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Very commercial location: right in front of Underground "Karl-Marx-Strasse" U7
Heating: no central heating: individual gas heating (per apartment), two apartments with stove heating.
Year of Construction: 1900
Size: 1035 m²
2 commercial units (325 m²), 1 x 2-room apartment, 5 x 3-room apartments, 1 x 4-room apartment, 1 x 8-room apartment.
Apartments are tenanted (rented) but it might be possible to vacate upon negotiation with tenants.
Current Rent: 72.000€ per year (year 2006 / 78.000€ in year 2008 - see tenants file ) ..... that is what the apparaisal says. However, the "real story" seems to be different...
You can see from the tenants list that not all apartments currently pay rent. The 1st floor dentists practice does not pay rent since it´s owner occupied. The ground floor shop (168m²) is supposed to be paying 3.400€ per month (2008 figures) but actually only pays 1.400€. If you sum up all the figures, you might come to 30.000€ current payments (without guarantee). But once you renovate the house and the apartments, that figures will be higher.
Condition: the building will need major renovation work, apartments should also be renovated when they tenant moves out; ground floor shop has been fully renovated by tenant.
Ideal location to convert into boarding house or commercial building. Due to its location, this building has tremendous potential, but the renovation that nees to be done is important. Please look at the pictures.
At the moment prospective buyers might focus on collecting the rent for a very attractive yield / rendita / rentabilidad.
Viewing: Outside viewing, but feel free to visit communal areas or the shop during open hours.
CASH PURCHASE ONLY - NO MORTGAGE - PRICED FOR VERY QUICK SALE
The property is only suitable for an investor who can do renovation work.
If you insist on lenghty inspection visits, then this hugely discounted property is not right for you. The price is heavily discounted to take this into consideration.