Frankfurt Nordend Mittelweg: 2 room apartment

ZIP Code: 60318

City or town: Frankfurt am Main

Asking Price: € 260,000.00

Price per sqm living or other space: € 4,561.00

Brokerage commission to be paid by buyer 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.

Size of Landplot: 947.00 m²

In a nutshell:
Great location, good investment

Year of construction: 1965

Detailed description of the object:
Two-room apartment with south-facing balcony in the best Nordendlage in Mittelweg, extensively renovated in 2016, new bathroom, new floors; good laminate, bright tiles. 2nd floor, elevator.
The apartment has a large living room, kitchen, inside bathroom, hallway, south balcony.
The building has a swimming pool, which is currently not in use. Renovation is planned, but not yet decided.
The building has a total of 26 units. The building is from 1965 and has a flat roof. This was completely renovated a few years ago. Due to the pool this apartment has no cellar room.

Features:
Laminate, iso-glass windows, shutters, new bathroom with tub, washing machine connection, large mirror cabinet, Lift

Parking options:
Public residential parking with pass

Comments regarding parking situation:
The apartment has no parking space.

Federal country: Hessen

Year of essential refurbishment of the special property (apartment): 2016

Kind and extent of refurbishments:
Bathroom was renewed, floor covering was renewed, apartment was repainted

Kitchen built in: Yes

Notes regarding built-in kitchen: No new kitchen

Description of location:
Best location in the central Nordend

City district: Nordend

Public transport connection:
To subway station Grüneburgweg it is about five minutes. Bus in Oederweg around the corner. The city center (Hauptwache) is about a ten-minute walk.

General noise level of location: Medium

Supplement to noise level: The Mittelweg itself is not a loud backdrop. The restaurant is alive in the sunny season due to the outdoor terrace.

Type of energy performance certificate: Residential building consumption certificate

Final energy value: 191.10 kWh/m²a

Main energy source: Natural gas

Energy efficiency class: F (< 200)

Date of Energy Performance Certificate: 11 Jan. 2018

Year of Construction of the heat generator according to EPC: 1965

Year of system installation comment: The spa will be renewed this year

Energy consumption for hot water included: not included

Other info concerning Energy Performance Certificate: The warm water is generated by electric water heater.

Type of Condo: Apartment

In which floor (groundfloor=0) (German counting): 2

Approx. living area: 56.43 m²

Source or reference to the floor space information: In the division declaration, the plans and the floor area calculations are available. This is from 2007.

Owner used: no

Rented out (details): The tenant is in the apartment since July 2017. He would like to rent for a few more years. There are no rent arrears and no other problems in the tenancy.

Number of rooms (German counting): 2.00

Number of bedrooms: 1

Number of bathrooms: 1

Height of rooms (in m): 2.50 m

Balcony, Terrace, Loggia: Yes

Co-ownership shares: 33/1000 MEA

Share of property on the land in %: 3.30 %

Monthly housing fee: € 272.00

How much (in EUR) of maintenance fund payment already included in housing fee: € 66.00

(More) Informations on maintenance reserve fund: The share of the apartment in the maintenance reserve amounted to € 3,984.88 as of 31.12.2017

Allocable to the tenant when letting (excluding property tax and CO-2 share): € 143.00

Source of these informations: Business plan 2018

Renovations to be done in the flat: no current ones

Number of units in the block: 24

Further hint regarding other than apartment units: Restaurant

Do extensions or outbuildings exist: There is a storage room for bicycles.

General information on the renting situation: A lease has been concluded without time limit. The rental payments are reliable. Very nice tenant.

Current net rent per month: € 750.00

Further information on the net rental income:
Graduated rent is agreed, increase by 25 € every three years

Margin in % (annual net rent : purchase price): 3,5 %

Renovations done in the building: In 2014, the flat roof was completely renovated (costs about 150,000, - €). This flat roof renovation is complete.

Renovations to be done in the building: Modernization of heaters; for this there is a decision of the owner community to exchange them in August 2018. The financing is from the reserve.
Furthermore, the balcony renovation is scheduled for 2018 in autumn and 2019 in autumn. Again, a large part of the financing is provided from the reserve. See the protocol.

Estimated cost for this: 160000

Other information or specialties: The swimming pool is shut down as long as the ventilation system has not been renewed. This was first reset, because first the heating must be renewed, which will happen this August. In connection with the ventilation, the electrical system must probably be renewed there.