| Type | Block of flats |
|---|---|
| Living area approx. | 699 m² |
| Rooms | 28 |
|---|
| Plot area | 1270 m² |
|---|---|
| Usable floor area | 699 m² |
| Purchase price | 199.000 € |
|---|---|
| Price per m² | 284.69 €/m² |
| Commission | 3,57% |
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More financing calculators and assumptionsThe listed apartment building, constructed around 1870, comprises eight residential units with a total living area of approx. 693 m². At a purchase price of €199,000, the property offers an interesting combination of existing rental income and further development potential.
Currently, 5 of the 8 apartments are rented, 2 apartments are vacant and 1 apartment is occupied by the owner. The monthly net cold rent from the existing tenancies amounts to €1,814, corresponding to €21,768 annually. This results in a current gross rental yield of around 10.9%.
The apartment previously occupied by the owner is not yet included in this income. With a future net cold rent of €350 per month, the annual net cold rent would increase to €25,968. This would correspond to a calculated gross rental yield of around 13.1%.
3 apartments were renovated in 2019 and 2020 and are rented. This included, among other things, work on the electrical systems, bathrooms, windows, floor coverings, walls and drywall. Four further apartments require basic renovation, of which 2 are rented and 2 are vacant. The apartment previously used by the owner requires renovation.
Extensive work on the heating system, electrical systems, sanitary facilities, windows, doors, stairwell and interior fit-out was already carried out in 1996. According to the available cost statement, the total costs at that time amounted to around DM 467,000.
The gas central heating system dates from 1996, is functional and, according to the owner, is serviced annually. Due to its age, however, later replacement should still be planned. Following storm damage, the roof was re-covered in 2007.
Further maintenance work is required in particular on the front and rear façades. The basement shows significant dampness. The cause and required scope of renovation have not yet been professionally assessed. In addition, some older windows are still present in the building.
The property also includes a two-storey side building with an approximate area of 58 m² per floor. It offers additional potential uses.
The property is aimed at investors who can realistically assess the existing renovation needs and wish to further develop the building step by step. The ongoing rental income, 2 vacant apartments and the additional side building provide an interesting starting point for this.
The Key facts:
- Purchase price: €199,000
- 8 residential units
- approx. 699 m² total living space
- 5 apartments rented out
- 2 apartments vacant
- 1 apartment owner-occupied
- current annual net cold rent: €21,768
- potential annual net cold rent: €25,968
- 3 apartments renovated in 2019/2020
- Central gas heating from 1996
- two-storey side building
- Listed building
- Existing need for renovation and repair
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