House for sale in Burscheid, Germany

Property Description A) A building complex that includes both residential and commercial spaces, consisting of seven apartments and a beverage store. The building is one to two stories high, has a basement with a usable area of 367 m², and a flat roof. The apartment sizes vary between 76 and 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. Comprehensive renovation of the apartments with upscale fittings was carried out from 2012 to 2016. B) This residential building comprises four units and is two stories high with a basement. It features a winter garden and two garages. The building was built in 1890 and was partially renovated between 1965 and 1997. A) The apartments are rented out and some are accessible without barriers. The beverage store is leased out. Heating is provided by a gas central heating system from Viessmann, model Vitocrossal CM3. The units do not have separate electricity meters, but are supplied with electricity through a transformer in the building. Electricity costs are billed together with the rent. A special agreement regarding rent costs was made for a 146 m² apartment with a garden due to self-contributed works, excluding rent increases until 2042. The plot is listed in the old pollution register as the former location of a gas station, which may result in complications during ground works for independent development. B) Heating was provided by a gas central heating system from Buderus, model G215 (no longer in operation). The residential building is in need of extensive renovations since 2018 due to long-term vacancy. It has an infestation of dry rot in the roof framework and in the top floor ceiling. Electricity supply is connected through property A), but is not privately or publicly secured. Price Thoughts: The property is listed for sale at a price of 1,700,000 EUR, but there is an opportunity to potentially secure a 30% discount on the appraisal value, reducing the cost to 1,190,000 EUR. Additionally, notary fees and agency commissions are waived. Considering the diverse range of residential and commercial spaces within the building complex, along with the potential for cost savings, this property offers good investment potential for buyers looking for a unique opportunity in the real estate market.