A very exciting building in Principe Real for renovation which for the right buyer could make a life changing project
There are currently 4 apartments in the building (ground to 3rd level) and 2 are still tenanted. However, the building is sold completely EMPTY (with on tenants) for 1.100.000 €. The photographs you can see are of the existing 2nd and 3rd levels.
The apartments are roughly 74,00 m2 in size each, except for the one on the 3rd level which is currently about 60,00 m2 in size. The majority of the apartments have a 2-bedroom layout.
The floor plans show the original owners had approved another level, back in 1924, which is still possible to do even today.
It would probably be advisable to convert the existing 3rd level apartment into a duplex apartment (i.e. occupying the 3rd and 4th levels). According to the previously approved plans, the 3rd level would have a ceiling height of 3,50 m and the 4th level 2,30 m2. Please refer the attached floor plans, for a better understanding of the proposed level.If you add the new level (4th) you will increase the existing build size from 278,00 m2 to 352,00 m2, as per the table below:
Level Existing+ New Level
. Ground 70,00 m2 70,00 m2
. 1st 74,00 m2 74,00 m2
. 2nd 74,00 m2 74,00 m2
. 3rd 60,00 m2 74,00 m2
. 4th 0,00 m2 60,00 m2
. Garden 140,00 m2 140,00 m2
Considering 50,00% of the garden (outdoor) area as build size for the purpose of price per m2 calculations, you would snatch up this building for just 2.606 € per m2 at the existing asking price.
The garden area is at least 140,00 m2 in size and the ground, 1st and 2nd levels would each have a private garden (ground level would have a small patio).The expected renovation costs, including the doing up the garden area are 250.000 € – 300.000 €.In terms of long-term rental yield you could expect a minimum 6,00% yield or 81.000 € per annum, for the 4 apartments (i.e. 1.600 € x 3 + 2.000 € x 1)
Viewings in person only – This is a very rare and profitable opportunity
- 4 apartments
- Prime Location
- Roof extension