Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
I am currently doing a condo conversion in East Boston. I purchased a 3 family and the property has now been gutted. Attached you will find the existing layout drawings. The building is 4300 sqft. I will post throughout the project and provide details if people have any questions.
Chelsea, MA · Member since 2015 · 49 posts · 16 votes
10y
A big Thanks to Ricky Beliveau ! He took me on a tour of his project and gave me a lot of insight and advice. My first tour and a great experience. I look forward to future endeavors.
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
Plans have been approved by the city and demo has now been completed. Plans, demo image and view from roof below. Each unit will be 3 bedroom, 2 bathroom ranging from 1200-1500 sqft. Units 2 and 3 will have private roof decks.
Investor · Boston, MA · Member since 2016 · 4 posts · 2 votes
10y
This sounds like an awesome condo conversion project. I live in East Boston and love seeing the ever changing market. A friend just received an offer on his 3 bed 2 bath for $495k so the market is definitely here for such conversions.
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
@Joshua Acevedo thanks! I have been doing projects in East Boston for about 2 years now and it continues to improve
I have another project similar to this one also in East Boston that will be starting in May. I am open to bringing on one additional investor if anyone is interested. Will provide my previous results as well and projected results for the upcoming project directly to interested parties.
Milton, MA · Member since 2016 · 88 posts · 27 votes
10y
The Before and After floorplans are above -- looks like there were four bedrooms before, three after. (I wish the floorplans were a little crisper, on my screen I can read the basics but not the details.)
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
East Boston renovation continues with framing underway. We are installing many large beams throughout the property to create open concept living. We are in the final stages of framing the units. Next steps will be building the stairs to the roof deck, new roof, leveling floors and building of the two roof decks. Plumbers and Electricians will be on deck once framers are done.
Boston, MA · Member since 2015 · 14 posts · 1 vote
10y
Looks terrific, congrats! I'm involved with a very similar project on Eagle Hill, almost same price and same reno costs. The building will have one 2 bed and two 3 beds. The original goal was to hold and rent for cash flow but considering the rehab costs, I will consult to see what the options look like at the completion, hopefully in two months. The building has decks on each floor to the side. I'm considering putting a circular staircase to the roof and building a roof deck for the top unit, although I don't have the views you have. Let's keep in touch to compare notes... Good luck!
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
@Andres Branger best of luck with everything! Note that stairs to roof decks must be full staircases to code and can no longer just be small spiral staircases like people used to get away with. Just something to be careful of.
Developer · Boston, MA · Member since 2014 · 88 posts · 56 votes
10y
Ricky Beliveau this looks like a great project! Is this on Chelsea street? I just finished a 2 unit gut condo conversion on Cottage Street myself. East Boston market is great these days! We should connect sometime
Chelsea, MA · Member since 2015 · 49 posts · 16 votes
10y
Glad to see a lot work around my area. I live right in Chelsea. Would love to take a walk through any of you guys worksites, with a chance to pick your brains. Just starting out myself would appreciate the help immensely
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
@Maxwell Lewis happy to give you a tour of the projects. I actually am looking to learn more about Chelsea so would be great to discuss that with you as well as. Shoot me a message to schedule something.
Chelsea, MA · Member since 2015 · 49 posts · 16 votes
10y
A big Thanks to Ricky Beliveau ! He took me on a tour of his project and gave me a lot of insight and advice. My first tour and a great experience. I look forward to future endeavors.
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
Quick reminder this is a condo conversion project in East Boston on Meridian St. Framing has been completed. These are images from the penthouse apt which will be a 3 bed 2 bath 1500 sqft condo (Est) with entrance on the 2nd floor as well as the staircase continuing up to a private roof deck. We are now a few days into hard electrical as well as the new rubber roof being installed. I have started the design process for the bathrooms as well as the kitchens as it is approaching time to being the ordering those items. I will be going medium/high end for the finishes as the market goings to rise for condos in Eastie.
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
New roof completed. Roof Decks almost completed on the East Boston Condo Conversion project. Both units 2 and 3 will have private roof decks. We are also in the process on completing rough electric.
Investor · WESTERN MA · Member since 2014 · 8 posts · 0 votes
10y
Hey @Ricky Beliveau thanks for sharing your project! I'm excited to see the finished product. I have a couple questions for you if you get a chance.
1. How/ Where did you find the property? (MLS/Drive by/direct mail)
2. How did you finance the property/ rehab costs? (Commercial/ cash from investors?) Was the property purchased cash and rehabs done on a loan or any other combination?
I just got out here from Western Mass. I'm currently living in Roxbury Crossing. I am ready to get the ball moving out here in Boston. Any bit of insight would be greatly appreciated! Cash on hand (Not $1M!)
1) Property was purchased off market. An agent that I have a relationship with called me and was representing the seller
2) Commercial financing with 75% of the purchase price and 75% of renovation cost. Renovation cost was planned at $450k but with the comps in East Boston I made some changes and now will be closer to $500k
I am always looking for additional partners/investors so shoot me over a message if you or anyone would like to see my projects and future opportunities
Investor · Boston, MA · Member since 2015 · 107 posts · 41 votes
10y
We have received all the signoffs on the inspections and have started the insulation process on the 3 family condo conversion in East Boston. Below you will find the kitchen designs that have been ordered for each unit.