Perhaps the best offer for investing in a currently profitable apartment building in the very center of Riga. The building, after a complete renovation and in perfect technical condition with wear of up to 10%, will yield to come for many decades, commissioned in 2021.
The total area of the building is 1527 m2, located on a plot of 657 m2, with 6 parking spaces, and entrance to the territory through automatic gates. The property is situated in a quiet location shielded from city noise.
There is complete technical documentation for the renovation work, including the design and structural aspects. Relevant examinations were conducted before and after the renovation, and energy efficiency certificates for the building and all premises were obtained. Additionally, the project for connection to central heating from AS 'Rīgas Siltums' has been approved.
During the renovation work, the following was done:
- Strengthening and waterproofing the foundation.
- Wooden compartments were replaced with reinforced concrete.
- A high-quality roof made of rabbet roofing is installed and insulated.
- A modern elevator is installed.
- The building's sewer system, heating and water supply systems, electrical wiring, and all electrical distributors and meters were completely replaced. A separate optical cable is installed for each floor of the building and each individual property.
- An alternative water supply system has been installed in case the building disconnects from the city water supply.
- Electrical communications have been replaced throughout the building, and a modern ventilation system has been installed.
- An intercom system at the main entrance is connected to each apartment.
- An automated heating system with 2 gas boilers (40 and 107 kW) provides uninterrupted heat and water supply to each compartment of the building.
- Individual heat meters are installed for each room, allowing you to regulate the heat supply and significantly save on utility bills.
- All internal communications of the building are owned by the landlord.
- A video surveillance system is installed around the perimeter of the building and on the floors. A security system and a fire safety system are installed in all rooms and apartments.
All rooms and apartments have high-quality repairs, built-in furniture, and appliances. The property consists of 14 separate compartments (including apartments and commercial rooms) with assigned separate cadastral numbers (not shared ownership). The building has a combined use status:
- 60% residential real estate that brings permanent income from long-term rentals - 11 separate apartments ranging from 21-112 m2.
- 40% of the building has the status of a medical institution – this is very rare and has high liquidity and demand in this part of the city and will always attract more solvent tenants.
To provide the building with additional hot water, two boilers with a capacity of 500 liters are used – this system is connected to forty solar panels that are installed on the roof of the building. The total income from the long-term lease of all premises is 9% per annum.
The property is not mortgaged and has no debt obligations to utility providers. It is well suited for mortgaging by all major banks in Latvia. Considering the rapidly growing demand for the purchase of profitable real estate in the center of Riga, this offer is completely competitive, new, and highly liquid on the market today.
Contact us and we will arrange a viewing of this property and provide all the comprehensive information and documentation for this property in the near future.
