House for sale in Burscheid, Germany

Property Description: This property in Burscheid, located at 51399, consists of a building complex that includes both residential and commercial spaces. The complex comprises seven apartments and a beverage store. The building is one to two stories high, with a basement spanning 367 m² and a flat roof. The sizes of the apartments range from 76 to 208 m², totaling a living area of 808 m² and a usable area of 404 m². It was built in 1937 and expanded in 1960. A comprehensive renovation of the apartments with high-quality finishes was carried out from 2012 to 2016. Additionally, there is another residential building with four units, two stories high with a basement, featuring a winter garden and two garages. This building was constructed in 1890 and partially renovated between 1965 and 1997. The apartments are currently rented out, some of which are wheelchair accessible. The beverage store is leased. The heating is provided by a gas central heating system from Viessmann, model Vitocrossal CM3. The units do not have individual electricity meters and are supplied with electricity through a transformer in the building. The electricity costs are billed along with the rent. There is a special arrangement regarding the rent for a 146 m² apartment with a garden due to self-improvement works, preventing rent increases until 2042. The property is listed in the historical contamination register as a former gas station site, potentially causing complications during groundworks. The second residential building is in need of significant renovations since it has been uninhabited for years. It has a wood-destroying fungus infestation in the roof truss and the top floor ceiling. The electricity supply is connected to the first property but is not legally secured. Price Thoughts: The current asking price for the property is €1,700,000. Considering the potential issues with contamination and the extensive renovations needed for one of the buildings, the price may seem high at first glance. However, there is a possibility of securing a 30% discount on the property's market value, bringing the cost down to €1,190,000. This discounted price, along with the waived notary and agency fees, could make this property a more attractive investment opportunity for buyers looking to take on the necessary repairs and renovations. The property's location in Burscheid and the combination of residential and commercial spaces could provide versatility and potential for a successful return on investment in the long run.