House for sale in Duisburg, Germany

Property Description: The residential building consists of 21 apartments in three separate entrances. It spans three floors and a basement, with a total living area of 1,042 sqm. The apartments vary in size from 38 to 63 sqm and have small balconies. The building was constructed in 1925 and rebuilt in 1953. There is a significant vacancy rate; the floor plan contains partially cramped rooms; Heating is provided by a central heating system and gas floor heaters; The overall structural condition is poor to catastrophic; There are structural defects and a significant need for renovation and modernization; An extensive interior inspection was only partly possible. Thoughts on Price: The property is being auctioned by the local district court with a listed market value of 875,000.00 EUR. With the potential for a 30% discount on the market value, the final price could be as low as 612,500.00 EUR. Additionally, notary fees and agent commission are waived. Considering the poor condition of the building and the need for extensive renovations, the discounted price reflects the significant investment required to bring the property up to a livable standard. Potential buyers should carefully assess the property's condition and renovation costs before making a decision.