Barcelona building, multifamily conversion in Santurce

Investment breakdown

Base cost: $663,500

Acquisition: $310,000
Renovation: $353,500

Before closing costs, taxes, financing, commission, holding and contingency. Base cost to target price is a gross margin, not a net result.

Four-level building in Santurce, minutes from Ocean Park, Condado and Calle Loíza, to be converted into a mixed-use asset: two commercial units on the ground floor, one two-bedroom apartment and seven short-stay studios, and a social rooftop terrace. It is acquired off-market for 310,000 dollars against a preliminary appraisal of around 375,000. The renovation budget covers a new electrical service, full replacement of the plumbing lines, eight air-conditioning units, nine bathrooms, windows, paint and furnishing. No sale price is shown here because the strategy is not to sell: it is to buy, renovate, let and refinance.

We can share the documentation, condition and figures once we know what you are looking for.

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Prices are indicative, subject to change or prior sale. Surfaces and conditions need due diligence.