--- In AsburyPark@yahoogroups.com, "dsher4" <dsh...@...> wrote:
>
> Werner,
>
> Thanks for providing me with Bill Grant's name. There are 1200
> spots on the street and approx 580 in the lots paved over by MM. I
> will be doing "a real world, real assumptions" set of analysis to
> determine how much those meters could generate in a given year and
> what that could generate in revenues or upfront investment. I've
> been lazy last few weeks enjoying time with the kids and now busy at
> work but i will have it done shortly. I will also provide a
> spreadsheet so all my math can be checked :)
>
Does the 1,200 spaces exclude the free handicap spaces?
It would be nice if we had some statistics from the short period of
parking revenues generated this summer. Because you have to estimate
the average revenue per space per day. That of course depends upon the
hours of operation, the likely length used on average, how many days
at that rate and the turnover. There are some rules of thumb in
parking operations depending upon the market. A lot of the assumptions
(use depending upon season, turnover, etc.) could be reflected in
historical average revenue but the operating history s too small to
give a reasonable estimate.
But I think we raked in $55K for a few weeks. That was with free
parking in MM lots.
I think you have operation of 19 hours from 9 am-2 am. At 100%
utilization and at $.50/ hour that's $9.50/day per meter. That of
course does not count for turnover when someone paid for more time but
doesn't use it (the beauty of the central system - there are others
that zero out the time when the car pulls out). But it also assumes
100% utilization.
Take a conservative figure of $5 per meter per day. That's $6k/day for
all 1,200 (if that is the number). So let's talk about just the summer
for a moment. Figure 8 weeks at 7 days at that rate = $336,000.
I think Oak and I lowballed it way back at least at $500K per year.
There is a lot of revenue to be made from parking.
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