House for sale in Gelsenkirchen, Germany

Property description: Residential and commercial building with 23 apartments and a commercial unit, 7 floors, basement, flat roof, living area: 48-112 m², total of 1,730 m² of living space and 606 m² of usable space, including balconies, terraces, and 13 underground parking spaces, built in 1975. Heating is done through a district heating central heating system, hot water is provided by electric instantaneous water heaters. At the time of the valuation, most of the apartments were rented out, so not all units could be inspected. The access to the underground garage and the commercial unit on the ground floor is through a neighboring property, which means that the access and delivery are not contractually secured. Significant depreciation has been taken into account. The commercial unit has suffered fire damage, renovation work has not been carried out so far. A right of occupancy for an apartment as well as a mortgage in the amount of 750,000 € plus 15% annual interest from the auction date remain in accordance with the applicable auction conditions and must be taken over by the purchaser. Thoughts on price: The property is listed for sale at a purchase price of 1,690,000€, but there is potential to secure a 30% discount on the market value, bringing the cost down to 1,183,000€. Considering the condition of the property, including the necessary renovation work and existing encumbrances, the discounted price may offer an attractive investment opportunity for the right buyer willing to take on the associated risks and challenges.