71m ² living space, 4th floor with elevator, balcony, modernised 2013
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 to be paid by buyer incl. VAT (% of notarized purchase price): 5.80 %
Commission payable by: Half by buyer and half by seller
Note on the commission: Seller and buyer each pay 2.5% plus VAT. when concluding a sales contract. The basis is the certified purchase price. The value added tax is 16% until December 31, 2020, and 19% again from January 1, 21.
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
Comments regarding parking situation:
No parking space, but residential parking area
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 refurbishments:
Floor renewed, bathroom completely renovated and renewed, electrics partially renewed, walls newly wallpapered and painted
Does the property have oversize or is it additionally buildable:
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 maintenance 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
Total maintenance fund existing: € 310.54
Maintenance 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
Disabled accessible: no
Barrier free?: no
Stepless access: no
What is the outstanding feature of this property: Very best location, rare acquisition
Comment: Capital investment with a surge in value in recent years
Appointments for viewings: By arrangement with the tenants, only in daylight, only single appointments with a mask
When can handover be done?: Anytime immediately after payment of the purchase price
Note regarding the photos: The photos were taken in 2013 after the apartment was modernized. The apartment is currently rented; Photos are not available and will not be taken at the request of the tenant.
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