Amenities & Services
Two fully renovated, fully leased buildings containing 181 apartments, 5 stores, 2 garages and 9 parking spaces in Riga.
Site 1: Matisa 38 is next to Ziedonu Park, it is on two transport routes to the central train and bus stations and is close by to various retail outlets. Site 2: Barona 109 is located on the main pedestrian and bike street in the city, it is located on a tram stop and is also near to a sports complex, the city’s main health centre and two schools.
Matisa 38 is gas heated which brings heating costs down by 30% and Barona 109 is lit entirely by LED, properties lit in this manner have very low electricity costs. Tenants are local working professionals that make up 65% of the people living there and 35% expats working or studying in the city.
Unit pricing is 1,630 euros per square metre. The payment terms only require legal fees and payment agreement as additional costs. Total income gives a 7% NET return, tenants cover all costs for the owner, including property tax. The largest bank in the area is willing to lend around 78% LTV finance towards the purchase.
The current owner has renovated the buildings to be Landlord friendly in this generally pro-Landlord country, and has offered to consult, free of charge for the new owner if required. The current owner will ensure that both buildings are fully leased when the purchase is completed which will take 30 days.