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51399 Burscheid
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Property Description: A building complex consisting of three multi-family houses with a total of 59 apartments (with 1 to 4 rooms). The buildings are each nine stories high, basement and offer a total living area of 3,651 square meters. The complex includes balconies, five integrated double and single garages, as well as 16 additional garages in the garage courtyard and 27 open parking spaces in front. The buildings date back to the years 1972/73. Heating and hot water supply are provided by gas central heating. There is a significant need for urgent repairs, as the overall condition ranges from moderate to poor with high damages. As a result, some apartments are currently uninhabitable or unrentable. 22 apartments are currently vacant. Thoughts on Price: The property is priced at 3.265.000€ and is being auctioned by the competent district court. With a potential discount of up to 30% on the market value, the property could be acquired for just 2.285.500€. Additionally, notary and agency fees are waived. Considering the repair needs and current vacancy rate, the property is priced competitively. With proper renovations and management, the potential return on investment could be substantial.
51399 Burscheid