Pintor Cortina, Valencia

Funding in progress For the price of one apartment we get three!

Project Overview

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.

Ever experienced walking into a space and not having a clue how it is possible to ever create value out of the situation? We are sure that this project fits into that picture. The huge open space and the industrial feeling it has makes a hard to picture somebody living there in the future. Believe us, this is very much possible. Just take a look at this restaurant called Parking Pita located in Barcelona, in which an industrial garage is transformed into a hip restaurant at the Passeig San Joan.

In terms of its uniqueness and the space to be used for creating 3 apartments, buying a local commercial real estate property has a big potential at the buying price amount. In general, local commercial space can be bought for lower prices than residential apartments, and transforming these properties into residential apartments can bring a huge upside potential with them. We did the pre-check with our architects and their reports are giving a green light for the transformation from the municipality of Valencia. Moreover, this project has come via our contacts and is an off-market deal. In other words, not a lot of other people have had access to it.

Location

  • 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

Architectural Plans

Project Schedule

Rehab:3-6 months
Licensing:3-6 months
Listing Period:2-4 months (partly overlapping)
Expected Total Project Period:12 months

Investment Results Prediction: Buying-Renovating-Selling – Variable Setup

Purchasing price:€30.000
Rehab + costs:€106.000
Total investment:€136.000
Selling price for €140.000 or below5% ROI
Selling price between €140.001 – €145.0006.5% ROI
Selling price between €145.001 – €150.0008% ROI
Selling price between €150.001 – €155.0009.5% ROI
Selling price between €155.001 – €160.00011% ROI
Selling price between €160.001 – €165.000 and above12.5% ROI

Put Down Your First Blue Brick Today