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Multi Family House in Gera, Thuringia Germany Recently Renovated, Fully Rented Investment Object. Asking Price: 143,000 € An old (1906) 3 storey (5 flats) building, that was fully restored in recent years.
All the flats are rented out for an indefinite period of time.
All renters pay regularly and punctually.
The building is located in a centerally located and yet a quiet side street in the city of Gera (population ca. 105,000), which is the 3rd largest city in the German free state of Thuringia.
Gera is approximately 60 kilometres to the south of the city of Leipzig and 80 kilometers to the east of Erfurt.
The plot size is 211 m2.
The flats are arranged as follows:
Ground floor: a 3 room flat with total space of 63m²
1st floor: a 4 room flat with total space of 86m²
2nd floor: a 4 room flat with total space of 86m²
3rd floor (left): a 2 room flat with total space of 55m²
3rd floor (right): a 1 room flat with total space of 25m²
Total usable living space is therefore 315 m²
As mentioned above, all spaces are rented out, giving an annual “cold” (without heating and service costs) net rental income of EUR 15,720.
Besides the rental costs, the tenants also pay each month directly to the landlord a fixed fee to cover all the regular ongoing costs such as: heating, (cold and warm) water supply, sewage, garbage disposal, chimney sweep, property tax, snow clearing, city tax, etc. etc.
These costs are adjusted by the landlord each year.
Over the past 14 years, the owner has invested more than EUR 150,000 (!) in renovations.
The following renovations have been carried out:
1994- Completely new central gas heating system.
Completely new drainage and sewage systems.
1994- New (isolated) windows and doors in each flat, main entrance door to the building.
1995- Electrical system in the building and in each of the flats completely renewed.
1996- Frontal and back facade painted with special isolating base-color.
1997- The base of the building repainted an isolated.
2000- The staircase and windows renewed and replaced.
2002- The 2 main entrance doors to the building replaced.
2004/5- All the sanitary equipment (WC, baths, wash basins, etc.) in all the flats replaced.
2005- front doors in the flats on the 1st and 2nd floors replaced.
2005- Front façade painted.
2007- The roof completely replaced (incl. Renovating the chimney and installing a satellite dish).
2007- New floor covers in the flats on the 1st, 2nd and 3rd floors.
2007- Intercom system renewed.
The current situation of the object is very good and there are no further renovations planned or needed.
It is not uncommon for German tenants to stay in their rented houses for decades. Due to the low interest rates and favorable housing conditions from the German states and municipalities, more Germans favor renting their apartments/houses, rather than buying them.
This property is offered directly from the owner, saving you the costs of a real-estate agent (of course you are welcome to appoint one, if you wish).
Typical purchase costs would be around 5% (3.50% property transfer tax and around 1.50% notary’s fees), and are all paid by the buyer.
All in all, an opportunity to own a high yielding, fully restored, trouble free property containing 5 let apartments, assuring an almost maintenance free, constant income and a capital appreciation for many years to come.
For further information, please contact the seller.
 | | About This Property | |
| Category: | | Investing/Development | | Address: | | Gera
Thuringia
Germany | | For Sale By: | | Owner | | Construction Year: | | 1906 | | Area: | | 315 m2 | | | Bedrooms: | | n/a | | Bathrooms: | | n/a | | Sleeps: | | n/a | | Stories: | | 4 | | Parking Spaces: | | n/a | |
| | Pictures (click to view a larger image) | |
| | Contact - More Information | |
| | David Shalev | | | | Phone: | | +49-2562-8168754 (Please consider European time when calling)
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