Transit agencies face a tension between providing commuter parking at rail stations and encouraging transit-oriented development (TOD) on the land the parking occupies. This paper describes a multiobjective model designed to facilitate decision making about TOD and commuter parking. The model, developed by the San Francisco Bay Area Rapid Transit District (BART) in California to facilitate station planning and development, examines ridership impacts, fiscal impacts, and qualitative factors. The analysis shows the conditions under which positive ridership and fiscal outcomes occur if BART deviates from its practice of requiring one-to-one replacement of commuter parking. Using the MacArthur and San Leandro stations as case studies, the analysis reveals the substantial opportunity cost of retaining transit agency land in surface parking as well as the sensitivity of results to local conditions and policy. The spreadsheet-based methodology is adaptable to a wide variety of situations. The paper concludes with observations about how this model affected perceptions and policy deliberations of transit agency staff and elected officials.