230 Summer Street

230 Summer Street sits on 2.24 acres in Plymouth, Massachusetts, on the South Shore roughly forty miles southeast of Boston. Plymouth is the seat of Plymouth County and one of the larger communities in southeastern Massachusetts, with the transportation access, employment base, healthcare and treatment providers, and established recovery community that a residence depends on. Demand for quality beds in this part of the state has been durable, and the acreage here gives the home a degree of privacy that is unusual for congregate housing.

The residence is a 3,814 sq. ft. single-family home built in 1845, configured across eleven rooms with three and a half bathrooms and 22 recovery housing beds — one private and twenty-one shared. It is presently occupied as congregate recovery housing and is well suited to continued operation as a men's recovery residence. Final bed count should be set by the operator against applicable certification standards and local occupancy limits.

This is a value-add opportunity rather than a turn-key one. The home is habitable and occupied today, and an itemized program of roughly $80,000 has been scoped to bring it to a stabilized condition. The scope of work is set out below. The single item that cannot wait is the septic system, which has failed its Title 5 inspection; the balance is kitchen, curb appeal and cosmetics. No structural or zoning work is contemplated.

The capital structure is the distinguishing feature of this offering. Vanderburgh can arrange a first position mortgage at closing and finance a second position seller note behind it, so that a qualified buyer's cash to close is low relative to the purchase price. A renovation draw facility is available against completed work, with headroom above the current budget for scope discovered after closing or for elective upgrades, without additional buyer capital. The first position financing carries its own qualification requirements, including verified liquidity and a minimum credit score of 680 for the best terms. Terms are negotiable — get in touch to talk through the structure that fits.

The recommended long-term plan is straightforward: close, replace the septic immediately, run the kitchen, facade, driveway and cosmetic work in parallel, stabilize occupancy, and then refinance the bridge and draw facility into permanent DSCR financing once the residence is operating. That refinance is the event that converts the value created through the renovation into realized equity, and the pro forma below is what supports it.

The opportunity suits an experienced recovery housing operator, a nonprofit housing provider, or a mission-oriented owner-operator who can move quickly and manage a modest renovation. A passive investor would want to pair with a qualified operator. Full projected owner and operator financials, an itemized renovation budget, and third-party valuation materials are available to qualified parties on request.