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PARKING FACILITY REVENUE AUDIT – JUNE 2017 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY: UNDERGROUND – GATED – 1105 STALLS
TYPE OF AGREEMENT: LEASE
2016 REVENUE (NET): $2,128,775.76
AUDITPARK AUDIT RESULTS | EST. LOSS OF REVENUE (NET) 2016 |
$0.00 PARKING TRANSACTIONS | $57,154.87 |
UNREADABLE TICKETS | $4,172.57 |
MONTHLY PARKING | $164,057.52 |
LEASE DISCREPANCIES (45@$200.00) | $95,575.22 |
UNDOCUMENTED VALIDATION USE | $48,296.46 |
PAYMENT MACHINE 1 (FLOAT) | $1,092.92 |
PAYMENT MACHINE 2 (FLOAT) | $433.63 |
PETTY CASH | $25.00 |
INFLATED REVENUE SHARE (PARKING OPERATOR) | $142,348.67 |
SUB-TOTAL | $513,156.86 |
EST. LOSS OF REVENUE SHARE TO OWNER (80%) | $410,525.49 |
PARKING FACILITY REVENUE AUDIT – AUGUST 2017 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY SIZE: UNDERGROUND – GATED – 814 STALLS
TYPE OF AGREEMENT: MANAGEMENT
2016 REVENUE (NET): $1,962,883.49
AUDITPARK AUDIT RESULTS | EST. LOSS OF REVENUE (NET) 2016 |
$0.00 PARKING TRANSACTIONS | $24,889.38 |
UNREADABLE TICKETS | $1,910.18 |
MONTHLY PARKING | $99,575.22 |
LEASE DISCREPANCIES (21@$180.00) | $40,141.59 |
UNDOCUMENTED VALIDATION USE | $24,473.45 |
PAYMENT MACHINE (FLOAT) | $765.57 |
INFLATED OPERATING EXPENSES | $66,004.84 |
EST. LOSS OF REVENUE TO OWNER | $257,760.23 |
Since meeting Ross early in 2017 with AuditPark, I have been thoroughly impressed with the depth of knowledge provided to all elements of parking operations. Ross provides expertise, focus and a skill set that I have never before encountered in the parking management space. From an institutional real estate ownership perspective, AuditPark is bringing the entire parking industry forward. The underlying areas of focus from Ross including process, systems, software, reporting, budgeting, record keeping and an ability to easily audit are all welcome advancements. Having a neutral “for-hire” parking expert with independence, complete transparency and personal accountability is tremendously valuable for someone like myself, for both acquisitions and ongoing asset management. Whether analyzing revenues or focusing on expenses, AuditPark has been instrumental in driving bottom-line results that are tangible and meaningful. For any significant parking operation, I would strongly recommend Ross and AuditPark for revenue projections, competitive analysis vs. other garages, marketing strategy, expense reductions and operating cost structure, parking audits and also for a well programmed parking RFP process. I would be happy to discuss Ross’ skill set and expertise at any time.
- Mike Cornelissen Senior Vice President, Acquisitions at LaSalle Investment Management Toronto, Canada Area
PARKING FACILITY REVENUE AUDIT – MAY 2017 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY SIZE: SURFACE – PAY BY LICENSE – 58 STALLS
TYPE OF AGREEMENT: MANAGEMENT
2016 REVENUE (NET): $313,826.79
AUDITPARK AUDIT RESULTS | EST. LOSS OF REVENUE (NET) MAY | EST. LOSS OF REVENUE (NET) |
ANNUAL | ||
UNPAID VEHICLES | $9,681.42 | $116,176.99 |
UNSUPPORTED ENFORCEMENT EXPENSE | $2,212.39 | $26,548.68 |
INFLATED OPERATING EXPENSES | $1,452.98 | $17,435.76 |
EST. LOSS OF REVENUE TO OWNER | $160,161.43 |
PARKING FACILITY RFP – MARCH 2018 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY SIZE: UNDERGROUND – GATED – 900 STALLS
TYPE OF AGREEMENT: LEASE
AUDITPARK RFP RESULTS: EST. 171% INCREASE IN ANNUAL PARKING REVENUE (NET)
PARKING FACILITY RFP – NOVEMBER 2017 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY SIZE: UNDERGROUND – GATED – 220 STALLS
TYPE OF AGREEMENT: LEASE
AUDITPARK RFP RESULTS: EST. 33% INCREASE IN ANNUAL PARKING REVENUE (NET)
PARKING FACILITY RFP – SEPTEMBER 2017 – COMMERCIAL REAL ESTATE ASSET – TORONTO ON
FACILITY SIZE: UNDERGROUND – GATED – 900 STALLS
TYPE OF AGREEMENT: LEASE
AUDITPARK RFP RESULTS: EST. 26% INCREASE IN ANNUAL PARKING REVENUE (NET)