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Ever driven past a parking lot and wondered who owns it — or how much it actually makes?
Today on The Passive Income Playbook, Pascal Wagner sits down with Kevin Bupp, founder of Sunrise Capital Investors, to unpack one of the most overlooked yet profitable niches in commercial real estate: parking.
Kevin and his team have acquired more than $400 million in assets, spanning 4,000 mobile home pads and $150 million in parking garages and surface lots nationwide. With over two decades of operating experience and a proven track record across multiple market cycles, Kevin explains why he’s doubling down on this niche—and why few LPs are paying attention.
In this episode, you’ll learn:
✅ Why parking lots often outperform multifamily on a hassle-to-return basis
✅ How Sunrise blends mobile home parks and parking assets in one fund to balance steady cash flow with long-term appreciation
✅ The macro trends driving supply compression and stable demand in parking
✅ How self-driving technology, urban redevelopment, and zoning shifts could transform this overlooked sector
✅ Why “highest and best use” can create asymmetric upside for investors
✅ The biggest mistakes LPs make when evaluating alternative asset classes
If you’re an LP looking for stable, tax-advantaged income and diversification beyond multifamily, this conversation will show you how institutional investors are quietly repositioning capital toward these low-volatility, cash-flow-driven assets.
Chapters:
00:00 – Introduction: Why Parking Is the Overlooked Real Estate Frontier
06:30 – Kevin’s Journey: From Bartender to $400M Operator
14:00 – Inside Sunrise Capital: 4,000 Mobile Home Pads + $150M in Parking Assets
20:00 – What Makes Parking Profitable (and Why It’s Misunderstood)
29:00 – Comparing Parking Returns to Multifamily IRRs
34:00 – The Future: Self-Driving Cars, Redevelopment, and Air Rights
44:00 – LP Advice: Sponsor Due Diligence vs. Deal Diligence
52:00 – Mobile Home Parks vs. Parking Garages (and Why He’s Doing Both)
1:03:00 – How Sunrise Blends Growth + Income for Investors