4A & 4B Reeves St Worcester

MLS Photos and Details

One side of this property was staged and listed on MLS. Through the one listing, we were successful in selling both sides within a matter of 2 weeks. Side A was staged and photographed. Priced sub $400k, it stood out among strongly against old, tired inventory.

Plans

Located on a <7,000 lot, theses semi-attached single family homes required a zoning variance and planning board approval. The lot worked out very well for a 50/50 land split, allowing each unit to be sold separately with a party-wall agreement in place.

Project KPIs

Acquisition and Project Basics

Project Type: New Construction

Property Characteristics: 1200′, 3 bed, 1.5 bath each

Location: 01604 Worcester, near 146 and Pike

Acquisition Source: Client Partnership, Build and Sell

Construction/Improvement Timeline: 6 Months

Total Timeline: 1 year with approvals

High Level Financials

Acquisition Price: $15k land cost

Rehab & Carrying Costs: $600,000

Disposition Price: $815,000 (combined)

Investment Metrics

Debt or Equity: All equity provided by partners

Investor Returns: 25% per partner COC

Value Add Summary

High Level Scope of Work:

Ground up construction
3 bed, 2 bath, town-house style, attached-single family dwellings

Value Add Highlights:

Granite, black SS kitchens made these small kitchens show very nicely
The small footprint and layout made the color pallet very important, dark floors with bright walls gave the impression of larger spaces.
Off street parking and garage space is key in this neighborhood, many houses do not even have a driveway in the neighborhood.

High Level Scope of Work:

This project presented a unique challenge in regards to mitigating the pet odors due to the owner’s hoarding of animals.
All finishes were completely removed including millwork, non-hardwood floors, cabinets, vanities, etc.
All surfaces were cleaned, sanitized and sealed with odor mitagating primers. New finishes, HVAC, kitchen and baths were all installed throughout.

Value Add Highlights:

Added 200 square feet of converted porch to GLA by replacing the windows and installing new insulation and drywall.
We spent more time and money than usual on the back yard. It had the bones to be an oasis. We deep cleaned the existing concrete pads, painted the concrete, added a section of nice sod, and cleaned out the existing outdoor fireplace.

Reeves Street - MLS Photos

Below are the MLS photos for the listing at Reeves St in Worcester

Reeves Plans

Below are some of the general construction plans for Reeves St in Worcester

STATUS: Sold