ABOVE & BEYOND
This apartment was an acquisition for strictly investment purposes. It is situated in the 5th floor of a classical Athenian building of flats (polykatoikia) with amazing views towards Lycabettus hill right on the famous Kifisias Avenue. Its location is ideal both for residential and office use. The apartment underwent a total renovation with all the modern amenities and character. The overall size is 100m2 and it has 2 bedrooms, 2 washrooms, storage area, and an open plan kitchen – living room area. 2 metro stations are just a few meters away, and overall, there is super easy access to the downtown area and also towards the posh north suburbs. This apartment can become the ideal Golden Visa unit providing excellent rental yields either as an office space or a place where you can feel part of the urban life of Athens.
- Classical Athenian building
- Open plan layout
- Open views
- On foot access to all the transportation mediums
(2 metro stations a breath away)
- Market area within walking distance
BUSINESS MODEL & NUMBERS
The apartment needed extensive renovation and its main intention was to complete an upper level renovation and re-sell it. The main target market is applicable to the Golden Visa buyers, the bachelor/bachelorette that wants to stay within the city center premises yet close to the northern suburbs and professionals that seek an office space (doctors, lawyers, firms). This particular product will manage to attain high profit ranges (when sold) that are from 60% - 85% on the overall initial capital in a period of approximately 12 months. If rented based on a long term lease plan the expected attained price rage is from 10 €/sqm - 12 €/sqm. That results into a range of 5% to 5,5% yield (gross).
The neighborhood of the apartment can be easily characterized as the Hub of Athens. It is the spot that connects the city center with the posh northern suburbs and has a great load of businesses, office spaces, hospitals and within close proximity elegant private schools. Its reputation expands from famous doctor's offices and law firms to modern office areas and lately elegant urban classical type Athenian apartments. On top of the above, the city's largest and most famous Music Hall (Megaron Mousikis) along with the new National Gallery building area just a few minutes walk away. In general the neighborhood is the modern expansion of the Athens' city center.