Construction project of a residential complex in Berlin - Spandau
Total land area: 12000 m2
Location: Berlin, Spandau district
The project consists of a large plot of land of approximately 12,000 sqm and an existing apartment complex comprising 6 apartment buildings which were built in 1961. The total area of the houses is 6,800 square meters, of which the living area is about 5,000 square meters. Currently, the complex has 66, 3 and 4-bedroom apartments ranging from 71 to 81 square meters, each of which has a well-organized layout. The 16 apartments, located on the first floors, have private access to the garden.
All six existing houses are constantly maintained in good condition. The last renovation was carried out in 2018/2019. The work included insulation and repairs to the facades, windows (including balcony windows/doors), stairwells, garages and fence. Total monthly rental income of 45,784 euros (rent for all residential units / parking spaces / garage spaces / garden areas).
On the land plot it is planned to build 4 additional buildings with a living area of 2 536 square meters, which will connect the existing buildings stand alone in a single whole. In addition, there are plans to superstructure an additional floor on the current buildings, which will add an additional 1,447 sq.m. to the floor area of the buildings. A total of 32 additional apartments are planned, which will increase the living space of the buildings by 3,983 square meters. Once completed, the estimated rent will be approximately 114,000 euros per month, or 1,368,000 euros per year.
Rental income – 549,408 euro/year (planned to increase to 1,368,000 euro/year).
Profitability – 2.44% (planned to increase to 6.08%).
The residential complex is located in close proximity to the metro station Berlin-Spandau. There are numerous restaurants and stores within walking distance. The center of Berlin can be reached in a few minutes.
The district of Spandau is an important business location in the west of Berlin. On the west it borders with Brandenburg and the district of Staaken, on the east with Charlottenburg, Reinickendorf and Siemensstadt. Spandau is known for its large forest and water areas as an area for excursions and recreation. A cultural center such as the old town of Spandau, with its Gothic church and the Church of St. Nicholas, is also very popular with tourists.
Share the project
Order a callback