I am referring to the small building on (Janelas Verdes) in Santos, by the renowned National Ancient Arts Museum.
The building comprises a shop on the ground level and another 4 levels above (1st to 4th levels). The apartment on the 2ndlevel was sold recently to an investor who I assume will renovate his apartment
The sale and asking price of 630.000 €, involves the shop and remaining 3 apartments, as per the following table:
. ground level shop with 89,48 m2
. 1st level apartment with 75,83 m2
. 3rd level apartment with 75,83 m2
. 4th level penthouse with 73,38 m2
To renovate the common areas (façade, roof, mains, staircase, etc.) you would spend roughly 80.000 € and then a further 35.000 € per apartment (complete renovation. This would bring your total investment to roughly 850.000 € for a fully renovated property.
Regrettably, I do not have any photographs of this property yet but the opposite side of the street is all renovated a very nice
The shop has a little garden or patio on the back and very high ceilings (like the apartments).
The apartments are incredibly sunny as they are south-facing (3 large windows on the front façade) and have the much sought-after volume (ceiling heights). You will recall the you get incredible river views for the 3rd level up (so 2 apartments have the views).
he apartment on the 1st level has a balcony and 4th level has a large south-facing terrace with jaw-dropping river views. The apartments also have balconies facing the back, which have been “closed” (using windows) to create “marquises” or indoor space.
The location is great and offers excellent transport links to all destinations in Lisbon. It rubs shoulders with the Lapa district, considered the sophisticated historical neighbourhood, greatly due to the fact, that it is traditionally where the “old money” (wealthy Portuguese families) resides and where the bulk of the Embassies are located. There are numerous ministerial buildings (Ministry of Foreign Affairs, Santa Casa and others), hospitals and universities in the immediate vicinity, making it a sought-after rental destination, both short and long-term.
- High Ceilings
- High yields