Small portfolio of 9 apartments, 11 garage spaces and a supermarket, Germany - Property For Sale
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Small portfolio of 9 apartments, 11 garage spaces and a supermarket, Germany

Property reference

Kastellaun - Portfolio

Property particulars

 
Asking price of
EUR 550,000
Bedrooms: 0 Tenure: Freehold
Bathrooms: 0 Property age: 50-100 Years

Property description

Key selling points:

* Significant discount to market value
* Priced to sell quickly by owners
* Opportunity to renovate for increased yield
* Located near to Frankfurt-Hahn airport
* Expected gross yield of around 13%

Act fast to secure this excellent small portfolio of 9 apartments, 11 garage spaces and a supermarket. The portolio was originally bought about 15 years ago for 700,000 euros and the heirs who have recently come into position are seeking a fast sale.

The Portfolio:
The portfolio comprises two residential buildings, both in need of renovation and a supermarket, as well as a garage with space for 11 cars.

Year of Construction:
The supermarket was built to specification of Norma, one of Germany’s leading retail companies, in 1982.
The two houses were built in 1910 and 1925 respectively and need to be renovated.
The garage was completed in 1988.

Areas for rent:
Supermarket: 450 m²
House no. 21: 6 flats with a total of 426 m²
House no. 19: 3 flats with a total of 300 m²
Garage: 11 space with an area of 390 m²

Rental:
Currently, the supermarket is vacant.

The garage is let for 3,300€ per year

The flats in the mansions are not let at the moment.
Potential house n. 21: unrenovated 3€/m², renovated 4€/m² (ie 20,500€ per year)
Potential house n. 19: unrenovated 3€/m², renovated 4€/m² (ie 14,400€ per year)

This makes the total achievable rental income in excess of 73,000€ per year, a gross yield in excess of 13%.

Kastellaun:
The properties are located in the town centre of Kastellaun, immediately opposite the post office, ensuring that they will have a permanent rental appeal to residents in this town.

Kastellaun is just a stone's throw from the Rhine and Moselle river. It is located on the height of the Hunsrück (424 metres above sea level) near to the Rhine and Moselle regions. It is a very picturesque region, with forests meadows and romantic valleys that would appeal to lovers of the countryside.

More importantly however, it is just 15 miles away from the Frankfurt-Hahn airport, with direct bus connections taking about 20 minutes. This airport is served by Ryanair and now connects with more than 40 European destinations.

3% deposit will secure the property and remove it from the market.

More property photographs

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