Frankfurt Niederrad: One bedroom apartment for sale with balcony

Detailed Information

Co-ownership shares:

417/100.000tel

Size of Landplot:

5671.00m²

Freehold or Leasehold?:

Freehold

Monthly housing fee:

196.00€

Plus monthly payment to sinking fund:

35.00 €

Payable utilities by tenant:

160.00€

Annual land tax:

200.76€

Detailed description of property incl equipment:

1.5 rooms, 1 kitchen, 1 hall, 1 bathroom, 1 balcony and 1 basement. Windows with double glazing. Cable connection. The apartment has district heating. High-rise from 1972, Location Im Mainfeld, clean and well maintained property. Apartment is on the 3rd floor.

The property is one of the architectural and urban developments of the early seventies, which is positive to note that the system has an overall above average care and conservation status (compared with many other high-rise buildings of this generation).

The apartment is rented to the same user since 1 January 2000. The tenant is not in dispute with the owner. There are according to a statement of the owner no outstanding rents, rents are paid on time. The lease is unlimited. (To be considered is the 9-month notice period for own use).

The Council Decision that exists as of 2007, mentions a renovation of the west façade, the roof and various parts of the heating system, which among other things have apparently also served the energy improvement.

Is it possible to use the apartment oneself?

The tenant has been informed that this can happen. He was offered the apartment first. Law is for personal use (which may also be claimed for a child or other person of the household) to observe the notice period of nine months.

How does this property rate for an investor who rents it out?

The specified allocation amounts are estimated, the landlord currently receives a warm rent of 510 EUR and does not do a statement of service charges. In the overall review a sum of 280 EUR remains of the 510 EUR (wherein also the expenses for other maintenance costs that are not part of the cost allocation, and the reserves were subtracted).

If we add the property tax of about 17 EUR per month, approximately 263 EUR remain. These provide in relation to the purchase price a return of 3.55%.

The Reserve Account

In reviewing the reserves one thing showed up as very positive: Out of the 139 units in this complex not one has not paid! The reserve account has on 31.12.2014 a balance of 420,817.62 EUR. In the same year, approximately 440 000 EUR was spent on upgrades and repairs, which were partly financed by a special assessment. This accounted for a share of 625.50 EUR on the apartment.

Note

There are no entries in the land charges register and no value affecting rights in the land register.

Margin (annual net rent : purchase price):

3.5 %

Price per sqm:

2000 €

Description of location:

Shops for daily needs within walking distance. Public transport is nearby (tram stop Hardtwaldplatz about 5 minutes. S-Bahn Niederrad about 10 minutes).

Connection to traffic routes / public transport:

Autobahn access: Frankfurter Kreuz, about 3 km away. Frankfurt Central Station about 4km. Airport about 6 km away.

General noise level of location:

Quiet

Number of Units in Building:

139

Renovations done in the building:

The roof was restored (2008). The entrance hall has been modernized. The heating system and hot water lines and heating pipes are rehabilitated (ca. 2011). A central satellite system was installed. The Westfaçade was renovated (2012). The elevators were refurbished and modernized (2012). The circulation system of the hot water tank was renovated (2012). The garden and fence were repaired. The planting, hedges etc. were repaired.

Renovations to be done in the building:

Modernization needs on the community property remain on the windows, which according to a recent decision are to be replaced as needed and to be funded from the reserve, and in the underground garage. A lump-sum for the replacement of defective windows was decided; the execution takes place in a uniform appearance). Currently a quote has been requested for the restoration of underground parking. A cost plan that has not yet been decided upon for this purpose refers to a special assessment for this apartment, which would at a level of about 3000 EUR for this apartment.

Funds available in the reserve account ca.:

420817.00€

as per date:

31.12.2013

Renovations done in the flat:

The apartment was completely renovated in 2014, for example, equipped with a new laminate flooring and freshly painted. It is in a good and clean overall condition. The tenant has renewed several things in the apartment himself, which reaffirm his interest in a good tenancy.

Renovations to be done in the flat:

No current renovations needed in the apartment.

Type of heating and warm water preparation:

Remote Power station

More options on heating:

Central heating system

Parking options:

Parking place outside

Comments regarding parking situation:

Parking spaces are rented in this complex from the property manager on behalf of the Community. Each apartment has the right to obtain a parking space for rent. For years, this apartment has always gotten a parking space in the garage. The parking space is included in the rent of 510 EUR.

Other information or specialties:

The overall assessment of the property is positive. The owners are obviously very interested in maintaining the value of the property and the property management is committed accordingly. It is located two minutes from the Main River, with all the recreational opportunities the south bank of the Main has to offer.

Which is the most characteristic feature of this property:

Very good high rise property on the Main river

About reason for sale:

Age-related

Helpful Links (external):

Information on revocation right

AllGrund Property ID: 201334

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