Frankfurt-Nordend: 3 room apartment (rented)

Street: Mittelweg

ZIP Code: 60318

City or town: Frankfurt

City district: Nordend

Federal country: Hessen

Number of residents (approx.): 760000

Asking Price: € 446,000.00

Price per sqm living or other space: € 6,371.00

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:
Top location apartment with 3 rooms, kitchen, bathroom and balcony, good tenancy

Year of construction: 1965

Comment regarding year of building: Classic 1960s building with 23 apartments and 1 restaurant.

Detailed description of the object:
Classic style apartment: living-dining room, kitchen, balcony, two bedrooms and a bathroom. Everything redone in 2013. 4th floor, new elevator, rented to a couple since 2016.

Features:
Laminate floor, new bathroom with white tiles, tub with partition for shower function, washer-dryer in the bathroom, fitted kitchen, south-facing balcony

Type and age of windows:
Windows are plastic windows with double glazing from the 1990s.

Year of essential refurbishment of the special property (apartment): 2013

Kind and extent of these refurbishments:
Floor renewed, bathroom completely renovated and renewed, electrics partially renewed, walls newly wallpapered and painted

Comments regarding parking situation:
No parking space, but residential parking area

Does the property have oversize or is it additionally buildable:
no

Disabled accessible: no

Barrier free?: no

Stepless access: no

Kitchen built in: Yes

Type of energy performance certificate: Residential building consumption certificate

Residential Building - Final Energy Value: 191 kW/m²*a

Main energy source: Natural gas

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 2019, 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 at Oederweg; central, all shops within walking distance. Or go to work by bike (bikes can be parked in the lockable bike room, which is in the courtyard and is quite large). 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.

Shopping facilities: Plenty and almost everything within walking distance, except hardware store. Beverage market in front of the door.

Type of Condo: Apartment

In which floor (groundfloor=0): 4

Total number of floors with GF and possibly DG: 5

Approx. living area: 70.37 m²

Source or reference to the floor space information: Architect's plans and calculations from 2007

Number of rooms (German counting): 3.00

Number of bedrooms: 2

Number of bathrooms: 1

Balcony, Terrace, Loggia: 1 south-facing balcony

Co-ownership shares: 41/1000 MEA

Share of property on the land in %: 4.10 %

Monthly housing fee: € 356.00

How much (in EUR) of sinking fund payment already included in housing fee: € 82.00

In case of renting out payable amount by tenant: € 200.00

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 4.1% stake, in the amount of approx. € 56,000 will be serviced with part of the payment for the maintenance reserve.

Number of flats in the block: 23

Further hint regarding other than apartment units: 1 commercial (catering)

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?: None known to us

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 flat is rented. The current tenancy has been in existence since July 1st, 2016.

Current net rent per month: € 946.59

Further information on the net rental income:
After the modernization of the heating system and the renewal of the elevator, the rent was increased by € 26.59 from € 920 and has been paid in this amount since February 1, 2019. The annual (cold) rent is 11,359.08 euros. The return (basic rent at purchase price without additional purchase costs) is 2.53%. According to the rental agreement, an adjustment according to the consumer price index is possible. (Accordingly, the basic rent can be adjusted to € 993.92 at this point in time.) The return is then 3%.

Annual land tax: € 359.61