Pintor Cortina, Valencia
For this project in the street called Pintor Cortina in Valencia, we managed to get our hands on to a 300 square meter (m2) commercial property that is located close to the AVE station. The AVE is a high-speed train with his base in Madrid. From Madrid, either Valencia and Barcelona can be reached. Furthermore, the property is located close to the metro and the main train station in Valencia.
To reach the city centre it will take you 10 minutes. The 300 m2 commercial property that we are taking on is a mechanical garage in its current state. The mechanical garage has a huge open space in which it suits itself perfectly to be converted into 3 apartments. Our renovation plan is including creating two (2) 80 square meter apartments with both 40 square meter terrace. On top of that, there will be one (1) 40 square meter apartment made into a studio. To get an idea of how the garage space looks like we added photos in the photo slider.
- We will convert this mechanical garage into a 3 apartments.
- Two of the apartments will be of 80 sqm + 40 sqm of terrace. One will be a small studio of 40 sqm.
- The whole operation will take a year approximately due to the license necessary to change the property into residential.
- Structurally speaking, the building is in good condition. Easy renovation work.
- Complete renovation of the apartment
- A complete new open kitchen design
- Redoing the walls throughout the whole apartment
- New flooring throughout the apartment
- New interior paint throughout the apartment
- New electricity systems
|Listing Period:||2-4 months (partly overlapping)|
|Expected Total Project Period:||12 months|
Investment Results Prediction: Buying-Renovating-Selling – Variable Setup
|Rehab + costs:||€106.000|
|Selling price for €140.000 or below||5% ROI|
|Selling price between €140.001 – €145.000||6.5% ROI|
|Selling price between €145.001 – €150.000||8% ROI|
|Selling price between €150.001 – €155.000||9.5% ROI|
|Selling price between €155.001 – €160.000||11% ROI|
|Selling price between €160.001 – €165.000 and above||12.5% ROI|