Frankfurt: Excellent investment property in Oberrad with strong yield

Object Address

PLZ-ZIP Code:

60599

City:

Frankfurt

Part of City:

Oberrad

District:

Hessen

Country:

Germany

Vital data

In a nutshell:

Good investment property for long term investment plans. This rental block with one commercial unit is located at the border of Frankfurt-Oberrad, next to Sachsenhausen, directly at the well known Oberrad gardens. This property consists of a front and a back house on a 663sqm large piece of land. The object is very well cared for and was renovated and modernized in the last years for over 200.000 Euro. 24 units, of this 23 apartments, plus five garages, one commercial unit. Net rent per year 154.000 Euro. 846 sqm living space, 163 sqm commercial space, plus common areas. Oberrad is well-known for the famous Frankfurter Green Sauce (a protected name even!)

Usable Space:

1009.61m²

Type of Investment Property:

Block mix residential and commercial

Approximate year of construction:

Built between 1961 and 1965

Condition:

renovated

Status at handover:

rented

Current net rent per month:

12038.00€

Asking price (Euro):

2.390.000€

Brokerage fee incl. VAT (% of notarized purchase price):

4.76%

Payable by:

Buyer

Available as of:

immediately

Detailed Information

Size of Landplot:

663.00m²

Freehold or Leasehold?:

Freehold

Monthly Expenses ca.:

3111.00 € (annual non-transferable maintenance and service cost about)

Detailed description of property incl equipment:

This property consists of two buildings and five Garages on one piece of land. The front building was in the nineties and thereafter extensively renovated from cellar to roof. Most of the apartments were modernized in the recent years. In the front building is a commercial unit as well as 14 apartments between 22 and 56 sqm size. In the back house are nine more apartments. The facade of the backhouse was refurbished in 2008. Front and back house have separate central heating systems, the system in the back house was changed from petrol to gas in 2009 and renewed. All pipes have been renewed in high quality steel, front and back house. Some apartments have fitted in kitchens which belong to the apartment. Some apartments were fully furnished and are rented as business flats. Most of the rental contracts have been newly done in recent years, a few "old-timer" tenants are also residents.

Most important figures at one glance:
Annual net rent: 154.076 €
Factor(x-times rent): 15,5
Yield (net rent to purchase price): 6,4%
Price per sqm²: 2.367,25 €
All in all a very solid investment!

Tenant clientele:
The social structure of the tenant clientele also was improved remarkably in recent years and the rents been increased. The old-time tenants are very reliable, most of the newly rented apartments were let to international clientele or companies. The concept of furnished rental at a flat rate will most likely turn out as a very successful way to improve yield on this block even more. (Five years ago the net rent was at 120.000 per year!)

Location, infrastructure and future of the city part Oberrad:
The property is located at the city part Oberrad east of Sachsenhausen, directly bordering the famous Oberrad gardens (frankfurter gruene sosse). As the building primarily consists of small units, most tenants are professionals who work during the day. The rentability is very good as the public transport infrastructure is very good. The interesting aspect is that the new building of the European Central Bank will be nearby, with the bicycle about ten minutes, with public transport about three plus five to seven walking minutes only.
The Frankfurt City forest also is close by, walking by foot, and offers ample opportunity for leisure, sports and relaxing in the nature.
Shopping is possible in Oberrad at two big supermarkets, several small shops, but also in nearby Offenbach or Sachsenhausen, both can be reached by public transport very easily.

Connection to traffic routes / public transport:

Two tram lines commute between Oberrad and the city center of Frankfurt, and Offenbach in the other direction. To Frankfurt Main Station its 20 minutes, to the airport about 35-40 minutes.

General noise level of location:

Medium

Anzahl Einheiten im Gebäude:

Renovations done in the building:

Facade of back houses, modernization of several apartments, new heating systems, new roof on front building, new pipes and wiring.

Renovations to be done in the building:

No backlog in renovations.

Type of heating and warm water preparation:

Gas

More options on heating:

Central heating system

Parking options:

Single garage

Comments regarding parking situation:

Besides the five garages there are parking sections at the street and also around the block at the field border.

Other information or specialties:

The rents are common for the area, size and quality and should easily be achieved also in the future. As the property mainly consists of small apartments at a fair price, one is in a market segment with continuous demand. Luxury is not offered here, but instead one has a wide spectrum of potential candidates for rent.

Which is the most characteristic feature of this property:

Safe investment, always easy to let

Helpful Links (external):

(German) Website about Oberrad

(German) The famous Frankfurter Green sauce from Oberrad

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PDF Files / Floorplans:

Street view

View from garden side

Balkone am Hinterhaus

Dach Vorderhaus

HInterhaus mit Garagen

Nochmal Hinterhaus

Garagen und Vorderhaus

Balkone Vorderhaus

Eine der hochwertig möblierten Wohnungen (nur 5 von 23 sind möbliert)

Disclaimer:
All data given here are based on the informations from the seller or owner and are without any guarantee by the agent or broker.
Especially room sizes or area sizes are not verified. If there is any doubt we recommend to verify the area sizes or living area.