Appraising a parking lot can involve some of the same difficulties encountered in the appraisal of a hotel. That is because the fee paid to park often includes much more than simply rent for a parking space, just as the room rate at a hotel includes more than only rent for the room space. This becomes an issue in both the sales comparison approach and the income capitalization approach. In situations where the appraisal problem is to value the fee simple interest in the parking lot real estate, the appraiser's job includes separating the portion of the parking fee attributable to services from the portion attributable to space rent. This article will use a mini case study of an appraisal of an airport parking lot to illustrate how this particular valuation problem might be solved.
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