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Investment Opportunity: Monumental 8 Flats House in Zeitz, Saxony-Anhalt Germany Completely Restored, Fully Let, Monumental Building. Asking Price: 199,900 € This is an opportunity that comes only once in a lifetime:
An old (1905), 4 storey (8 flats, 2 on each floor) building, that was restored in the last years back to its past glory.
All the flats are rented out for an indefinite period of time.
Due to its condition and looks, finding a new tenant in case the old one wishes to leave is easy - truly an investor's dream!
The building is located in a quiet side street in the historic town Zeitz.
Zeitz (population ca. 30,000) is located in the south of Saxony-Anhalt, Germany, which is situated on the river "White Elster" in the middle of the triangle of the federal states Saxony-Anhalt, Thuringia and Saxony.
The plot size is 250 m2.
The 8 dwellings are arranged 2 on each floor. The flats on the first, second and third floors are almost identical and measure each about 50m2.
The 2 flats on the ground floor are a bit smaller and measure 38m2 (right) and 42m2 (left).
Total liveable space is therefore 380m2.
Currently, the annual cold net rental income for this property is EUR 19,154, reflecting a 9.6% annual net yield of the asking price.
This property is priced for a quick sale!
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 13 years, the owner has invested more than EUR 250,000 (!) in renovations and the restoring of this unique building to its old original glory.
The following renovations have been carried out:
1994- Completely new central gas heating system.
Completely new drainage and sewage systems.
1995- New windows and doors in each flat, main entrance door to the building.
Electrical system in the building and in each of the flats completely renewed.
1997- The roof was fully replaced.
Back facade painted white with thermal isolation paint.
1998- Frontal facade painted with special base-color.
2001- Staircase renewed.
2004- Front facade painted with its current amazing colors.
From the 8 dwellings, 7 were completely renovated, including new sanitation (new toilet basins, sinks and baths or showers).
In summary, the building is considered to be in a completely renewed condition.
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, gloriously restored, trouble free property containing 8 rented out 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: | | Zeitz
Saxony-Anhalt
Germany | | For Sale By: | | Owner | | Construction Year: | | 1905 | | Area: | | 380 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 Western European time when calling)
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