House for sale in Hamburg, Germany

Property description: Multi-family house with commercial units (consisting of 30 one-room apartments and 5 commercial units) spread over four floors with a basement. The total living area is 787 sqm, with units ranging from 24-31 sqm. The usable area covers 428 sqm, with units of 84-86 sqm, as well as a storage area of 313 sqm. Built in 1957, renovations were done in 1980 (renewal of courtyard-facing windows, reconstruction of the roof truss after a fire) and in 2012 (renewal of street-facing windows, window and door components of two commercial units). The building has district heating from 1989 and hot water supply is either through an electric boiler or instant water heater. It is in an average state of maintenance with some modernization needed, although a complete interior inspection was only partially possible. The property is located in the Eilbek Social Preservation Ordinance area, which was enacted on 07.01.2020. Thoughts on price: The listing price for the property is €3.500.000,00, but there is an opportunity to potentially secure a 30% discount on the appraisal value, bringing the price down to €2.450.000,00. Additionally, there are no notary fees or agency commissions involved in the purchase. This property presents a great investment opportunity with potential for future renovation and income generation.