464-468 Central St,
Construction anticipated to complete end of summer 2020
464-468 Central St is a brick six family building with six parking spots two blocks from downtown Lowell. Each unit will boast new heating systems, electrical service, kitchens, baths, floors, and paint. These will be some of the cleaner, larger units for sale at a very aggressive price point. The unit mix will include four 2 bed/1 bath homes, one 3 bed/1 bath home and one 4 bed/1 bath home.
This property was purchased with the original intention to keep it as a rental building for our portfolio. We were hoping to renovate and stabilize the building, and then refinance the property to recoup all of the hard costs associated with the project. The scope of work for the building has changed to a point to where we can not refinance the project to recoup all of our costs so now we are going to convert the units as condos and sell them off.
We purchased the building last October for $500,000. We have a renovation budget of approx $300,000 and a sellout around $1,100,000. There is plenty of meat on the bone for this project and we’re raising $100,000 to finish construction. The $100,000 will pay for additional structural work, a full fire alarm system, a hard piped sprinkler system, an electrical service upgrade for the exterior of the building, and additional plumbing improvements. These are all changes the city has required us to do.
Below I have attached a screenshot of a deal analyzer for this property.
“WOLLASTON WEDNESDAY” videos about
464 -468 Central St!
Marketing and Sales
Within the next week, we will have three interior renderings to use for purposes of marketing. Unit finishes will be similar to the example renderings below. Once we get through these April showers, we will be dressing up the exterior of the building with a fresh paint job to create some curb appeal. We’re leaning towards a cream painted brick with a pastel set of doors and flower boxes.
Once we’ve secured the capital to complete the renovations, this page will be converted into a sales funnel page to help convert potential buyers. We will be reaching out all real estate agents in Lowell and the neighboring towns to create interest. Our goal is secure buyers for all of the units prior to completion of construction.
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