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

• Bad 3
• Garage/Stellplätze 17
• Keller

This property is a multifamily house located at Gelsenkirchener Str. 308 in Essen, Nordrhein-Westfalen. It boasts a total living area of 259 square meters and occupies a spacious plot of 2300 square meters. The property offers a significant opportunity for income generation, currently yielding monthly rental income of approximately 4100 euros, which totals around 49,200 euros annually from the storage rooms of the former pub and the garages on the premises. The living spaces can be further capitalized on by renting out individual rooms to tradespeople at a rate of 250 euros per room, which could potentially add an additional 24,000 euros per year to the income stream. Notably, this property is set to be sold through public auction on December 13, 2024, at the District Court of Essen. Two valuation reports are available for this property, one from 2021 and a more recent one from 2024, providing transparency and insights into its market value. Currently, the land is expected to be rezoned for development as the city plans to build new facilities, thereby increasing its potential market value significantly. Valuation reports suggest a market value of 517,000 euros which presents a considerable upside for investors. Importantly, while there are ongoing municipal zoning deliberations, the absence of a pre-emption right during forced auction sales opens unique avenues for acquiring this property. Investors could realize substantial rental income over four years, potentially reaching around 200,000 euros. Alternatively, one could develop the site for residential purposes, reflecting growth ambitions with plans that encompass around 3,360 square meters of living space and a gross floor area of 3,950 square meters. There's also the potential of leasing to an operator for senior housing or nursing home services, maximizing the revenue capabilities it offers. Furthermore, post-development or rental period, selling the property back to the city for an anticipated 800,000 euros, coupled with accumulated rental income, positions this investment as highly lucrative.