The entire 5th floor of a multi family building in Piraeus
GOLDEN VISA INVESTMENT OPPORTUNITY IN A RESIDENTIAL AREA WITH STRONG DEMAND FOR RENTAL HOUSING
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CONTACT INFORMATION210 3250294 • info@cobalt-deals.com |
THE OFFERING
We have been instructed to seek offers for the entire 5th floor in the region of €230,000, subject to contract and exclusive of transfer tax; reflecting a low capital value of € 958 p.sq.m.
This 1970 development is an 8 level mixed use building; retail stores at ground floor level, six floors of residences and (compatible) office uses, plus basement storage. The 5th floor comprises of 3 independent property rights (as depicted on the floor plan) and used until recently as the Greek headquarters of an international shipping company, that is the selling entity.
ΥΠΟΜΝΗΜΑ
Ζαχαρίτσα 26 και Δικαίου , Κουκάκι
€1,25 εκ.
13 δωμάτια
551 τ.μ. (μεικτά), 486 τ.μ. (μικτά άνω δομής)
4 επίπεδα + δώμα
PROPERTY OVERVIEW
Strategically located on Afentouli Avenue of Freattida neighborhood, this property is within walking distance from most area attractions (for example the promenade along the picturesque Akti Moutsopoulou and the renowned Passalimani -see map) as well as 3 city hospitals; the “Tzanio Hospital”, the “Piraeus Navy Hospital” and the “Metaxa Anticancer Hospital”.
Structurally, the reinforced concrete bearing structure is enclosed with layered (non-bearing) brick walls and aluminum frame windows. Access is via a single staircase and lift, typical of the ’70s era. The entire floor has undergone a recent refurbishment as far as windows, kitchen and bathrooms are concerned (see photos). The oak tree floorings are in fair condition and cover most of the main rooms.
Entrance doors, partitions and balconies need attention. As part of a refurbishment exercise, the staircase landing and even the entrance could profit from a make over and contribute to property value appreciation.
Port of Passalimani
Dusk at Marina Zeas
Tzanio Hospital
REDEVELOPMENT POTENTIAL
Fifth floor may be refurbished as 3 individual apartments, as described in the ownership deeds.
Alternatively, it may be redeveloped to form 5 to 6 double-bed studios and the whole floor could function as one hospitality project promoted via short-term lease platforms, subject to legal and technical modifications.
CONTEXT FOR THE OPPORTUNITY
The area of Freattida spans across the eastern part of the peninsula of Piraeus. Freattida is a classic residential area that was intensively developed between1950s-’70s. It holds a clear urban design with major and minor street networks providing quick access to the sea. A stroll along Passalimani and Marina Zeas promenade or a sea food dinner by the sea at sundown are among the highlights Attica has to offer.
Freatida is mostly a residential area with coastal real estate property attaining significant values. There are several lawyers and doctors’ cabinets in the area and request for rental property is strong, especially when taking account of nearby hospital employees’ and patients’ families needs for long and short-term housing.
Tourist flows are also expected to come back stronger once the covid-19 pandemic has been dealt with, thus supporting property redevelopment potential for short-stay leases.
SITES WITHIN WALKING DISTANCE
Within 5':
- TZANIO HOSPITAL
- ARCHAEOLOGICAL MUSEUM OF PIRAEUS
Within 10':
- MARINA ZEAS
- HELLENIC NAUTICAL MUSEUM
- PIRAEUS NAVY HOSPITAL
Within 20':
- PASSALIMANI
- FREATIDA BEACH
- METAXA ANTICANCER HOSPITAL OF PIRAEUS
AREA MAP & LOCATION
FLOOR PLAN
GALLERY
INCOME RELATED INFO
The entire floor may be renovated and rented out as standard long-term leases of non-furnished apartments, or, ideally, managed as short - stay tourist accommodation or serviced apartments.
Standard long-term lease rates for renovated non-furnished apartments in the vicinity are in the range of €8-9 p.sq.m. (for property without sea view).
Rates for short - stay tourist accommodation or serviced apartments are significantly higher to the above, yet they demonstrate strong fluctuations due to covid-19 pandemic. For first-hand input please check relevant email link.
Contemporary Piraeus map
Piraeus Nautical Museum
Piraeus Archaeological Museum
Piraeus Archaeological Museum
Streetview of Tzanio Hospital from outside the proposed property
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The details of the property are in accordance with the statements of its owner and COBALT is not responsible for the actual and legal status of the property.
The presentation of the property by COBALT is intended exclusively for personal use and it is forbidden to copy, republish, promote, transmit or appropriate the presentation in order to indicate the property to third parties. |