Apartment building (10 residential units) in Frankfurt-Ostend

Semi-detached apartment building from 1905/1906 with ten residential units (five two-room and five three-room flats) in the middle residential location of Frankfurt's Ostend, north-east of the city centre on the heavily trafficked Habsburgerallee. The Merianplatz U-Bahn station lies about one kilometre away, and the city centre is reachable within about a 2.5 km cycling distance. The five-storey building is fully basemented and has a total living area of about 697 m².

Of the ten residential units, seven are currently let with rents between 5.67 and 11.06 Euro per square metre of living area, three units stand vacant. The annual gross income of the let units is about 48,700 Euro, with rent increase potential in several existing tenancies below market level. The property has no parking spaces on the plot; parking is only available in the public street space in very limited numbers.

The condition of the building is predominantly sound, with rising damp in the basement and eroded bed joints requiring refurbishment. A wall opening between two flats on the first upper floor must be closed, one flat needs renovation work. The building is electrically heated (night storage heaters and instantaneous electric water heaters), with an energy modernisation due in the medium term. Despite considerable refurbishment need, the property offers potential for a committed buyer in a sought-after central location.

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