Investment project for sale in the quiet center of Riga

One of the most exclusive houses of the city of Riga is located in the central part of the city - in the Quiet Center, which is famous for well-kept parks, foreign embassies, exquisite restaurants and art nouveau buildings. The building, built in the early 19th century, is a local architectural monument. The property consists of 58943/388080 ideal shares (31 apartments ranging from 42 sq. M to 147 sq. M, on the first floor - retail premises, belonging to ~ 93% of the total building) of the historic 6-storey residential building and the adjacent land plot . The building is partially rented. The building can be reconstructed for residential and office premises of the Lux class. The total area of the building is 6607 m2. Plot of land in 2012 m2. The owner has developed a proposal for the development of the facility: Apartments: 4374 m2 (36 apartments with an average area of 121. 5 m2) Warehouses: common places for bicycles and wheelchairs, utility rooms Commercial premises: 1345 m2 (4 commercial premises with an average area of 204 m2) Possible device 5 parking spaces in the courtyard of the building Additional Information It is supposed to remake the historical premises of the school into exclusive apartments At least 4 universal commercial premises with separate entrances from the street and the possibility of placing restaurants To the commercial areas joins the basement of the building and the former assembly halls Apartments of the 6th floor are two-level and are combined with an attic Apartments are built with preservation of historical staircases and entrance groups Expected income from the project Expected sales proceeds - 24 M EUR (with the sale price of apartments and commercial premises in 5000 EUR / m2). According to the owner's calculations, the possible return on investment (ROI) is 65%. Sold area Total area: 6607. 7 m2 Land area: 2012 m2 Designing: 1,5 years Construction: 1-1,5 years