House for sale in str 308 45327 essen - Nordrhein-Westfalen, Germany

• Bad 3
• Garage/Stellplätze 17
• Keller

Property Description: I am selling my multi-family house with a living area of 259m² and a 2300m² plot of land. Rental income is approximately 4000 euros per month (48,000 euros per year) from storage units in the old pub and garages. The property will be sold through a forced auction at the Essen District Court on December 14, 2024. There is a 2024 appraisal for the property, as well as a better 2021 appraisal. The land will soon be rezoned for construction, as the city plans to build a sports field there. The land value, according to Boris, is 517,000 euros. Due to city plans to shift boundaries, an apportionment procedure has been imposed on the property, with new appraisals noting that some garages were not legally constructed. In North Rhine-Westphalia, garages up to 30m² do not require building permits. You can purchase the property and rent it out for approximately 4 years, earning around 200,000 euros in rental income. Then, you can build a new structure with 3360m² of living space and 3950m² of total floor area, potentially leasing it to an elderly care or nursing home facility. Afterward, you could sell the property and the building for a profit of approximately 1 to 2 million euros, in addition to the rental income earned. Alternatively, if you do not build in 4 years, you could sell the land to the city for around 800,000 euros, again with the rental income as additional earnings. There is a great deal of potential in this property. Price Thoughts: At a purchase price of 100,000 euros and with potential rental income, as well as the potential for development and resale, this property seems to offer a significant opportunity for profit. Considering the future rezoning and development plans in the area, the property appears to be a sound investment with the potential for substantial returns.