house for sale in Essen, Germany

Estimated Value for Real Estate Investment: The property in question is a 6-family, double-house located in Essen-Überruhr-Holthausen, which is a good location with excellent connectivity to the autobahns A 40, A 52. The surplus living area of approximately 348m² on the ground floor has a high potential for rent increase. A self-occupant could also benefit from this layout. The house was built in 1968 and features 6 apartments, 3 balconies, and 4 garages, making it an attractive investment opportunity. The energy certificate class is E, with an energy consumption of 148kWh/(m2a). The property has undergone extensive renovations over the years, including replacing old windows with PVC-Iso windows and roller blinds, sanitizing the three balconies, and renovating all the rain gutters and fall pipes, made of copper. In addition, a muffler was installed on a gable roof in 2018 for the gas central heating system, which supplies heating to both the family home and the adjoining building. To get a detailed picture of the potential net income for the property, we should consider the property's current rent situation. The building is fully rented, with no outstanding rents. The annual rent is 36,060€, and significant rent potential exists, as a new tenant could be charged around 1000€ per month (approx. 720€ currently). A complete rent potential could be 49,200€ in the future, given the demand and a thorough inspection of the property. To compute the NET cash flow annually, the current rent is deducted from the potential rent, plus the acquisition costs, maintenance costs, repair costs, and any other expenses (e.g., taxes, insurances, etc.). The sum of these costs should ideally be covered by the net rental income to ensure a steady and profitable investment. Estimated Value for Lifestyle Purchase: For a potential buyer who might be interested in self-occupancy, the property offers a 6-family, 348m² of living space with 3 balconies and 4 garages, making it a spacious and comfortable home for a large family. The buyer also gets 2 additional 2-family apartments, totalling 465m2 of living space and an uncluttered living environment. The modern amenities like the PVC-Iso windows, roll-up shutters, and laminate flooring, and kitchens contribute to the overall comfort of the space. The points mentioned above, coupled with the central location and the great commuting options, are likely to improve the buyer's lifestyle appreciably. Buyers who choose to use the property for other purposes such as starting or running a business, for self-catering, or other income-generating activities, will also benefit significantly from the property's strategic location and attractive layout.