House for sale in Gelsenkirchen, Germany

Property Description This property is a residential and commercial building with 23 apartments and one commercial unit. The building is 7 stories high, with a basement and a flat roof. The living spaces of the 23 apartments range from 48 to 112 square meters, totaling 1,730 square meters. The total usable area is 606 square meters. Additionally, the building has balconies, terraces, and 13 underground parking spaces. It was built in 1975. The heating is provided by a district heating central heating system, and hot water is supplied by an electric instantaneous water heater. At the time of valuation, most of the apartments were rented, and not all units could be viewed. Access to the underground garage and the delivery to the commercial unit on the ground floor is via another property, which means that this use is not contractually guaranteed. Various impairments have been made, including due to fire damage in the commercial unit. There are indications that no renovation work has been carried out so far. The land register shows a registered occupancy right and a land charge of €750,000 plus 15% annual interest at the time of the proceedings on 19.09.2024, which a potential buyer would have to assume in accordance with the legal auction conditions. Price Thoughts The property is currently listed at €1,690,000. However, there is an opportunity to secure a 30% discount on the market value, bringing the price down to just €1,183,000. This price reduction, along with the waiver of notary fees and agency commissions, makes this property a great investment opportunity. It's important to consider the potential challenges and additional costs associated with the property, such as the ongoing land charge and the need for renovations. Overall, with the potential discount and the unique features of the property, it could be a worthwhile investment for the right buyer.