I own a totally renovated eight unit building and I'm considering building a 20 unit in a vacant lot that I own right next-door. The problems are that while the neighborhood is rapidly up and coming with a brand-new courthouse, brand-new health center, brand-new art center, huge university presence , new bars and restaurants, there is still a level of transients in the area that make me Worried about a building there. But I figure I already
own the property so I might as well capitalize on it and I can't find anything to purchase, so is it smart to build? My 8 unit loft building I've been at 100% occupancy since purchasing it only two years ago, I've increased rents from 7K a month to 12K per month. I'm north of Boston and I'm wondering how many units can I get with $2 million investment. Each unit would be approximately 800 ft.². I've been given per square foot cost anywhere from $90-$225, I would like to find a happy medium somewhere in there.
@Robert Nason I just saw an investor put up a 25 unit for under $2M in Lynn real nice quality.
Do you have construction experience?
i've done several flips of Victorian homes and a couple of multi families. Nothing of this scale whatsoever. I am assembling a team and interviewing general contractors and architects now. I would love any additional information on the 25 unit in Lynn.
Yes I think it is good to invest in this type property. You must build the building there, Now a days if the building you are making is having good homes will never be go in lose. You just build your home with some good features and advance design and model that one should like in one look.
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