parking costs in the Loop

Monthly garage pricing varies by block and facility. Marketwide, many Loop garages fall near 200 to 300 dollars per month, with a broader band of roughly 200 to 500 dollars depending on location, covered or heated status, and amenities. You can scan current offers on SpotHero’s Chicago Loop monthly page, look at Spacer’s Loop snapshot, and review downtown market summaries like ParkingAdv’s analysis.

Deeded spaces in the Loop and nearby central neighborhoods commonly trade from the low tens of thousands up to 50,000 dollars or more, with many resale prices clustered around 20,000 to 35,000 dollars. Exact pricing is building specific and can shift with level, heating, and location within the garage.

The quick value math

Simple payback if you buy to use

• Buy price example: 25,000 dollars.
• If the alternative monthly garage rent is 300 dollars, that is 3,600 dollars per year.
• Simple payback: 25,000 divided by 3,600 is about 6.9 years.

If your expected ownership horizon is longer than the payback period, buying can make financial sense. Add carrying costs like the parking parcel’s tax bill and any separate parking assessment to refine the estimate.

Net yield if you buy to rent out

Use market rent from nearby garages and a conservative reserve for vacancy and management.

• Gross rent example: 300 dollars per month is 3,600 dollars per year.
• Vacancy and management reserve: 15 percent means net rent of about 3,060 dollars.
• Estimated annual expenses for taxes, assessments, and insurance: say 400 dollars.
• Net operating income: about 2,660 dollars.
• Net yield: 2,660 divided by 25,000 is about 10.6 percent.

Actual yields vary. Check live monthly comps on SpotHero’s Loop listings and Spacer’s Loop page before you decide.

When monthly rent wins

If the going rate is closer to 200 dollars per month, the same 25,000 dollar spot has a simple payback of about 10.4 years. If you expect to hold your condo for fewer than 7 to 10 years, monthly rent often pencils out better.

Non-monetary factors

Convenience, security, weather protection, and EV charging access can tip the scale toward buying even if pure return is modest. Value your time and peace of mind alongside the math.

Ownership costs and rules that matter

Separate PIN and taxes

A deeded spot often has its own PIN and tax bill. That means a separate line item you should verify before you buy. You can confirm parcel details and tax history through the county. Start with the Treasurer’s PIN lookup page: find your PIN and view tax history. The Assessor’s office also provides helpful FAQ on parcel assessments.

HOA assessments and restrictions

Some associations charge a separate monthly assessment for parking, while others include it within unit dues. Buildings can also limit transfers or the ability to rent a space to non-residents. Review the declaration, bylaws, and any garage HOA documents. Ask for a paid assessment letter for the parking parcel if it has its own PIN.

Financing realities

Because a deeded spot is a separate parcel, some lenders and underwriters cannot include it in the same mortgage as the condo. Others can, depending on structure. A blanket mortgage is one concept that can cover multiple parcels, but lender policies vary, so ask early. Read a plain‑English overview of blanket mortgages and then speak with your lender about their approach.

Step-by-step: decide in 15 minutes

1. Verify deed status and taxes

• Ask the seller or listing agent for the parking PIN if deeded. Confirm tax history on the county site: Treasurer PIN lookup.

2. Pull real-time monthly comps

• Check nearby garages on SpotHero’s Loop monthly page and Spacer’s Loop listings.

3. Ask your lender about structure

• Can they include the parking PIN in your mortgage or will you need cash or a separate loan? Share the concept of a blanket mortgage to frame the question.

4. Review association rules

• Confirm transfer rules, any separate parking assessment, and whether you can rent the space to others. Request the paid assessment letter for the parking parcel if applicable.

5. Run the payback math with your numbers

• Simple payback for personal use: price divided by 12 times monthly rent avoided.
• Investor model: 12 times rent, minus a vacancy reserve and expenses, divided by price.

For sellers: position your parking like a pro

• Be clear if parking is included with the condo or sold separately. It affects financing and the buyer pool.
• Market against local monthly rates. Show a basic payback at typical Loop rents to help buyers see value.
• Share accurate carrying costs. Include the parking parcel’s tax bill and any separate assessment.
• Highlight convenience benefits that matter downtown, like heated parking and security.

Ready to talk through your building’s exact numbers, or need help sourcing comps and condo docs? Reach out to the Lifestyle & Legacy Group for clear guidance and a plan that fits your goals.

FAQs

What is a deeded parking space in the Chicago Loop?

• It is a parking space conveyed by deed, often with its own legal description, PIN, and separate Cook County tax bill, similar to a small real estate parcel.

Are deeded parking spots taxed separately in Cook County?

• Often yes. Many deeded spaces receive a separate tax bill. You can confirm the parcel and tax history through the county’s PIN lookup.

What are typical monthly garage rates in the Chicago Loop?

• Many Loop garages fall near 200 to 300 dollars per month, with a wider range around 200 to 500 dollars depending on location and amenities. Check live rates on SpotHero’s Loop monthly page and Spacer.

Can my lender include a deeded parking space with my condo mortgage?

• It depends. Some lenders cannot include a separate PIN in the same loan, while others can. Ask early and discuss options like a blanket mortgage.

What if my building uses assigned or leased parking instead of deeded spaces?

• Those spaces are controlled by the association and are typically not sold separately. Review the condo rules to understand rights, fees, and transfer policies.

How do HOA rules affect renting out my deeded space?

• Many buildings limit who can rent or own parking and may restrict rentals to residents. Check the declaration, bylaws, and any garage HOA rules before you assume you can rent it out.