The property stands under forced administration and is disposed by the creditor bank.A valuation ordered by this bank has declared a value of €620.000 - You can buy this for only €450,000 - Nearly a 30% discount.
This is a renovated, 2-storey block of apartments with partly developed attic and with three seperate entrances. The building has got a full cellar.
At the back wooden balconies were installed during the renovation.
The roof is covered with an as good as new slate roofing.
In the back yard there are 12 car parking spaces.
The proprty is located in Arnstadt, a small city near Erfurt the capital of Thuringia.
The nearby main roads A4 and A71 give a good traffic connections, the nearest international airport is in Erfurt aprrox. 25 km away.
With Erfurt, Weimar and Jena the region forms an urban and economic triangle where many companies providing good employment are situated.
The property lies to the south of the city centre near a thoroughfare where you can find all shops required on an everyday basis, also public transport stops are there. In the immediate area surrounding this property are renovated or new build residential buildings.
The former owner inhabits a large 140 m² flat in the property for which he presently pays no rent which makes the current yield 9.63%. When the new buyer takes over the property, the previous owner will start paying rent at a rate of €6,800 p.a. (calculated with 4 €/m²). This raises the net yield to 11.15%.
Furthermore the average net rent of the property nowadays lies at 3.67 €/m². Searches with several estate agents of the region proved a cold rent to be generated of 4.20 €/m² with a similar middle class environment in Arnstadt. Hence, there is clear potential for a rent increase and higher yield.
Facts:
Building: 1 main building
erected: approx. 1920
refurbished: 1998
Plot size: 1.669 m²
leaseable size: 1.123,00 m²
residential:
1.123,00 m²
commercial:
Units: 13
--
residential:
13 (fully occupied)
commercial:
parking: 12
--
garages:
--
parking lots:
Incomming rent (now): 43.374,00 €
12
residential:
43.374,00 €
commercial:
Incomming rent (debit):
--50.178,00 €
Price: 450.000,00 €
Yield: 9,63 % (now) 11,15 % (debit)
_________________________________________________________
Price per m²: 400,71 €
Ø rent per m²: 3,67 € (
residential)
