Xenofondos 22

Location:

East of the city, Ipokratio area   the central and sought after by students. 300 meters from the sea and the promenade.

Closest to the largest hospital in all of Greece, which brings the wide range of medical staff working at the hospital into the circle of demand for rent.

Proximity to the two largest universities in the city - 10  a minute's walk from the University of Macedonia and less than 15 minutes to the University of Aristotle

A small street located between two main streets full of cafes, bars and restaurants.

3-4 minute walk from the ipokartio metro station   The future will be opened in about a year and a half   and cable value increases started before the deadline.

 

Property Details:

Parter apartment (go down 6 stairs) large and corner south and west

78 square meters so that it can be divided into two good and spacious apartments.

The apartment is relatively bright compared to low parter apartments because there are 5 large windows and some of them face south.

The building with few tenants, a nice entrance lobby and a clean and tidy stairwell.

 

Project duration:

From the moment of signing the purchase contract to the moment of renting the two apartments, no more than 5 months will pass.

 

General action plan:

Buying - distribution - renovation, furniture and accessories - long-term rental

 

which will estimate the project costs in €:

Engineer  1,000

The cost of the apartment is 22,000 

Purchase tax 900

Another 500

Notary 800

Broker 1,000

Tabu registration expenses 400 

Renovation 22,000    

Furniture and interior designer 6,500

A cleaning company at the end of the 300 renovation

Unexpected expenses 1,500

Intermediate cost  56,900

The project leader's fee is 8,000

The total cost of the project is 64,900

 

Rent and return:

As mentioned, we will divide the property into two separate apartments.

Average monthly rent for an apartment - 400€. For both apartments - 800€

Annual income from renting an apartment - 4,800€. For both apartments - 9,600€

Yield calculation:

Fixed annual expenses - accountant 200, apartment insurance 100 and property tax 150

A total of 450

Net income before tax - annual income from rent less annual expenses - €9,150

Net income after reducing income tax from rentals - €8,000

Net return (net profit) – 12.3%