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, basement included, and has a flat roof. The living spaces of the 23 apartments range from 48 to 112 m², with a total living area of 1,730 m². The total usable area is 606 m². 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 the valuation, most of the apartments were rented out, and not all units could be viewed. Access to the underground garage and the delivery to the commercial unit on the ground floor is through a different property, which means that this use is not contractually secured. 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 right of occupancy 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 take over in accordance with the legal auction conditions. Price Thoughts: The property is currently listed at a price of 1.690.000€. However, there is a possibility to secure a 30% discount on the market value, bringing the cost down to 1.183.000€. This could make the property a more attractive investment opportunity for potential buyers. Additionally, the property is being auctioned by the relevant district court, which may present an opportunity for a good deal. It's important to consider the potential renovation and legal obligations associated with the property before making a purchase decision.