24 apartment rental building with good returns!

The property is located in Grīziņkalns, a rapidly growing area near the center of Riga. The area offers a strong residential environment with nearby parks, including Grīziņkalns Park and Ziedoņdārzis, as well as access to educational and sports facilities.

The building is best suited for future use as a rental property. Currently, 100% of the 24 apartments are leased long-term, as well as 4 of the 6 parking spaces, ensuring a stable cash flow. The apartment sizes range from 14 to 33 square meters, which meets the high demand in the compact rental segment.

There is a clear potential for value enhancement by modernizing the apartments, and the expected income increase is up to 30%. In addition, the property includes approximately 300 square meters of basement space suitable for commercial or warehouse use, which offers additional potential. The offered asset at 5B Sparģeļu Street constitutes a 30% undivided ownership share of the total real estate (cadastral number 01000340090), which is regulated by a concluded Use Agreement.

The property provides an attractive initial yield of approximately 8% based on a current net profit of €61,800. With the specified improvements, the net profit could increase to approximately €90,000, resulting in a potential yield in excess of 10%.