belastet mit Erbbaurecht (Mehrfamilienhaus) in Hamburg-Eimsbüttel

The property in Hamburg-Eimsbüttel, Osterstraße 9/11/Eppendorfer Weg, is built with a 4-storey apartment building with 12 residential units and 3 commercial units on the ground floor as well as a 1-storey shop annex, which was built around 1964 and is located in a good residential area near the lively shopping street Osterstraße. The property has a basement and is fully let, with the flats ranging between around 29 and 54 m² in size and achieving an average cold rent of 10.55 €/m², while the commercial areas on the ground floor (177 m², 60 m² and 95 m²) show below-average rents under 20 €/m² with short lease terms. The property is additionally encumbered with a heritable building right (Erbbaurecht) running until 2062 as well as a right of first refusal.

A comprehensive internal inspection of the residential and commercial units was not possible; however, defects to the facade, balconies and exterior basement staircase as well as moisture damage in the basement area and defective loft insulation were identified during the site visit. The heating system was renewed in 2017, no further significant modernisation was carried out in the last 15 to 20 years, so buyers must take into account a certain need for renovation in addition to the ongoing income.

Wording of the local court, taken from the official auction notice.