Building for sale in Duisburg, Germany

Property Description: This building is a residential and commercial property with 5 apartments and former bank rooms. It spans 4 floors, is basemented and has a total of 574 sqm of living space and 2,967 sqm of usable space. In addition, it has an underground garage with 25 parking spaces and 15 outdoor parking spaces. The building was constructed in 1983. The heating is done via district heating, which was modernized in 2007. The equipment on the ground floor largely still corresponds to the original use. The construction costs of the building were above average high, but the structural condition is rated as average. There are areas with maintenance backlog as well as need for renovation and modernization. A large part of the building is purpose-built with individual floor plans and limited usability for other purposes, especially on the ground floor. The apartments are intended to be vacant, but they were not vacated at the time of the valuation and are partially still furnished (office equipment, IT systems, kitchen equipment, pictures). Also, deregistered vehicles, unidentified goods on pallets, and machines were found (which cannot be considered as accessories). Thoughts on Price: The listed price of 2.540.000€ seems to be reflective of the quality of the building and the potential it offers due to its size and location in Duisburg. However, considering the renovation and maintenance needed, as well as the limited usability of certain areas, a discount of 30% on the market value seems reasonable. This discounted price of 1.778.000€ could make this property a valuable investment opportunity for those willing to put in the necessary work to bring it up to its full potential.