Smart investment in the real estate market


Zorita 20, our flagship project

Zorita 20, our flagship project

10 January 2023


We at Brickstarter are delighted to start 2023 with our most ambitious project up to date: a 6-unit building that we will transform into a coliving rental center in the city of Castellón!

Brickstarter will add a lot of value to the property, so we will be able to sell the property in the future getting record returns in this very interesting project.

This is a complex operation in which we are going to add the maximum value to the property through 4 actions:

  • Purchasing the building in bulk.
  • Changing the use of certain plants to residential.
  • Applying for the horizontal division in order to obtain 6 independent cadastral references.
  • Managing the properties as a coliving in order to obtain the highest possible profitability, and thus being able to sell it as a running business with historical data to a final investor.

Description of the property and the different actions to do:

  • Property: the building has a ground floor and 5 additional stories located at Zorita Street number 20 in Castellón. It is located in one of the most demanded areas for rental rooms due to its proximity to the University of Castellón.
  • Purchase price: We will acquire it at a very competitive price. At an average of 652 euros per square meter. As the property has different uses, we have assigned a different purchase price to each of the properties taking into account its use and its current state of conservation, thus obtaining different average prices per square meter.
  • Change of use of the attic and the ground floor in order to obtain 2 additional apartments. This change of use has already been studied with our architect who has already made the relevant inquiries to the town hall. This operation will add a lot of value to the property.
  • Horizontal division: Our goal is to develop 6 different apartments with independent cadastral references. Therefore we will be able to sell all the properties in bulk or separately, adding a lot of value to this project.
  • Managing the properties as a coliving space in order to increase our profits. We must highlight the excellent location of the property close to the University of Castellón, “El Corte Inglés” (mall), the train station, and the “Ribalta Park”. This will allow us to sell the property as a running business at a higher price.

The purchase price of the entire property is 44% lower than the market price. This will allow us to sell the property maximizing our return in a very short period since the future established sale price will be very competitive.

Current situation of the building

Right now the entire building is a single cadastral reference, composed of a ground floor and five stories, with different assigned uses:

  • The ground floor used to be a butchery. We will make the change of use to housing. It is currently diaphanous. It has 89 square meters according to cadastre.
  • The first floor is totally renovated and has 83 square meters. You can already move in. However, we will add an extra room to maximize our revenues, leaving the kitchen-dining room as the only common area.
  • The second floor is almost fully renovated (it lacks a kitchen). With a similar distribution to the first floor, we will also adapt it to obtain an extra room. 83 square meters according to cadastre.
  • The third floor is totally diaphanous, so a complete renovation of the apartment is necessary. 83 square meters according to cadastre.
  • The fourth floor is also empty. 83 square meters according to cadastre.
  • The fifth floor is empty and with 2 large terraces. With the current regulation, it cannot be an apartment. We will change that, adapting it through a full renovation project. 37 square meters according to cadastre.

To summarize, we acquire a building with 6 possible properties for 300,000 euros. Taking into account the price per square meter of new construction in Castellón 1591 eur / m2, these two homes alone would be worth 264106 euros, so we are acquiring the other 4 homes for only 35894 euros.


We have decided to publish six separate opportunities instead of one single opportunity due to the fact that we are going to develop six different properties (with different terms, conditions and actions to be taken).

It should be noted that, after all the actions, we will still have properties with different characteristics, since for example there will be properties that we can put into operation before others, and some require more intervention than others.

Therefore, we have assigned different valuations according to the characteristics and conditions of each property, so that the expected 6 project returns will also vary slightly. This will also allow us to have greater flexibility when publishing the opportunities, be more efficient in managing funds, and more importantly, minimize risks. Investors will be able to decide whether they want to invest more or less, as the different projects develop.

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