Old town city center renovation project
For Sale / EUR 1.250.000
Old Town city center character property for renovation.
3 separate houses registered on the title deed and one already renovated.
The current owner has planned for the conversion of these 3 properties into 10 student studios, 8 of which are en-suite and 2 sharing a large bathroom. If these plans are followed, then the interior covered spaces are approximately 400m2
The studios can easily be rented at 500-600 with a minimum income of 72,000 per year. The minimum gross yield would be 7.5% with much more if they are rented as short term accommodation by the day or 3-4 month contract to ERASMUS medical and Science students of TEPAK University.
Part of the property is listed with the authorities as a historical building and should the owner wish, they could benefit from many Government incentives if the building is renovated according to the regulations of the Town Planning authorities. Alternatively, the building can be renovated without asking for Government incentives, the renovation would be much faster, cheaper and with an excellent investment return.
Investors who can see outside the box and are not afraid to get their hands dirty, will add value to their money with this property.
4 out of 10 apartments/studios are completed and already rented.