Three residential units with potential – centrally located in Bad Fallingbostel

Information

Selling Price & Extra Costs

About this dream house

Property Description

It is rare to have the opportunity to acquire a property that combines solid building fabric, three separate residential units, a generous plot, and convincing development potential in this form. This apartment building is equally suitable for capital investors, investors, or owner-occupiers who wish to combine living and renting.

The street-facing front house was built in 1939 using solid construction and presents itself with a timeless red clinker brick facade and a classic tile roof. In the rear part of the property there is an extension from 1967, which was originally built as an office building and later officially converted for residential use. Today, both buildings together form a harmonious unit with a total of three separate residential units.

The total living area is around 194 m². The apartment on the ground floor of the front house has approx. 54 m² and comprises a living room, a bedroom, a kitchen, a shower room, and a hallway. In the attic there is another apartment with approx. 56.57 m², consisting of a living room, bedroom, kitchen, bathroom, and hallway. The third residential unit is located in the rear building and offers approx. 83.25 m² with a living room, bedroom, children's room, kitchen, shower room, and hallway. A later-built and approved covered terrace expands the living comfort of this apartment and creates a sheltered outdoor area.

Between 1993 and 1997, the property underwent extensive modernization. This began in 1993 with the conversion of the attic into an independent residential unit. As part of this measure, the roof structure was upgraded for energy efficiency and fitted with insulation between the rafters including a vapor barrier. At the same time, modern living spaces were created in the attic.

From 1995 to 1997, a comprehensive technical modernization of the entire property followed. The complete electrical installation, including all cables, meter cabinet, and electrical distribution, was renewed. At the same time, all heating pipes as well as all water and wastewater pipes were replaced. In addition, almost all radiators were renewed; only the existing radiators in the rear extension remained, but they were also connected to the newly installed heating pipes. In the course of the modernization measures,the bathrooms renovated and the living areas in the front building as well as in the rear extension comprehensively modernized and given a contemporary design.

In 2004, the central heating system was renewed and has since reliably supplied all three residential units with heat. Further modernizations followed in 2005 and 2006, when a large portion of the windows was replaced (top floor still from the 1980s). The combination of solid construction, the modernizations already carried out, and the continuous maintenance forms a sound basis for the sustainable use of the property.

The building also presents itself in a well-kept condition from a technical standpoint. Heating costs are allocated to the individual residential units on a usage-based basis via heat meters. Each apartment has its own electricity meter, while water consumption is also recorded and billed via separate water meters. This clear consumption recording facilitates management and ensures transparent operating cost statements.

A particular advantage of this property is that it is currently completely vacant. This opens up the rare opportunity for investors to implement modernization measures immediately after acquisition and then reposition all apartments on the market anew without existing tenancies. This allows the existing potential to be optimally utilized and the property to be brought up to date. By modernizing bathrooms, flooring, and kitchens as well as providing contemporary fittings, the attractiveness of the apartments can be significantly increased once again and a sustainable optimization of rental income can be achieved.

Even at a cautiously calculated net cold rent of €6.50/m², this results in an annual net cold rent of around €15,100. Based on the purchase price of €249,000, this corresponds to an attractive gross initial yield of around 6.1%. After market-appropriate modernization, there is additional potential for further increases in rental income, depending on the fittings, leasing concept, and local market situation.

Another key advantage is the approximately 1,161 m² plot. The generous area not only offers plenty of space, but also opens up interesting future perspectives due to its location in a mixed-use area. In addition to the existing residential use, subject to the respective building law approvals, further usage orDevelopment possibilities come into consideration. It is precisely this combination of a solid existing property and additional development potential that makes the property particularly interesting.

This attractive offer is rounded off by the purchase free of commission. No broker's commission is payable by the buyer, which reduces the capital required for the property purchase and makes the investment even more economical.

This apartment building impresses with its solid construction, extensive modernizations, three separate residential units, an exceptionally spacious plot, as well as excellent development possibilities. Whether as a classic investment property, for a combination of owner-occupation and rental, or as an investment with a modernization concept – this property offers the best conditions for a sustainable and value-retaining investment.

Note:
The energy certificate is currently being prepared and will be presented to interested parties at the latest during a viewing.

Location