REAL ESTATE FOR SALE (€ Euro 1,450,000)
Apartment for sale in Berlin Weissensee Pankow Germany

Ref: 000R0704


Expected Net Yield*: 6.45% (Expected house management fees are considered)


District: Pankow


Location: Weissensee/ Border to Prenzlauer Berg


Keep an eye on this investment opportunity with a net yield of around 6.45% – quick decision will be necessary. The rented multi family house includes a front facing building with 11 units and a Coachman’s House with 3 units. In 1998 it has been completely renovated and modernised.
Location: New insider tip… the “Composer-District” of the borough Weissensee which is situated in direct neighbourhood to Berlin’s most trendy district Prenzlauer Berg. This location offers still low purchase prices and is only a few minutes drive away from the hip places Kollwitzplatz and Helmholtzplatz in Prenzl-Berg. Weißensee is an excellent choice for people seeking for a balance between urban life and seclusion in a peaceful district of Berlin. With excellent tram connections it also has easy access to Berlin-Mitte (10 minutes).


Specifications:

Apartments are in good condition – completely renovated and modernised in 1998

Partly with fully fitted kitchen

New bathrooms

Flooring: Sanded and polished timber floor board, carpet, laminate/ parquet

Light-flooded rooms

Double glazed windows

Basement

Courtyard

Gas central heating

Building is in very good condition – completely renovated and modernised in 1998 incl. extension of the top floor

Very good location in Weissensee, directly on the border to Berlin’s most trendy district Prenzlauer Berg – the well-known and hip Kollwitzplatz and Helmholtzplatz are approx. 3km away. Distance to the Alexanderplatz is approx 4.5km. Recreational areas like the lake “Weisse See” in direct neighbourhood.

Payment:


100% after signing of the notarial purchase contract.


Weißensee (District Pankow)


Weißensee has historically been slightly in the shadow of its neighbours Prenzlauer Berg and Pankow. However its popularity is increasing due to its proximity to the expensive Prenzlauer Berg.
With excellent tram connections it also has easy access to central Berlin (10 minutes). Weißensee is an excellent choice for people seeking for a balance between urban life and seclusion in a peaceful district of Berlin.
The immediate area around the “Weiße See” (White Lake) is just magical; thanks to its historical architecture, numerous places of interest, parks, lakes and activities. The art school is of nationwide rank.


Berlin:
The capital of Germany is dynamic, cosmopolitan and creative, allowing for every kind of lifestyle. East meets West in the metropolis at the heart of a changing Europe.
After experiencing a staggering drop in housing prices since the early 90s, Berlin’s property market is springing back to life. No other property market in Europe offers such undervalued property prices and a solid rental market.


Rental Potential:

The trend goes to properties which are situated in medium/good locations near the town centre.

Berlin: 88% of the habitants are renting properties - 12% are property owners.

Germany has a strong rental culture and tenants tend to live in a property for many years. Therefore, they treat rented property as if it was their own, and this works to the advantages of the owner. Property is let without furniture so tenants must provide their own. This situation might seem a good prospect for investors looking for regular income while they wait for their property to appreciate.

Rented Apartment Building – Front Facing Building & Coachman’s House

Total Residential Units: 14 (11x apartments in the Front Facing Building and 3x maisonette in the Coachman’s House)

Size (approx.): 1,343.28m²

Year of Construction: approx. 1905

Availability/ Move-in: Sale – Immediately / Please note: Units are rented out.

Current yearly additional costs for the landlord: No costs because the landlord owns the whole building and makes the house management by himself.


Expected yearly additional costs for the landlord in the future/ House Management: approx. 5,447 € per year (approx. 5.5% of the basic rent – 99,039 € in 2008)


Allocatable overheads like yearly local rates, building insurance etc. are going on top of the basic rent and has to be paid by the tenants.


Current basic rent (2008): 99,039 € per year (6.14 € per m²)


Current Net Yield*: 6.83%


Expected Net Yield*: 6.45% (Expected house management fees are considered)


From 1,450,000 €