House for sale • 575 m² without real estateBerg. Gladbacher Str. 73 Köln Mülheim Nordrhein-Westfalen 51065

The historic multi-family building on offer was constructed around 1905 on a plot of approximately 538 m². It is in a well-maintained condition.

Spread over four floors and a developed attic, the property accommodates 10 tastefully laid out apartments with 1 to 3 rooms. The apartments range in size from approximately 28 to 80 m².

The beautiful attic apartment spans 2 levels.

A sunny roof terrace completes the attic apartment.

In an attached wing, there is also the possibility to create a 30m² apartment (old attic laundry room).

At the rear of the property stands a single-family house for which an architectural design already exists to convert it into a modern 2-family townhouse.

The larger apartment would be around 90m², spread over 2 levels, with its own garden and a garden shed (for exclusive use).

The smaller apartment would be about 50m², also spread over 2 levels, and would feature a large roof terrace (approximately 20m²).

Each apartment is provided with its own access.

The building has already been gutted.

Also at the rear of the property there is a spacious garage/hall.

Furthermore, there is the possibility of facade advertising on the gable above the advertising board.

This could generate rental income of approximately €250.

Five apartments have gas-powered individual heating, three smaller apartments are connected to a central heating system, and one small apartment still features night storage heaters.

Rentability is not a problem at all (minimum €18 net/m²); vacancies occur only due to renovations.

The demand for living space in this area is overwhelming.

For the actual net rent, a fictitious net rent of €15/m² has been included for the owner-occupied attic apartment.

The building could immediately (if desired) be handed over with 5 or 6 vacant apartments.

Reaching the target net annual rent of €110,000 is by no means a problem.

If rented furnished, much higher yields can be achieved.

The floor plans are provided as sketches to illustrate the layout and are not to scale.

According to Boris NRW, the standard land value is €1010/m², totaling €543,380.

The multi-family building is located in 51065 Cologne-Mülheim, an up-and-coming district of Cologne with excellent infrastructure and a vibrant atmosphere offering all the advantages of urban living.

Everything needed for daily life is within walking distance. For example, Frankfurter Straße is only about 450 meters away.

Wienerplatz is also only about 600 meters away. In the immediate vicinity, there are also various retail options, such as a DM store, Rossmann, Woolworth, Aldi, Lidl, 2 REWE supermarkets, several bakeries, several pharmacies, several banks, etc. Health care is covered by many doctor’s offices, located just 400 meters away, and the nearest pharmacy is also within walking distance.

The beautiful Rhine bank in Mülheim invites leisurely walks and is only about a 10-minute walk away. Several gyms, the “Schauspiel Köln” theatre as well as the concert halls “Das E-Werk”, “Das Palladium” or the event hall “Kulturbunker” offer attractive leisure opportunities nearby.

The local dining scene leaves nothing to be desired either: among others, the “Gilden Brauhaus”, the restaurant “COQ AU VIN” and a steakhouse are each located within one kilometer and invite you to enjoy a meal.

The connection to public transport is excellent with several bus, train, and S-Bahn stops within walking distance. In addition, the motorway on-ramps to the A3 and A4 are only about 1 kilometer away, with good connections to Frankfurt, Düsseldorf, and Aachen. This attractive location therefore offers excellent connectivity and all the amenities of urban living.

The building features ultra-fast Gigabit Internet (1000 Mbit/s)

- Netcologne fiber optic

- Vodafone cable

Because the building is under monument protection, landlords have the opportunity to write off 100% of the renovation costs over 12 years (the first 8 years at 9% each and the remaining 4 years at 7% each).

Depreciation (AfA) of at least 2.5% is applicable.

Based on a residual value appraisal, 4-6% should be achievable.

At 4% depreciation, that amounts to €67,320, and at 6% depreciation, €100,980 annual write-off.

Here, I have based the calculation on the purchase price excluding additional costs.

I have chosen an 85:15 split.