House for sale in Gelsenkirchen, Germany

Property Description This property is a residential and commercial building with 23 apartments and one commercial unit. The building is 7 stories high, has a basement, and a flat roof. The living spaces of the 23 apartments range from 48 to 112 square meters, with a total living area of 1,730 square meters. The total usable area is 606 square meters. Additionally, the building has balconies, terraces, and 13 underground parking spaces. It was built in 1975. Heating is provided by a district heating central heating system, and hot water is provided by an electric instantaneous water heater. At the time of valuation, most of the apartments were rented out, and not all units could be inspected. Access to the underground garage and delivery to the commercial unit on the ground floor is through another property, which means that this use is not contractually guaranteed. Various impairments have been made, including due to fire damage in the commercial unit. There are indications that no renovation work has been carried out so far. The land register contains a registered occupancy right for the apartments and a mortgage of €750,000 plus 15% annual interest at the time of the procedure on 19.09.2024, which a potential buyer would have to take over in accordance with the legal auction conditions. Thoughts on Price The listing price for this property is €1,690,000, but there is potential for a 30% discount on the market value, bringing the price down to €1,183,000. This could present an excellent opportunity for interested buyers to acquire this property at a discounted rate. Additionally, with the waiver of notary fees and brokerage commission, the overall cost of purchasing this property could be significantly reduced. It's worth considering that there may be additional costs associated with addressing the existing impairments and potential renovations needed on the property. Overall, this property presents a unique investment opportunity for those willing to make the necessary improvements and take on the associated obligations.