Direct Tranio product.
The essence of the project is the purchase and redevelopment of the apartment building for a short-term lease.
The usable area is 383.20 m².
The building includes:
- ground floor & loft 60,69 m² + 31,20 m² = 91,89 m² — double room apartment with an extra bed
- 1st-floor studio apartment 21.92 m²
- 1st-floor single room apartment 39.82 m²
- 2nd-floor double room apartment 64.35 m²
- 3rd-floor double room apartment 64.69 m²
- 4th-floor single room apartment with an extra hidden bed 51.22 m²
- 5th-floor single room apartment 32.70 m²
- top floor studio apartment 16.61 m²
The number and sizes of apartments are preliminary, the final concept will be agreed with the investor.
A fully legal rental business — a project is sold with a short-term lease license.
The Possibility to obtain a residence permit for a group of investors and their families (spouses, their parents, and children) for the whole period of their tenure.
A stand-alone, whole building which provides complete control over the project and independence in decision-making (for example, you can open an additional business in the building).
Turnkey project — complete transaction support, consulting, professional management of the rental business.
The total cost of the project (property price + acquisition costs + renovation) is 750,316 €.
The average (for 5 years) NOI is 69,073 € per year.
The average (for 5 years) rental yield is 9.2%.
The average (for 5 years) NOI after taxes is 49,792 € per year.
The income from the sale of the property is 1,173,960 €.
The IRR of the project 12.12%
The cost of ownership
According to preliminary calculations, the annual utility payments are 8,400 euros.
The cost of the management company services is 20% of the annual rental revenue.
Location and nearby objects
The project is located in Metaxourgio, one of the central areas of Athens. The nearest metro station can be reached in 2 minutes on foot, and the Acropolis — in 30 minutes.
Since the end of the 20th century, Metaxourgio is one of the cultural centers of Athens thanks to the opening of art galleries, theaters, modern fashionable hotels, and restaurants.
Currently, the area is built up by hotels, which entails a large flow of tourists. There are such hotels as The Stanley and Wyndham Grand Athens in the immediate vicinity of the property.
There are public transport stops, an entertainment center, a theater, a bank, shops, and cafes in a walking distance from the building.