Perez Medina 2A
Closed for investment
The apartment will have 3 bedrooms after the renovation, a bathroom, and a kitchen, with a total area of 80 square meters, and will have the same layout as the project we published last week. This will provide accommodation for up to 3 co-living tenants or 6 vacation rental guests.
The Benalúa building where this apartment is located is situated just a 10-minute walk from the old town of Alicante, one of the most touristic areas of the city. This is one of the most strategic location points of this project. Being in such a central location will generate a high demand for rooms, on the one hand, from workers in the leisure and tourism sector and, on the other hand, from tourists for holiday rentals. Additionally, the apartment is surrounded by all kinds of services, such as bars, restaurants, and leisure areas, as it is also located just a short 10-minute walk from El Corte Inglés and the AVE train station.
Once the renovation is completed, along with the acquisition of furniture, appliances, and other equipment to make the property livable and functional, it will make this project a good source of income. This makes this investment a very attractive opportunity that cannot be missed.
The main reasons to invest in this opportunity are:
- Price: We have obtained an unbeatable price for the property, with a cost per square meter approximately 65% less expensive than the average value per square meter for apartments in the area. As a result, we will have the flexibility to sell quickly at a higher price in the future.
- Low legislative risk: It is a property that is completely free of liens or encumbrances. Owning the entire building makes it easier to obtain the tourist apartment license since we don't have to deal with other owners, but until it is obtained, this property can be exploited as a co-living rental.
- Condition: Given that the first floor is already divided into 2 apartments, in this one we only need to carry out a renovation to update the apartment itself and obtain the distribution that we desire.
- Typology: It is a property with 3 rooms, suitable and ideal for co-living. In addition, it will have 1 bathroom and a kitchen that will serve as a common area. The property, rectangular, is perfectly distributed. And once we obtain the tourist license, thanks to the open-plan kitchen and living room, we will be able to accommodate up to 6 tenants for vacation rental.
- Versatility: Thanks to owning the entire building, we can obtain a tourist apartment license, allowing us to exploit it as either room rentals or vacation rentals. Being in a very central area will make the project a continuous source of income.
- Potential: The characteristics of this property and, above all, its acquisition price mean that it has great potential for revaluation and for generating constant and continuous income.
- Location: Very strategically located, just a few minutes walking from the main attractions of the city.
Why invest in this apartment?
Very high yields: Estimated IRR of 10.87%.
High versatility: It can quickly adapt to both vacation rentals and coliving.
High monthly returns: Due to its high occupancy, the estimated monthly yield is 5.15%.
Information about the apartment
This week at Brickstarter we are delighted to present the second opportunity for the Benalúa building. This second opportunity corresponds to one of the two properties located on the second floor of the building that we will obtain after the renovation.
This 80-square-meter apartment will have the same layout as the Pérez Medina 1A apartment. It will consist of 3 bedrooms, 1 bathroom, and a kitchen, with the possibility of accommodating up to 3 co-living tenants or 6 vacation rental guests. After the renovation, we will proceed with the horizontal division and the application for the tourist license as mentioned in our blog post about the Benalúa building project.
We are going to carry out a series of improvements on this property with the aim of increasing its value. These include, in addition to the aforementioned horizontal division and obtaining a license for vacation rental, a renovation to update the facilities, and an expansion of its built surface, which will decrease the price per square meter of land, resulting in an increase in the price per square meter.
Like the Pérez Medina 1A apartment, we obtained this apartment at an unbeatable price of 660 euros per square meter (around 65% below market price). Considering its strategic location just a few minutes from the old town of Alicante, where there is high demand for both co-living and vacation apartments, this opportunity becomes an excellent investment with high profitability and great potential for appreciation.
Thanks to our extensive experience in the city of Alicante, where we have several operational projects in both co-living and vacation rentals, we can estimate project profitability of over 10% (IRR). Having a solid established infrastructure, we have many management facilities for this opportunity, which allows us to estimate this profitability.
Alicante is a great tourist center that attracts many travelers and workers, making it one of the cities that are generating the most profitability for us with the projects we have in this magnificent coastal city. Don't miss this opportunity to invest in Alicante!