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Cieza, Valencia

Living room after renovation
Kitchen after renovation
Current floor plan
Floor plan after renovation
Current inside space
Current inside space
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Financed & In Progress

Project Overview

We are returning to a strategy that has proved itself in the Sant Jacint and Pintor Cortina projects. A ground floor commercial to residential conversion. Meaning, buying relatively cheap and transforming the properties to beautiful residential units that can be sold at competitive market prices. Currently, the apartment has 70 square meters including a spacious 20 square meter outside patioDuring the renovation, we will use 10 square meter of the patio to add to the apartment size, resulting in a 80 square meters apartment with a 10 square meter outside patio, 3 bedrooms and 2 bathrooms. 

We are choosing for 3 bedrooms and 2 bathrooms in these two projects because having 3 bedrooms makes it easier to sell it to an average Valencia family requesting a mortgage and 2 bathrooms as this is a sign of luxury in apartments in Spain.

This project is situated just at the foot of the famous Turia dry river park in Valencia. Within a minute of walking you will enter the park and from that moment, you will surround yourself of people walking, biking, working out, eating, reading, you name it, for hours in length.

The strength of this project is that the properties are bought for commercial prices and sold for residential prices. Commercial real estate is valued lower because of its use, so when you find a property that ticks all the boxes of being able to convert into residential real estate it usually means a healthy project margin. Keep in mind, though, that conversions like these do need a big and in some cases complex renovation. The building in the street Carrer Cieza in Valencia is located into a workers neighbourhood build in the 1950’s/1960’s in the surroundings of the city center. In the last years, this area has been improved and just across the main street (that is one of the ways to enter the Valencian city center) connected to the Cieza street, the city’s municipality decided to build one of their city hall offices. The in total 90 square meter apartment will be completely transformed with the My Blue Bricks formula in which you walk in and never want to leave again, or being able to picture yourself living there with your family.

The project is going to be a fix and flip project. Meaning that we are going to buy, then renovate, and once done sell the apartment. For the fix and flip concept, our investment community can participate in two ways:

  • Via a variable contract: You are investing in the project and getting your investment plus interest back after completion of the project. Your return is based on the final selling price of the property, or in other words, the successfulness of the project, with a minimum of 5% guaranteed and an added 7,5% variable. In total, this could add up to 12,5% upon selling the property. Another possibility is becoming the only investor for the total project. Choosing this option, the final results will be splitted 50/50% between you and My Blue Bricks.

Location

The property in its current state needs a lot of attention. It is old, ugly, and it smells. This is exactly our definition of a ‘hidden gem’ where our team is always looking for. Looking at this from an optimistic perspective, this makes that there are a lot of areas to improve and create value. The plan is to completely refurbish and renovate the apartment and the garden with a new (open) kitcheninterior paint and wall finishes, new flooring, electricity through the whole apartment, plumbing, interior changes, converting the entrance into a parking space and converting the garden in a a really amazing place to enjoy the sun to attract the right people for buying the property as a new chapter in a family’s or couple’s life.

  • 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
  • Maximizing both sides of the apartment where the light is coming in
  • Converting the garden in a lovely place.
  • Converting the front door into a parking space
  • Making the apartment bigger 10 sqm more.

Project Schedule

Rehab: 4-6 months
Listing Period: 2-4 months (partly overlapping)
Expected Total Project Period: 8-10 months

Put Down Your First Blue Brick Today

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