House for sale in Gelsenkirchen, Germany

Property Description This multi-family house consists of 7 apartments spread over three floors. It is fully basemented and has an attic area. The total living space is 349 square meters. In addition, there is an outbuilding consisting of a garage complex with 3 separate parking spaces. The main building was fictitiously built in 1964, while the outbuilding was constructed in 1962. Originally, the building dates back to 1909. All apartments and garage parking spaces are already rented out. The heating is provided by a gas central heating system and night storage heating, with hot water heated by an electric instantaneous water heater. There are building defects and damages, overall the property is in below-average condition. Thoughts on Price: The property is currently listed for sale at a purchase price of 300,000€. It is important to note that this property is being auctioned by the competent district court. The estimated market value is the same as the selling price, however, there is an opportunity to secure a potential discount of 30%, bringing the final purchase price down to 210,000€. Additionally, notary fees and agency commissions are waived. The property may require some renovations and repairs due to the mentioned building defects, but with the discounted price and rental income from the already occupied units, this could be a great investment opportunity for the right buyer.