Apartment at Petrou Sindika Street 5

Location:
The property is located in the southeast of the city 600 meters from the sea in the area called Mpotzari Forts.
The area is considered one of the most sought-after student areas in the city for the reason that the two main streets have a direct line leading to the largest universities of Macedonia and Aristoli in the city.
Lots of cafes, bars and restaurants in the area.
A huge advantage and a huge option for improvement because the property is located a 4-5 minute walk from a metro station that will open by the end of 2021. Prices in the area are already rising and will continue to rise as the opening date of the metro lines approaches, this is in addition to the upward trend that Thessaloniki is already in.

Property Details:
Low ground floor (you go down 6 steps, but actually the apartment itself is on the ground level because of the height differences between the front of the building and the back)
Size - 44 square meters net.
Two air directions, large windows
The building is in good condition with a clean and well maintained entrance lobby

Project duration:
From the date of signing the property purchase contract to the date of signing a rental contract with tenant(s) no more than 4 months will pass.

Details of the cost of the project - denominated in €:
The cost of the apartment is 17,000
Purchase tax 600
Attorney - 500
Notary - 800
Realtor - 1,000
Tabu registration - 150
Renovation - 13,500
Furniture - 3,500
Interior designer - 500
Cleaning company after renovation - 200
Unexpected expenses - 1,000
Intermediate cost - 38,850
The project leader's fee - 5,500
The total cost of the project - 44,350

Rent and yield:
As mentioned, at the end of the renovation and furnishing/design, we will receive a Gracionera apartment (bedroom + living room).
Real monthly rent - - 450€
Gross annual rental income - €5,400
Fixed annual expenses: apartment insurance €50,
Accountant €100, property tax €100.
Total annual expenses €250
Annual income after offsetting fixed annual expenses - €5,150
Net yield before lowering income tax from rentals: 11.6%
Net return after tax reduction (15% with depreciation offset): 10.2%