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125 Magazine,
Carriage House, 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%
(All photos
were taken after renovation). |
