Apartment building for renovation, Prague, Czech Republic

Additional information is provided after the signing of an NDA

Apartment building for renovation, Prague, Czech Republic

3,000,000 €
2,523 € /m²
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  • Total area
    1,189 m²
  • Yield
    3.5 %
Details
Property parameters
  • Total apartments: 18
Financial performance
  • Annual income: 85,714 €
Tenants
  • Occupancy: 75 %
Transaction costs
  • Broker: 1.0 %

Apartment building with commercial unit in the historical district of Prague.

Description

The apartment building includes 18 apartments with a total area of 976 m² and 1 commercial unit on the ground floor with a separate entrance with an area of 43 m².

There is an attic with an area of 170 m² which can be converted into several apartments.

The building has new double-glazed windows.

The cost of reconstruction of the property is 500,000 €.

Financial performance

The absolute annual income is 85,714 €.

The current yield is 3.5%.

The expected annual income is € 195,600.

The expected yield is 6.5%.

The expected yield is achieved by increasing the rental rate after the reconstruction.

Tenants

13 apartments are leased, 5 are vacant.

11 lease agreements are valid till November 2019, 2 agreements are signed for an indefinite period.

Location

The property is located in Prague 8, next to a large park. Also there is a school, kindergarten, hospital, grocery store and a bakery nearby.

All parts of Prague 8 have many attractions, natural parks, various sports and entertainment complexes, and park areas. This is an important tourist and cultural center of the Czech capital, as well as a business and educational, economic and transport area.

In general, Prague 8 is a quiet part of the city, good for family living, conveniently located, with well-developed infrastructure.

Prague is the capital of the Czech Republic with the population of more than 1.28 million people.

The city is the main political, economic and cultural center of the Czech Republic and a major tourist center of Europe. The historical center of Prague is listed as a UNESCO World Heritage Site. The number of tourists in Prague in 2017 exceeded 10 million people.

From the branches of industry in Prague machine building (machine-tool building, transport, electrical engineering), chemical, textile, clothing, printing, food industry are developed.

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