Can You Sell a Parking Space? What Decides It and How It Works
Overview
- Yes, you can sell a parking space, but only if you actually own something you can transfer. How your building records the space decides that, not what the listing said when you bought.
- A deeded space is its own piece of real estate and can usually be sold on its own. An assigned space usually can’t.
- A limited common element sits in between. It can often move to another owner in the same building through an amendment to the condo declaration.
- Even a sellable space can come with limits: resident-only buyers, a right of first refusal, board approval or a lender that has to sign off.
Plenty of people own a parking space they no longer use. They sold the car, they work from home, or they bought a condo with two spaces and only need one. The space still costs them a monthly assessment and maybe a property tax bill. So the question comes up fast: can you sell a parking space on its own?
Usually, yes. But the answer turns on one document most owners have never read, and on a few rules that limit who can buy.
Start with how you hold the space
In the US, condo parking tends to fall into one of four buckets. Your condo declaration (sometimes called the master deed or CC&Rs) says which one you have.
| How you hold it | Can you sell it on its own? | Typical sign |
|---|---|---|
| Deeded unit | Usually yes, subject to building rules | Its own tax bill and parcel number |
| Limited common element (LCE) | Often only to another owner in the building, by amending the declaration | Named in the declaration and tied to your unit |
| Assigned common element | Usually no. The association owns it and can reassign it | A space number on a list kept by the management company |
| License or lease | No. You’re renting the right to park | A monthly bill from the garage or building |
Chicago closing attorneys put it bluntly: assigned common-element parking >cannot be sold separately and can’t be title-insured, while a deeded space has its own tax number, its own tax bill and its own assessments.
Don’t rely on what the listing or your agent called it. Ranking pages and even listing sites use “deeded” loosely. Pull the declaration and your deed and read the legal description. If the space has its own parcel number or tax bill, you’re probably holding a deeded unit. For the full breakdown, see our guide to deeded vs assigned parking spaces.
Who is allowed to buy it
Owning a deeded space doesn’t mean you can sell it to anyone. Condo declarations often say who can hold parking in the building, and those limits shape your price.
- Resident-only rules. Some associations only allow transfers to another unit owner and require every unit to keep a minimum number of spaces, according to >Florida condo attorney Gary Singer. In Ontario, Toronto law firm Davidzon Law says >most condo corporations bar non-owners from owning parking or locker units. One reason given is security, since a parking fob also gets you into the building.
- Right of first refusal. The association may get to match any offer. Chicago’s standard deeded-parking contract makes the deal void and refunds the earnest money if the association uses that right.
- Board approval. Some buildings require a sign-off before any transfer closes.
When a building does let outsiders buy, the space is worth more. In 2022 a space at 88 Townsend Street in San Francisco >was listed at $90,000, and part of its appeal was that non-residents could buy it.
Check your mortgage before you list
If your space is part of the property your mortgage covers, your lender has a claim on it. Selling it usually means asking for a partial release. Some lenders will want a fresh valuation of the home without the space before they agree. Call your servicer early. This step can take weeks and it’s easy to miss.
Selling an assigned or LCE space
If your space is a limited common element, you may still be able to move it to a neighbor. In Nevada, >NRS 116.2108 lets the owners of the two units involved sign an amendment to the declaration, unless the declaration says otherwise. The association then records it. Florida’s condo statute, section 718.106, allows similar transfers where the declaration provides for them.
The buyer here is almost always another owner in your building. Price it with that small pool in mind.
If your space is an assigned common element, you usually can’t sell it at all. You can ask the board whether it will convert spaces to limited common elements, but that’s a building-wide vote, not a sale.
What about taxes?
In the US, a profit on the sale of a space you’ve held more than a year is generally taxed at long-term capital gains rates (0%, 15% or 20% at the federal level). Hold it for a year or less and it’s taxed as ordinary income. Whether the home-sale exclusion covers a space sold apart from your home is a question for your CPA, so don’t assume it does.
In the UK, HMRC’s own manual says a garage sold separately from the home >may not qualify for Private Residence Relief. Check with an accountant before you agree a price.
This is general information, not legal or tax advice. Your declaration and your local law control.
If you can sell, here’s the short version
- Get your declaration, deed and latest tax bill.
- Confirm the space is deeded or a transferable LCE.
- Read the transfer rules: who can buy, right of first refusal, approvals and fees.
- Call your lender if the space secures your mortgage.
- Price it against recent sales in your building and nearby. Our guide to how much a parking space is worth walks through the math.
- List it where buyers look.
Want the full step-by-step? Read how to sell a deeded parking space. If you’d rather keep the space and collect income, compare the numbers in rent or sell my parking space.
List your space where buyers are looking
The Parking Space Company is a marketplace built only for parking. You can list your space for sale or for rent, and buyers can browse spaces for sale by location. Questions about your building’s rules? Get in touch and we’ll point you in the right direction.
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