Investment Property in \u010ciekurkalns \u2013 Apartment Building with High Development Potential<\/p>\n
A promising investment opportunity is offered for sale in \u010ciekurkalns \u2013 a two-story apartment building with a spacious adjacent land plot. The property is sold in its entirety (100%), with all co-owners agreeing to a joint sale, making this a swift and secure transaction for a new developer. This is a classic “value-add” project that provides ample opportunities to increase the property’s value and secure future returns.<\/p>\n
Basic Property Data:<\/p>\n
Address: \u010ciekurkalna 8. \u0161\u0137\u0113rsl\u012bnija 10, Riga.<\/p>\n
Building area: 644.5 m\u00b2.<\/p>\n
Land area: 2193 m\u00b2.<\/p>\n
Number of floors: 2 above-ground floors, an attic, and a basement.<\/p>\n
Premises groups: 10 apartments.<\/p>\n
Legal Status and Ownership:<\/p>\n
The building is sold as a whole. The property has 3 owners (8 apartments belong to one owner, the remaining 2 belong to two others), who are conducting the transaction jointly.<\/p>\n
The property has no legal encumbrances.<\/p>\n
There are no long-term tenants or other circumstances in the building that would prevent the immediate commencement of development plans.<\/p>\n
Technical Condition and Utilities:<\/p>\n
The building is not in a state of emergency and its geometry has been well preserved (the building stands level), but the object requires capital renovation.<\/p>\n
Structures: The perimeter walls are of wooden construction. Around the stairwell and at one end of the building, there is brick masonry (a firewall bordering the neighboring land plot).<\/p>\n
Ceilings: Between the basement and the 1st floor, there are historical brick vaults (reinforcement is required). Between the 1st, 2nd floors, and the attic \u2013 wooden beam ceilings.<\/p>\n
Utilities: Currently, the building has wood heating and worn-out utility networks, but all necessary city engineering communications are available along the street. It is possible to connect to the city’s central heating (“R\u012bgas Siltums”) or gas heating.<\/p>\n
Land Plot and Territory:<\/p>\n
The building is strategically located in a quiet courtyard with convenient access from the street.<\/p>\n
The spacious courtyard allows for the construction of a sufficient number of surface parking spaces.<\/p>\n
Additional cash flow: A part of the land plot is located under the neighboring building, generating a lease fee of approximately 1000 EUR per year.<\/p>\n
Land exchange possibility: The neighbors are offering to exchange land for an equivalent and similarly sized adjacent land plot, which opens up additional opportunities for territory optimization.<\/p>\n
Development and Exit Scenarios:
\nThe layout and location of the object allow for several monetization directions:<\/p>\n
Capital renovation of the building and the sale of the existing 10 apartments.<\/p>\n
Increasing the usable area and the number of apartments by building out the attic floor.<\/p>\n
Transforming the basement (vaults) into private storage rooms, providing additional income.<\/p>\n
Landscaping the courtyard, as well as creating and selling parking spaces.","protected":false},"featured_media":0,"comment_status":"closed","ping_status":"closed","template":"","property_category":[1545,1544],"property_type_category":[6],"property_district":[755],"property_pagasts":[1255],"property_project_category":[],"class_list":["post-2049216","property","type-property","status-publish","hentry","property_category-daudzdzivoklu-nams","property_category-namipasumi","property_type_category-for-sale","property_district-riga","property_pagasts-ciekurkalns"],"yoast_head":"\n