Cieza, Valencia
Financed & completed Two ground floor offices being transformed into beautiful residential units.
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 patio. During 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. 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:
Project Overview
Location
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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