How to read this:Green (+) = money received or positive outcome. Red (−) = money spent or cost. This tool explores what condo conversion looks like at different price points — from affordable deed-restricted pricing to full market value.
Renovation cost
Construction cost per sq ft$175
Soft costs + financing (%)25%
What to sell
Units to sell
Steve keeps a unit?
Pricing
Set both prices on the same scale. When they overlap, the deal looks the same either way. When apart, the gap is community equity preserved.
Price per unit — $200K to $2.5M:
Affordable: $400K
Market: $600K
Pricing approach
Transaction costs
Condo conversion costs$25K
Broker commission5.0%
Sale results
Side-by-side: affordable vs. market
This shows the financial difference between selling at a deed-restricted price vs. full market value. The gap represents the community equity preserved.
What happens to the units you keep?
Who controls the building? (HOA governance)
Key performance indicators
What the terms mean
Multiple on capital (MOIC)
— How many times you get your money back. 1.0x = break even (got back exactly what you put in). 1.5x = 50% profit. Below 1.0x = you lost money.
Gross margin
— What percentage of the sale price is profit after all costs. Higher = more profitable. 20% margin on a $400K sale = $80K profit.
Cost per unit
— Total renovation cost divided by number of units. Useful for comparing against the sale price to see if you're creating or destroying value.
Price per square foot
— Sale price divided by the unit's size (1,313 SF each). Comparable renovated condos in Cambridgeport sell at $450–550/SF. Below $400/SF suggests deed-restricted pricing.
Community equity preserved
— The dollar difference between what you could sell for (market) and what you choose to sell for (deed-restricted). This money stays in the community as affordable housing rather than being captured as market profit.
Deed restriction
— A legal covenant recorded on the title that limits how much the condo can be resold for. Keeps it affordable permanently. Makes the unit harder to finance (no appreciation for the buyer) but ensures the community benefit is permanent.
HOA (condo association)
— When you convert to condos, all owners share common expenses (roof, insurance, hallways). Each owner pays a monthly fee based on their percentage of the building. Decisions are made by majority vote of the owners.
Super lien (MA law)
— In Massachusetts, if a condo owner doesn't pay their HOA fees, the condo association has priority over even the mortgage lender for up to 6 months of unpaid fees. Protects the building's finances but can make lenders cautious about small condos.
Right of first refusal
— A provision in the master deed that gives the LLC/trust the first opportunity to buy a unit back if one of the other owners wants to sell. Helps maintain long-term control.
Link copied
189-191 Hamilton St — Condo sale model. This is an alternative scenario for comparison. The base case (rental hold) is the primary model aligned with Steve's vision for the building. Appraisal: $1,610,000 as-is (3/20/2025). For planning purposes only — not financial, legal, or tax advice.