Investment Property in Čiekurkalns – Apartment Building with High Development Potential
A promising investment opportunity is offered for sale in Čiekurkalns – a two-story apartment building with a spacious adjacent land plot. The property is sold in its entirety (100%), with all co-owners agreeing to a joint sale, making this a swift and secure transaction for a new developer. This is a classic "value-add" project that provides ample opportunities to increase the property's value and secure future returns.
Basic Property Data:
Address: Čiekurkalna 8. šķērslīnija 10, Riga.
Building area: 644.5 m².
Land area: 2193 m².
Number of floors: 2 above-ground floors, an attic, and a basement.
Premises groups: 10 apartments.
Legal Status and Ownership:
The building is sold as a whole. The property has 3 owners (8 apartments belong to one owner, the remaining 2 belong to two others), who are conducting the transaction jointly.
The property has no legal encumbrances.
There are no long-term tenants or other circumstances in the building that would prevent the immediate commencement of development plans.
Technical Condition and Utilities:
The building is not in a state of emergency and its geometry has been well preserved (the building stands level), but the object requires capital renovation.
Structures: The perimeter walls are of wooden construction. Around the stairwell and at one end of the building, there is brick masonry (a firewall bordering the neighboring land plot).
Ceilings: Between the basement and the 1st floor, there are historical brick vaults (reinforcement is required). Between the 1st, 2nd floors, and the attic – wooden beam ceilings.
Utilities: Currently, the building has wood heating and worn-out utility networks, but all necessary city engineering communications are available along the street. It is possible to connect to the city's central heating ("Rīgas Siltums") or gas heating.
Land Plot and Territory:
The building is strategically located in a quiet courtyard with convenient access from the street.
The spacious courtyard allows for the construction of a sufficient number of surface parking spaces.
Additional cash flow: A part of the land plot is located under the neighboring building, generating a lease fee of approximately 1000 EUR per year.
Land exchange possibility: The neighbors are offering to exchange land for an equivalent and similarly sized adjacent land plot, which opens up additional opportunities for territory optimization.
Development and Exit Scenarios:
The layout and location of the object allow for several monetization directions:
Capital renovation of the building and the sale of the existing 10 apartments.
Increasing the usable area and the number of apartments by building out the attic floor.
Transforming the basement (vaults) into private storage rooms, providing additional income.
Landscaping the courtyard, as well as creating and selling parking spaces.
