From Private Owner, No Brokerage Fee, 7-Family Investment Property, Apartment Building

Key facts

Purchase price & costs

About this investment property

An exceptional apartment building of solid construction with seven row-house-style apartments, offering approx. 384m² of lettable area, situated on a 1.269m² consolidated and very well-maintained plot in Neumünster Tungendorf.
Countable terrace areas and sheds expand the living and usable area to approx. 474m². The investment property is fully let and has a very satisfied tenant base, with clearly defined living arrangements and communal order.
The apartments vary somewhat in size and each has a separate, covered entrance.
The apartment building was built in 1950; in 1969, a change of use was approved for one apartment that had previously been used as a row of shops.
The outdoor area is enclosed by fencing and an electric sliding gate, thus offering tenants pleasant privacy. In addition, the
well-maintained plot features various stables, a solid detached garage, a carport and parking spaces.
Worth mentioning is the fit-out of the largest unit, which could certainly be considered a 110m², 5-room end-of-terrace house with its own corner plot.
The living area extends over several levels and offers plenty of elbow room; a fireplace also provides not only cosy moments but cost savings.
The apartments are heated by separate gas heating systems, each located within the respective apartment.
Hot water is mostly produced by the heating system, with the exception of two apartments, which use a boiler to produce hot water.
Net rental income p.a. currently amounts to 45.720,-€ and is trending upwards.
Plus operating costs.
A yield of 6,57%
Heating and electricity costs, as well as water, are billed directly by the utility providers.
The gas boilers are mostly Junkers, with one Vaillant, and date from the late 90s

Preparation of a declaration of division under the German Condominium Act (WEG) is in place and can be implemented at any time.

Overview of individual apartments:

Apartment 1:
Ground floor, 2 rooms, 46m², kitchen, bathroom, hallway, gas heating, separate entrance
440€ net cold rent + 70€ operating costs; heating + electricity billed directly.

Apartment 2:
Ground floor, 2 rooms, 47m², kitchen, bathroom, hallway, gas heating, separate entrance
420€ net cold rent + 70€ operating costs; heating + electricity billed directly.

Apartment 3:
1st floor, 2 rooms, 49m², kitchen, bathroom, hallway, gas heating, separate entrance
430€ net cold rent + 75€ operating costs; heating + electricity billed directly.

Apartment 4:
Ground floor, 1 room, 32m², kitchen, bathroom, hallway, Gas heating, separate entrance
€340 basic rent + €50 operating costs; heating costs + electricity are billed directly.

Apartment 5:
Ground floor, 2 rooms, 46m², kitchen, bathroom, hallway, gas heating, separate entrance €420 basic rent + €70 operating costs; heating costs + electricity are billed directly.

Apartment 6:
1st floor, 2.5 rooms, 54m², kitchen, bathroom, hallway, gas heating, separate
entrance
€510 basic rent + €100 operating costs; heating costs + electricity are billed directly.

Apartment 7:
Ground floor + 1st floor, 5 rooms, 110m², kitchen, bathroom, hallway, gas heating, fireplace,
share of the plot, separate entrance, car parking space,
€1,250 basic rent + €160 operating costs; heating costs + electricity are billed directly.
Step-rent agreement: €1,492.57 basic rent until 01.09.2031

Location