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125-A Magazine, Cambridge, MA

At the time of acquisition, the building was in “tear down” condition and had extensive fire damage to the third floor.

  • Purchased two multi-family apartment buildings on a large lot in September 1999
  • Marketed one building during the acquisition escrow period, placed it under contract before initial purchase of entire project, and sold it two months after initial purchase
  • Combined several units in remaining building to create two luxury attached houses of 3,800 square feet and 2,700 square feet respectively. Work is complete.
  • Sold the 2,700 square foot attached home for $975,000, or $361 per square foot, in November 2001
  • Currently renting the remaining unit for $6,500 per month
  • Realized IRR thru sales and refinancing = $41%
  • Unrealized IRR (based upon 2001 bank appraisal) = $51%

Click on the thumbnail image to get a larger view.




Before, with fire damage




Living room




After




Kitchen

 

PDF version of this property.