2 Unit Condo Conversion in Salem Ma

[Eric Sullivan]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Salem.

Purchase price: $510,000
Cash invested: $330,000
Sale price: $1,150,000

This 2 unit property is located in one of the most desirable neighborhoods in Salem. Located across from the school, 3 houses down from the water, and a couple of minutes walk to the train. The property is perfectly situated for city buyers who can commute quickly to Boston. Our plan is to turn this into 2 luxury condos with off-street parking. The first floor will be a 3 bedroom 2 full bathroom layout with an open kitchen and living. The second floor will be a townhouse style unit consisting of 5 bedrooms and 3 full bathrooms. We also look to add a roof deck and capture around 300 sqft of new living space by finishing a three-season porch on the first and second floors.

What made you interested in investing in this type of deal?

We like condo conversion projects in the Salem area.

How did you find this deal and how did you negotiate it?

This was an on-market deal posted to MLS.

How did you finance this deal?

Bank financing, 25% down and 100% of construction.

How did you add value to the deal?

Added 300+/- sqft and we are gut-renovating the entire house.

What was the outcome?

In progress