Building for sale in Duisburg, Germany

Property Description: This property is a residential and commercial building with 5 apartments and former bank rooms. It spans over 4 floors, is basemented, and has a total of 574 sqm of living space and 2,967 sqm of usable space. Additionally, it has an underground garage with 25 parking spaces and 15 outdoor parking spaces. The building was built in 1983 and is heated by district heating, which was modernized in 2007. The ground floor still mostly reflects its original use. The construction costs of the building were above average, but the structural condition is rated as average. There are areas with maintenance backlog as well as renovation and modernization needs. Much 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 at the time of valuation, they were not yet vacated and partly still furnished (office furniture, IT equipment, kitchen equipment, pictures). Abandoned vehicles, unidentified goods on pallets, and machines were also found (which cannot be considered as accessories). Thoughts on Price: With a listed price of 2.540.000€, the property's value reflects its size, unique features, and potential for both residential and commercial use. However, given the maintenance and renovation needs, as well as the specialized layout that limits flexibility in repurposing, potential buyers should carefully consider the costs involved in bringing the property up to modern standards. The opportunity to secure a 30% discount on the market value, bringing the price down to 1.778.000€, may make this property more attractive to investors willing to invest in updates and modifications. Additionally, the opportunity to bypass notary fees and agent commissions can further sweeten the deal for savvy buyers looking for a unique investment opportunity.