Recently renovated 1-bedroom 1-bathroom apartment, located on the ground level of an epoch building from the 1960’s (concrete structure), in the heart of the Lapa district, by the National Arts Museum.
Lapa is considered the more sophisticated historical area, greatly due to the fact that this is where the “old money” resides and, more importantly, home to the majority of the foreign Embassies. In “London terms”, the Lapa district would be comparable to the Kensington area.
The cozy apartment is 49,50 m2 in size (living area) with another 62,15 m2 in the private patio or garden area. This much sought-after outdoor space can be improved,(see the example image of what can be done) i.e. the patio area is currently lined with the traditional Portuguese cobblestone (for low maintenance reasons), but it can be replaced by decking or one could potentially reinstate the original landscaped garden. An optional BBQ could also be considered for entertaining guests or simply enjoying a meal in the garden with the family… which given Portugal’s excellent climate, is possible 9 out of 12 months of the year! Other potential improvements could include creating (exotic wood structure) an additional living room in the patio area, which could be used as a bedroom when one has extra guests.
The property was tastefully renovated in 2017 and is fully furnished i.e. ready-for-occupancy immediately. In fact, the apartment is currently on the short-term rental and generating healthy yields, but these can be increased by making some or all of the above changes.
The location is serviced by numerous transport links (buses and trams) to almost every destination in Lisbon and the closest metro station is a 10-minute stroll from the property.
In terms of the rental potential, you can realistically expect an average daily rate of 100.00 € per night and average occupancy rate of 85,00% per annum.
This translates to a 10,13% gross rental yield, allowing you to claw back your entire investment in roughly 10 years!