House for sale in Burscheid, Germany

This property, located in Burscheid, is a unique combination of residential and commercial spaces with a total living area of 808 m² and a net area of 404 m². The complex consists of seven apartments and a convenience store, spread across a two-story building with a basement and a flat roof. Construction was completed in 1937 and later expanded in 1960, with a comprehensive renovation of the apartments carried out between 2012 and 2016. One fourth of the property consists of four apartments, two-story with a basement, featuring a winter garden and two garages. These apartments were built in 1890 and partially renovated between 1965 and 1997. Both properties are currently rented out, and this description seems to mention market conditions for renting as well, indicating that some of the apartments might be leased below market rate. The flats have access to a modern gas-fired central heating system (Viessmann Vitocrossal CM3) and are connected to the electricity grid via a shared transformer, reducing the overall energy costs. The monthly rent payments include heating costs as well. However, some aspects of the property present challenges. One concern is related to the former use of the site as a tank farm, which is listed in the Altlastenkataster (German term for a catalogue of formerly polluted soil). This could potentially tend to complicate groundwork or any future construction initiatives. Additionally, the long-time uninhabited house has been found to contain wood rot due to dampness, attracting wood beetles and causing damage to the property. Furthermore, fumigation measures have been deemed insufficient to address the issue. Furthermore, the electricity supply seems to be a private and unsecured public-law arrangement, which should ideally be resolved. The estimated sale price for this property is 1.7 million euros, but a final offer with a 30% deduction will result in a purchase price of 1,190 tom €. Looking at it from an investment perspective, this property seems strongly targeted towards th e rental market. On one hand, the combined rental income could be significant given the size and number of apartments. On the other hand, the "as-is" condition, the wood beetle infestation, and the property's status in the Altlastenkataster might deter potential buyers. The buyer would need to invest in renovations to bring the property up to standard and might also need to deal with additional costs. Therefore, this property might not represent a great investment opportunity, and the proposed deduction might merely reflect the buyer's negotiation strategy, rather than a realistic discount market-value-wise. As for a lifestyle purchase, the property presents a unique opportunity to own and manage a small complex of apartments and a convenience store. Located in 51399 Burscheid, potential buyers can enjoy the tranquil and picturesque surroundings. However, they would also need to be ready to address the property's shortcomings and intensive need for renovation. Interested buyers are advised to contact the company for further information via phone, and a request has been made to publish this information in their monthly publication.