Excellent investment property: the 5-story building in the center of Riga for sale…

Description Residential building on Terbatas street for sale. Construction Board’s apartment refurbishment project approved in May 2014 suggests the following volumes:

SPACE FOR SALE:
- Apartments: 2 341 m2 (20 apartments with the average area of 117 m2)
- Storage spaces: 210 m2 (20 units, basement level)
- Parking spots: 2 units in the yard

PROJECT’S EXPECTED COMPLETION PERIOD:

- Construction: 1 year
- Selling: 2 years

PROJECT’S EXPECTED REVENUE:
- The expected revenue from the project’s realization is EUR 7.3m (setting the average apartment price of 3 000 EUR/m2, storage unit price of 1 000 EUR/m2, and parking spot price of 30 000 EUR each).
- Based on calculations, the expected return on investment is 33%.

ADDITIONAL INFO:
- Currently the premises are empty.
- It is possible to complete the project in stages.
- There are 3 staircases.
- In accordance with the current regulations apartment sales in this object are not subject to VAT.
- The building was fully renovated in 2007.

 

A building with rich history! Not every building can be proud to have its own unique story, but this house has a rich history that dates back a hundred years. What makes the building special are its prominent, well-known residents who lived there over the time, as well as the modern design solutions used that were unusual at the time of construction but are still topical nowadays.
The building is perfectly located in the very center of Riga: 1 minute walking to "Reval Hotel Latvia", 5 minutes walking to the Old Town, walking distance to the most popular club, discos, shopping centers, restaurants, cafes and other famous and popular places to visit while being in Riga. Now, almost a hundred years later, the street remains one of the most beautiful ones in Riga. Maybe that is why the street is buzzing with life and people choose to make their way on Tērbatas Street when running their everyday errands. Although the idea of turning the street into a pedestrian-only zone has been alive since the Soviet times, unofficially it can already be seen that way - at almost any time of the day the street is filled with more pedestrians than cars.
However, the most important value of this building is hidden in its artistic importance to the city of Riga. Art Nouveau expert Jānis Krastiņš points out that the building is a very distinct example of Art Nouveau as reflected in the specially designed details. The original parquet, the grand staircase, the ceiling ornaments and other unique Art Nouveau elements of this building have been preserved until nowadays. The high level of comfort delivered to the residents of the building is evidenced not only by the existence of an elevator, central heating, floor and room ventilation, but also electro installation underneath the plaster and a centralized garbage chute connected to the apartment utility rooms.