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7 Florence Street, Cambridge, MA

  • Purchased multi-unit apartment building in June 2002
  • Operated the building as an apartment complex into 2003
  • Resolved complex tenant issues during the project
  • Began a complete gut rehab in February 2003
  • Completed renovations in December 2003
  • Obtained approvals to convert to condominiums in January 2004
  • Closed escrow upon 2/3 of the building in April 2004
  • Entire sellout anticipated in July, 2004 (all remaining units are
    under contract)

    Total Sales proceeds, $2.1 million
    Total Profit $600K
    ROI almost 100%

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Building exterior before renovation

Exterior view from neighbor before renovation

Building exterior after renovation

Bedroom after renovation

PDF version of this property.