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September 2010

Berlin Real Estate Investment

 

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Joint Package Deal on Office Condos Downtown Berlin
Kurfürstenstr. 79
D-10787 Berlin

 Deutsch
Kind of Property Office, Commercial and Residential Building
Year of Construction 1974
Addition of Stories 1995
Total Floor Space approx. 3,491 sqm / 37,563 sq. ft.
Total Units in House 20
Corner Site approx. 991 sqm / 0.25 acre
Elevator Yes
Possible Use e.g. Office, Medical Practice, Call Center and similar, 2 Studio Flats
Portion on Floor Space approx. 1,900 sqm / 20,444 sq. ft. (plus portion on lobby)
Units 13 (of 20, so about 56% of the shares)
Underground Car Spaces 34, of which 26 are actually usable
Actual Monthly Net Rent over-all EUR 16,376 plus utilities incl. parking
Actual Annual Net Rent over-all EUR 196,507 plus utilities incl. parking
Purchase Price (from) EUR 1,970,000
Purchase Price per sqm from about EUR 1,035
Cap Rate approx. 10-times the Rent Roll
Rental Yield approx. 10%
Visual Impressions
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Location of Property
Property Description and Features
Location The property is located on the administrative Berlin district Mitte, sub-area Tiergarten. It's an excellent business location in central Berlin. It's only about 700 m from the well-known department store KaDeWe as well as subway, city train and regional train station Zoologischer Garten (e.g. lines U2, U9, S5, S7, S9). There are several bus routes available. Within convenient walking distance there is also the subway station Wittenberplatz, connecting to lines U1, U2 and U3. Via Bismarckstr./Kaiserdamm or the ever busy Kurfürstendamm there is easy access to the inner city highway.
Description Initially the building complex had 5 stories. In the mid-1990's two further floors have been added, so since then it comes out to be a 7-story solid structure building with underground garage. The corner block has 2 elevators of which one is a glazed private lift, exclusively stops on 5th and 6th floor. The features of the office, commercial and residential building range from district heating, indivdual hot-water heaters, wooden and steel framed insulated windows, outer shutters, lightweight walls for flexible layouts, carpet, parquet and laminate floorings, inner L/G restrooms, small kitchens to granite floor in the lobby.
Division The units in question are tenanted and positioned on 1st and 3rd as well as on 4th to 6th floor. They total at 11 offices (incl. 2 studios), a portion on the lobby and 1 ownership is the 34 underground car spaces, partially duplex-parking.

The complete building comprises of 20 units what actually means, that the purchaser will get the majority of about 56% of the total shares on the owner's association.
Miscellaneous The offer is subject to confirmation and free of commission for the buyer.

Details based on statements of the owner and the creditor bank (rent as of July 1, 2010). We can't assure for their correctness and/or their wholeness consequently. Errors in detail and transmission as well as mistranslations reserved.
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