Perez Medina Ático

This week at Brickstarter, we're excited to present a new opportunity in the Benalúa building. This opportunity corresponds to the penthouse of this great project. When we initially presented this project on our blog, we indicated that the top floor was going to have 2 one-bedroom penthouses. After conducting a more thorough analysis, considering income projections and the subsequent sale of these properties, we've observed that the most profitable option is to completely renovate the entire top floor into a single, large penthouse instead of two separate units.

The main reasons why we have made the decision to convert two small penthouses into one are the following:

• Increase in the square meters of the property, around 25 habitable square meters, which translates into a higher sales price in the future.
• Additional room, which means a significant increase in income in the co-living rental mode.
• With the increase in habitable space and the additional room, we also have the opportunity to accommodate groups of up to 8 guests in vacation rental mode.
• Reduction of renovation and furniture costs, since being a single penthouse, we only need to renovate one kitchen and purchase a single set of kitchen appliances.

This top floor of 106 square meters will have a distribution of 3 bedrooms, each with its own bathroom, a kitchen, a dining room, and an incredible terrace as a common area for this penthouse. The apartment will have the capacity to accommodate up to 3 co-living tenants or 8 guests in vacation rental mode. After the renovation, we will proceed with the horizontal division and the application for the tourist license, as we mentioned in our blog post about the Benalúa building.

Regarding the improvements that will be made to this property with the aim of increasing its value, they include in addition to the already mentioned horizontal division and obtaining a license for vacation rental accommodation, a renovation to update the facilities and the expansion of its constructed area, which will decrease the land cost per square meter, resulting in a lower price per square meter for acquisition.

Just like the previously published apartments, we were able to obtain this penthouse at an unbeatable price of 660 euros per square meter (about 65% below market price). Considering its strategic location just a few minutes away from the old town of Alicante, where there is a 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 knowledge and experience in the city of Alicante, where we have implemented several projects in both co-living and vacation rental, we can anticipate that the project's profitability will exceed 10% (IRR). Since we already have a solid established infrastructure, managing this opportunity will be easier, allowing us to calculate this profitability more accurately.

Alicante is a highly popular tourist city that attracts many visitors and professionals, making it one of the cities where our projects are generating the most profits. Don't miss out on this opportunity to invest in such a wonderful coastal city.