R.O.I.

A picture from “Henry Built” - a Manhattan based kitchen fabricator - This image is a “style” that you could invoke for a 180W condo - a concrete floor , a dark wood expression , a light white curtain scrim to manage an early evening sun.

180 Washington offers you a great place to live. We would like to think that this could be your home for a long time. If so, your interest is more about quality of life rather than a financial equation but first deciding to buy confronts us with - What’s it worth?

Obviously, any interested buyer should discuss this with a real estate advisor but we think that this project has the potential to deliver a 2x return for buyers based on a competent floor build out. Gross numbers show that 599k as a selling price for 1500 sf represents about $400./sf. We think that if you finish the unit for 100./sf you will be able to compete with standard developer projects - called “luxury” projects which have reached 1000./sf. Today these “highs” may be in flux but nonetheless condo units have reached these numbers - more in the Old Port area but they seem to be moving to other sites on Portland’s “peninsula” - “on the peninsula” - as is the vernacular here..

When looking at this kind of interior work, a 180 Washington buyer has an advantage as they don’t have to accept any prior “developer style” - some ideas of interior life that a developer has stumbled upon as “luxury” but in fact are simply popular trends. A buyer at 180 Washington has an opportunity to design a far more interesting interior simply with their own agency to work with an interior architect or other design pro. . That’s an advantage at the start. We also think the building will be more compelling in many ways over typical developer design - a 2nd advantage. Of course you can dismiss this starting point. And if you do, you’re still entering the sellers game having spent about 500. /sf. regardless of your design quality. At some point we think the market will support the 1000. /sf and that -maybe- could be today. If you can reach that point you will have doubled your cost basis. You have put in 750k and you’re seeing a 1.5M sale or a 750k gross return- doubling your original cost. That would essentially make your original buying price “zero” - a free unit.