ZIP Code: 60318
City or town: Frankfurt
City district: Nordend
Federal country: Hessen
Number of residents (approx.): 750000
Asking Price: € 359,000.00
Price per sqm living or other space: € 6,300.00
Parking possibility: Residential parking
Brokerage commission incl. VAT (% of notarized purchase price): 5.80 %
Commission payable by: Buyer
Note on the commission: The buyer pays at the conclusion of the notarial deed a commission in the amount of 5.80% of the authenticated purchase price.
In a nutshell:
First-class investment with good rentability in the very best Nordend location
Year of construction: 1965
Comment regarding year of building: Classic 1960s building with 23 apartments and 1 restaurant.
Detailed description of the object:
This newly renovated two-room apartment is on the 3rd floor of a 5-story apartment block. It has a large living room with an open kitchen, with a new kitchenette that belongs to the apartment; a new bathroom, bedroom, high-quality laminate (Logoclic). The electrics were renewed. The balconies were all renovated in 2018. The heating was renewed beforehand and switched to gas. The elevator was also renewed in 2019 or 2018.
Type and age of windows:
The windows are from the 90s.
Year of essential refurbishment of the special property (apartment): 2019
Kind and extent of these refurbishments:
A total of approx. € 30,000 was modernized. Measured in terms of the living space, this is around 500 € / m².
Public residential parking with pass
Comments regarding parking situation:
Are you already living or are you still parking? You don't live here to park. You live here so you don't have to maintain a car. Bicycles and public transport are fully sufficient, and for excursions there are plenty of rental companies where you can rent a car. But it is also possible by car - thanks to the resident parking permit.
Other data to the property:
The community of owners is very active and committed and has gradually brought this 60s property up to date over the past 10-12 years. All of this now benefits a buyer.
Does the property have oversize or is it additionally buildable:
Disabled accessible: No
Barrier free?: Nein
Stepless access: No
Kitchen built in: Yes
Notes regarding built-in kitchen: The kitchen was purchased by the current owner in 2019. It makes renting a lot easier.
Type of energy performance certificate: Residential building consumption certificate
Residential Building - Final Energy Value: 191 kW/m²*a
Main energy source: Fuel oil
Main Energy Source - Other: The energy pass was issued before the heating was renewed and the conversion to natural gas.
Year of construction of building according to EPC: 1965
Energy consumption for hot water included: not included
Energy efficiency class: F (< 200)
Year of Construction of the Heating System according to EPC: 1965 und 1969
Year of system installation comment: Originally there were 2 boilers in the house because of the swimming pool. When the boiler was renewed in 2018, only one boiler was installed, with condensing technology and based on natural gas. Due to technical obsolescence, the swimming pool has been closed for years and will not be for the foreseeable future either.
Date of Energy Performance Certificate: 11 Jan. 2018
Other info concerning Energy Performance Certificate: Due to the renewal of the heating system AFTER the energy certificate, the value of the energy consumption should decrease significantly. A new consumption certificate can be issued no earlier than three full calendar years after the boiler has been installed.
Freehold or Leasehold: Freehold
Type of Land plot: Inner city
Size of Landplot: 946.00 m²
Quality of living area: Upscale location
Description of location:
One of the best locations that Frankfurt has. It's not just "Nordend", it's Mittelweg on Oederweg; central, all shops within walking distance. Or go to work by bike (bikes can be parked in the lockable bike room, which is quite large in the courtyard). Not a location for drivers. Car sharing is popular whenever you need it.
Public transport connection:
U-Bahn 1,2,3,8 can be reached in five minutes; S-Bahn Eschenheimer Turm in just ten minutes. Bus drives through Oederweg, bus stop around the corner.
Connection to traffic routes by car:
20 minutes to Frankfurt Airport
General noise level of location: Medium
Supplement to noise level: The restaurant is well maintained, not a disruptive factor as several tenants from the house assured us.
Development of bicycle routes: The reduction of the street width in favor of cycling lanes has created a lot of space for cyclists.
Shopping facilities: Plenty and almost everything within walking distance, except hardware store. Beverage market in front of the door.
Type of heating and warm water preparation: Gas
More options on heating: Conversion to natural gas in 2019
Age of heating system (approx): 1 years
Air condition: No
Special electrical installations: Electrics in the apartment renewed. Not throughout the house.
Security installations: No
Billing for heating and hot water: By reading company via property management
Type of Condo: Apartment
In which floor (groundfloor=0): 3
Total number of floors with GF and possibly DG: 4
Approx. living area: 57.00 m²
Source or reference to the floor space information: Declaration of division and plans can be handed over in full
Rented out (details): Rented since September 1st, 2019
Number of rooms (German counting): 2.00
Number of bedrooms: 1
Number of bathrooms: 1
Guest WC (powder room): nein
Balcony, Terrace, Loggia: South-facing balcony
Co-ownership shares: 33/1.000tel MEA
Share of property on the land in %: 3.30 %
Monthly housing fee: € 299.00
How much (in EUR) of sinking fund payment already included in housing fee: € 66.00
In case of renting out payable amount by tenant: € 154.00
Source of these informations: Economic plan
Sinking fund amount approx.: € 310.54
Reserve fund amount is per: 31.12.2019
(More) informations on maintenance reserve fund: Due to the high investments, the maintenance reserve can be replenished quickly; currently € 12,000 pa is being saved. And the existing loan from the community of owners, in which this apartment has a 3.3% stake, in the amount of approx. 56.000 €, ist being paid by the monthly rate.
Renovations to be done in the flat: No! Everything freshly made. Windows and balcony doors not renewed. These are common property. Exchange at your own expense can be done with community approval if required.
Renovations done in the flat: New floor, wall removed and kitchen open, balcony renovated, electrics and bathroom renewed, wallpaper and ceiling / wall paint renewed.
Special use rights: none
Number of flats in the block: 23
Further hint regarding other than apartment units: 1 restaurant and 1 storage cellar. The swimming pool is shared but not in use. Interest in reactivation currently without a majority.
Massive or extensive refurbishments (year): Flat roof renewed in 2014, total approx. € 175,000
Heating, elevator renewed in 2019, approx. € 120,000
Balcony renovations in 2018 and 2019, approx. € 150,000
Condition: Overall, the property is largely in very good condition. External wall insulation did not find a majority due to a lack of interest in profitability. Windows are from the 90s, a renewal has not yet been considered. Staircase on the ground floor sometimes somewhat influenced by restaurant employees who have to go from there to the kitchen cellar; here a resolution was passed to purify. See resolution collection. Otherwise, the best location and generally very good condition.
Planned actions: None at the moment. First refill the maintenance reserve.
Already decided actions?: No bigger ones
Which cost decisions have been made into which a buyer would enter after buying?: None apparent; please read minutes and resolutions that are available.
General information on the renting situation: The return after deducting the monthly costs incurred by the owner is approx. 2.7%. Incidental purchase costs are not taken into account, the maintenance reserve is also not taken into account, as these are not costs, but savings for value-increasing measures.
Current net rent per month: € 880.00
Further information on the net rental income:
Graduated rent with a 3-year increase cycle; see copy of the rental agreement, which will be made available if you are interested
Is the property fully rented out: yes
How much vacancy: none
Annual land tax: € 291.60
What is the outstanding feature of this property: The location here is simply unbeatable!
Comment: An investment that is always easy to rent.
Appointments for viewings: By arrangement with the tenants, only in daylight, only single appointments with a mask
Note regarding the photos: The photos were taken after the renovation in 2019 and before the handover to the current tenants.