Monetizing Parking and Storage in Downtown Buildings

Got empty stalls or a dusty corner in your garage? In Downtown Denver, that underused space can be a steady income stream. With shifting office demand and new parking rules, you have more options than ever to turn parking and storage into cash. In this guide, you’ll learn practical ways to earn, local price ranges to benchmark, the rules to watch, and a simple plan to test ideas with low risk. Let’s dive in.

Why monetize now in Downtown Denver

Downtown office demand is still in flux, and that changes how parking performs. Recent reporting shows downtown office vacancy above 35 percent, which weakens weekday commuter demand but opens up nights and weekends.

Denver also changed its approach to parking. The city’s Modernizing Parking Requirements removed most minimums for new projects, so owners have more flexibility to right-size parking or explore new uses. That makes thoughtful monetization, not default parking supply, the smarter play.

Proven ways to earn from parking

Monthly parking leases

Lease spaces to residents, nearby businesses, or commuters. Downtown monthly rates commonly land around $150 to $300 or more, depending on coverage and location. You can benchmark against public options near the core, such as rates around the convention center that are published on local parking pages.

• Pros: Predictable monthly income, simple to administer.
• Cons: Demand can be weaker on weekdays in some buildings; check leases or HOA rules before reallocating spaces.

Hourly and event parking

Sell short-term parking for daily visitors, concerts, and game days. Central garages often price daily maximums in the $25 to $60 range, which you can see in sample downtown listings.

• Pros: Higher yield during peaks; no long-term commitments.
• Cons: Requires payment systems, enforcement, and good signage; revenue varies by event calendar.

List spaces on apps and marketplaces

Reservation platforms can fill gaps quickly. You can list individual stalls or small lots and let the platform handle bookings and payments.

• Pros: Fast to start, built-in demand.
• Cons: Platform fees apply, and you remain responsible for access and compliance.

Premium reserved spots inside your building

If you have unassigned or visitor stalls, consider converting a small number to paid reserved spaces, or charge for extra-convenient or covered stalls.

• Pros: Incremental revenue with minimal changes.
• Cons: Review leases and HOA documents first to avoid conflicts.

Valet or concierge parking

For buildings with tight layouts, valet can stack cars and sell convenience at a premium.

• Pros: Higher effective capacity and rates.
• Cons: Staffing, insurance, and stronger operations are required.

Turn extra space into storage

Self-storage conversion

Basement or low-value garage areas can become storage lockers or units. Market data shows typical urban rates vary by size and features. In Denver, a climate-controlled 10×10 often falls roughly between $100 and $300 or more per month, based on aggregated listings.

• Pros: Strong demand and good revenue per square foot.
• Cons: This is a change of occupancy that triggers permits and possible upgrades for fire, egress, accessibility, and MEP systems. Denver outlines the review process for changes of use in its commercial plan review guidance.

Lockers and package solutions

Install package lockers or small rentable storage lockers in lobbies or garages. You can charge residents and nearby tenants per month or per use.

• Pros: Low footprint, amenity value.
• Cons: Lower revenue per unit than full storage conversions.

EV charging revenue

Install Level 2 chargers or, in select sites, DC fast chargers, and bill by kWh, time, or subscription. Industry guides suggest Level 2 ports can earn a few thousand dollars per port annually when well used, while DC fast brings higher potential with much higher costs. Review planning and utility impacts with an industry resource like this EV infrastructure guide.

• Costs: Level 2 often runs a few thousand per port; DC fast can cost tens of thousands, plus demand charges.
• Tip: In Colorado, tenants have rights related to Level 1 and Level 2 chargers on assigned spaces, subject to safety and cost recovery rules. See C.R.S. 38-12-601 in the state statutes.

Advertising and rooftop income

Parking structures can host ad wraps, solar canopies, or telecom equipment. Solar can offset charger electricity and create a second revenue stream.

• Pros: Non-parking income with long-term contracts.
• Cons: Permits and design review may apply; consider tenant perception.

Rules and compliance checklist

Before you market a space, run this quick check:

• Zoning and code: If you change use from parking to storage or other occupancies, expect a formal plan review and possible upgrades per Denver’s commercial plan review.
• Taxes and licensing: Parking and storage revenue can trigger sales tax and business license obligations. Denver has layered local taxes, summarized in this overview of local sales taxes. Verify specifics with the City and the Colorado Department of Revenue.
• Leases and HOA rules: Review CC&Rs, ground leases, and tenant leases for limits on reassigning or selling parking.
• Insurance: Make sure your policy covers commercial parking or storage activity. Marketplace guarantees are not insurance; platform terms, such as Spacer’s host terms, put key responsibilities on you.
• EV rights: Colorado statute protects certain tenant charging requests. See the state statute for details.

Local prices to guide your model

Use these ranges as a starting point, then test and refine:

• Monthly parking: Many downtown options cluster around $150 to $300 or more per month, based on published local garage rates.
• Daily or event parking: Central garages often show daily maximums in the $25 to $60 range, per sample listings.
• Self-storage: Common sizes like 10×10 or 10×20 typically run roughly $100 to $300 or more monthly in the city, per market aggregators.
• EV charging: Level 2 can produce a few thousand dollars per well-used port each year; see this implementation guide and model utilization and utility rates carefully.

A quick pilot plan

Start small, learn fast, and scale what works.

1. Pick 5 to 10 stalls to test. Mark them clearly and plan access control.
2. List a mix of monthly and event options. Use a reservation app to source demand.
3. Track results for 60 to 90 days. Measure bookings by day and hour, no-shows, complaints, and net revenue after fees.
4. Adjust pricing weekly. Move toward the highest occupancy with the best net.
5. If storage is the goal, mock up 2 to 4 lockers and test interest and willingness to pay before a full build.
6. Review compliance early if you change use. Confirm permits, taxes, and insurance before you expand.

Adaptive reuse when parking is excess

If stalls stay empty even after testing, a bigger pivot can pay off. With Denver easing minimum parking for new projects, some owners may find more value by converting low-demand parking levels to storage, new tenant space, or future residential, subject to feasibility and approvals. Keep the city’s parking requirements update in view as you weigh long-term plans.

Ready to explore what makes sense for your building and your goals? Let’s map a practical plan based on your layout, leases, and timelines. Reach out to Jesse Dixon to pressure-test the numbers and prioritize the moves with the best payoff.

FAQs

What are typical monthly parking rates in Downtown Denver?

• Many garages post monthly rates in the $150 to $300 or higher range, based on published local examples. Your exact price depends on coverage, access, and proximity.

Do I need a permit to convert a garage bay to storage?

• Yes, converting parking to storage is usually a change of occupancy that triggers plan review, and possibly fire, egress, accessibility, and MEP upgrades. See Denver’s commercial plan review guidance.

How are taxes handled on parking or storage revenue in Denver?

• Denver’s tax environment is layered, and many services are taxable. Use this overview of local sales taxes as a starting point, then confirm with the Denver Department of Finance and the Colorado Department of Revenue.

Can tenants in Colorado request EV chargers for their assigned spaces?

• Colorado statute provides tenant protections for Level 1 and Level 2 EV charging on assigned spaces, with safety and cost recovery conditions. See C.R.S. 38-12-601 in the state statutes.

What is the lowest-risk way to test demand for my spaces?

• Start with 5 to 10 stalls on a reservation app for 60 to 90 days. Track bookings and net revenue, then expand or pivot to storage or premium options based on results.