ZIP Code: 60318
City or town: Frankfurt am Main
City district: Nordend-West
Federal country: Hessen
Asking Price: € 429,500.00
Comment on purchase price: Price lowered significantly!
Price per sqm living or other space: € 3,520.00
Parking possibility: Underground car park
Asking price for parking : € 25,000.00
Brokerage commission incl. VAT (% of notarized purchase price): 5.95 %
Commission payable by: Buyer
Note on the commission: The buyer pays at the conclusion of the notarial deed a commission in the amount of 5.95% of the authenticated purchase price.
In a nutshell:
Top Nordend location; to modernize but in this location absolutely worthwhile
Year of construction: 1973
Detailed description of the object:
This apartment is located in a building complex of high-rise architecture of the seventies, with swimming pool, sauna, underground parking. It is located on the 4th floor, has two loggias, two bedrooms, a living room, a hallway, kitchen, the hall, cloakroom, guest bathroom and bathroom.
The bedrooms have their own hallway and the master bedroom has its own loggia. This also has a practical storage room.
Type and age of windows:
Plastic double glazing, renewed just a few years ago
Year of essential refurbishment of the special property (apartment): 2017
Kind and extent of these refurbishments:
The community of owners has already seen to a number of refurbishments and modernizations, including the swimming pool, and the renovation of the balconies in 2016-2017. See the protocols for more information. The necessary special contributions have been paid. The work has been completed.
Parking in underground garage
Comments regarding parking situation:
The apartment has a parking space on the upper level of the underground car park; the driveway is in Schwarzburgstraße.
Other data to the property:
The location is unique. Everything for daily needs is available within walking distance.
Disabled accessible: Yes
Stepless access: Yes
Kitchen built in: Yes
Notes regarding built-in kitchen: it is old
Freehold or Leasehold: Freehold
Size of Landplot: 3,504.00 m²
Description of location:
The location is absolutely great. Nordendstraße is one of the best residential areas in Frankfurt, where prices have skyrocketed in the last 10 years. In four minutes you are in Holzhausenpark. The underground line 5 stops 100m away. The Deutsche Bibliothek can be reached in 5 minutes; the Bürgerhospital as well. Eckenheimer Landstraße, located around the corner, offers supermarkets, restaurants, pizzerias, cafes, small shops; in the immediate vicinity are Schwarzburgschule (elementary school), Musterschule, the University of Applied Sciences, numerous kindergartens. The Holzhausen Park and the Glauburgsquare always invite one with their recreational values and playgrounds as well as occasional events or parties.
Public transport connection:
With the underground line 5 you are in a few minutes on the pulse of the international business world, which is represented in Frankfurt.
Connection to traffic routes by car:
By car, you are quickly on the highway 66 or 661. The airport Rhein-Main International is about 20 minutes drive.
General noise level of location: Medium
Supplement to noise level: The apartment is quiet.
Child friendliness of the location: The Nordend is the most popular district of families and very child-friendly designed.
Development of bicycle routes: In Northrend numerous bike paths are developed.
Date of Energy Performance Certificate: 5 Feb. 2009
*Type of energy performance certificate: Residential building consumption certificate
*Residential Building - Final Energy Value: 188 kW/m²*a
Energy consumption for hot water included: included
*Main energy source: Natural gas
Year of Construction of the Heating System according to EPC: 2010
Year of system installation comment: The central heating system was renewed by a few years.
Type of heating and warm water preparation: Gas
More options on heating: The two boilers of the heating as well as the control were renewed in 2009/2010.
Age of heating system (approx): 8 years
Billing for heating and hot water: The billing is done by an external company.
Type of Condo: Apartment
In which floor (groundfloor=0): 4
Total number of floors with GF and possibly DG: 8
Approx. living area: 122.00 m²
Source or reference to the floor space information: The living space was determined on the basis of the submitted floor plan.
Owner used: Yes
Rented out (details): No
Number of rooms (German counting): 4.00
Number of bedrooms: 2
Number of bathrooms: 1
Guest WC (powder room): 1
Height of rooms (in m): 2.50 m
Balcony, Terrace, Loggia: Yes, 2
Co-ownership shares: 164/10.000 MEA
Share of property on the land in %: 1.64 %
Monthly housing fee: € 829.00
Note: A total of € 410 of the monthly home allowance is earmarked for maintenance reserve account and repairs.
In case of renting out payable amount by tenant: € 330.00
Source of these informations: Business plan 2019
Sinking fund amount approx.: € 150,942.24
Reserve fund amount is per: 31.12.2017
(More) informations on maintenance reserve fund: In 2017, almost 1 million € (966.238,69) was withdrawn from the reserve for necessary refurbishment measures in and around the building. Further repairs concern the modernization of the lifts which are estimated at about 100.000,- €. The flat is sharing 1.64% of all costs of the common property.
Renovations to be done in the flat: Comprehensive modernization or renovation is recommended
Special use rights: 1 parking space in underground garage (no dupex parking!)
Number of flats in the block: 45
Further hint regarding other than apartment units: The property consists of three blocks of buildings. The total property comprises 111 units, of which 6 are commercial units.
General information on the renting situation: The apartment is not rented. It has been used since construction by the owners themselves.
Status at handover: vacant
Available as of: immediately
Annual land tax: € 629.76
Heating cost p.yr.: € 1,300.00
Comment to the cost positions: The bills for the year 2016 and 2017 as well as the business plan 2019 are available and can be made available. Moreover, according to the recent settlements there was a larger repayment to the owner.
According to the owners' decision of September 2018, the reserve is to be filled to a minimum level sufficient for ongoing repairs and future major maintenance measures. Therefore, the annual payment to the maintenance reserve for € 250,000 was set by majority vote.
It should be noted that there are three buildings in common, two underground garages and a total of 111 units in the three buildings.
This apartment accounts for a share of 1.64%, ie 4.100, - € per year or 341.67 € per month.
In addition, a repair reserve for ongoing repairs of € 80,000 per year has been agreed, which means a monthly proportional payment of € 109.33.
Public encumbrances: There are no building charges (Baulasten) (according to online information)
What is the outstanding feature of this property: The location is the salient feature of the property.
Comment: The purchase price was determined as follows: According to the real estate market report of the City of Frankfurt in 2018, buildings of the years of construction 1950-1974 in the land registry district 21 (like this object) have an average purchase price of € 4,680 per m² of living space. That sums up to a purchase price of 571,000, - € for this object. Depending on the personal expectations, the modernization costs of the apartment are between 80 and 120 TEUR. This deducted reduces the purchase price to max. 450,000, - €.
Additional to this, the payment to the maintenance reserve of currently € 4,100 per year will be subsided by the seller for the time periof of five years by a further discount of € 20,500.
Thus, a market-oriented purchase price of 429,500, - € is calculated for this apartment, which corresponds to a purchase price of 3,520, - € per m² of living space. This is a discount on the average purchase price of 25%.
It is pointed out that the land value in this exclusive residential area is at 4.300, - € per sqm land (Bodenrichtwertkarte Frankfurt) from 1.1.2018; compared to 1.1.2016 it was 2.400, - € per m². (2014 = 1.800, - €, 2012 = 1.600, - €, 2010 = 1.500, - €) It is unlikely that this trend will go downhill in this location. An investment in a property in this location is well spent, whether for self-use or for renting of the apartment.
Appointments for viewings: At any time possible, as the apartment is not inhabited