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51399 Burscheid
Property Description: This property is a complex of three apartment buildings consisting of a total of 59 units, ranging from 1 to 4 rooms. The buildings are each nine stories high, with a total living area of 3,651 square meters. The complex includes balconies, five integrated double and single garages, along with 16 additional garages in the garage courtyard and 27 open parking spaces in front. The buildings were constructed in the years 1972/73. The heating and hot water supply is provided by gas central heating systems. The property is in need of various urgent repairs, as it is in moderate to poor condition with significant damage. As a result, some units are currently uninhabitable or unrentable, with 22 units currently vacant. Price Thoughts: The listed price of 3.265.000€ reflects the current market value of the property. However, due to the extensive repairs needed and the number of vacant units, there is an opportunity for potential buyers to negotiate a lower price. With a potential 30% discount on the market value, interested buyers could secure this property for 2.285.500€, with no additional costs for notary fees or agency commissions. This property presents a unique investment opportunity for buyers willing to undertake the necessary renovations and capitalize on the potential rental income from the units. Overall, this property offers a significant potential return on investment for buyers looking to acquire a sizeable real estate asset in a prime location.
51399 Burscheid