by Stephen McCarthy
One of the great advantages of owning a multi-family property in Boston is the potential to convert it into condominiums.
Experienced investors and developers have been doing this for decades—buying multi-unit buildings, converting them into condos, and selling the individual units to maximize their investment.
But many property owners aren’t full-time investors. They may own just one two-family or three-family building and wonder:
Is a condo conversion possible? And does it make sense for me?
I work with many clients in this exact situation, and here’s what I often share:
Step 1: Understand Your Property’s Value
Before making any decisions, it’s important to know:
- What is your property worth as-is?
- What would it be worth renovated?
- What could it sell for as individual condo units?
Don’t assume a condo conversion will automatically yield the highest sale price.
Note: Single-family homes are not candidates for condo conversion unless they can be legally reclassified into multiple units. That’s a separate discussion.
What Can Be Converted?
You can convert your existing:
- Two-family into two condos
- Three-family into three condos
- And so on...
You do not need to renovate the property to convert it. Many typical Boston multi-families can be converted “as-is.”
Of course, the condition of the property will influence the final sale price of each unit.
What You’ll Need
To complete a condo conversion, you’ll need:
- An attorney to draft and record the condo documents
- An architect to create plans, surveys, and necessary documentation
Estimated cost: Around $10,000, though this can vary depending on the property and complexity.
Why Convert?
Owners may choose to convert for various reasons:
- To retain one unit and sell the others for cash
- To divide the property among family members
- To maximize value in a changing market
Whatever the reason, it’s important to consult trusted professionals and plan carefully.
Additional Considerations
- City taxes on three condos will be higher than on one multi-family.
- If there’s an existing mortgage, it must be paid off before the building can be legally converted.
I’ve helped many clients successfully convert their multi-family properties into condominiums. If this is something you’re considering, I’d be happy to guide you through the process.
Stephen McCarthy
📞 617-320-7219
