Apartment Block Germany for Sale at Foreclosure Auction, Redevelopment Project from Court Auction Germany

 

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Redevelopment Project with Allowance for Depreciation
Luetzowring 2, 4/Rudolf-Breitscheid-Str.
DE 15517 Fuerstenwalde


 Deutsch
Kind of Property Multi Family Building in former Equestrian Barracks Complex
Year of Construction around 1935
Beginning of Reconstruction 2002
Site approx. 4,301 sqm / 1.06 acre (1 Parcel of Land)
Building Style Solid Structure
Condition at Present Gutted
Monumental Protection Yes
Stories 4 incl. attic floor plus loft space
Apartments acc. to report 46
Floor Space acc. to report approx. 2,819 sqm / 30,332 sq. ft. (see remark in text below)
Minimum Selling Price EUR 120,000 (Subject to higher bids!)
Price per sqm approx. EUR 43 (Subject to higher bids!)
Market Value set by Court EUR 544,000
Market Value per sqm about EUR 193
Court Auction to be held August 4, 2010
Visual Impressions
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Property Location
Further Details
Location
  • Federal State of Brandenburg
  • District of Oder-Spree
  • Biggest City in Area with around 33,000 inhabitants
  • Important Administrative and Economic Center of the Region
  • Several Industries (e.g. z. B. tyre manufacturing)
  • Historic Buildings (e.g. Town Hall 15th Cent., Hunting Chateau ~1700)
  • Churches, monuments, former barracks etc.
  • Schools and Educational Facilities in town
  • Bus routes e.g. to Erkner, access to Berlin's urban train network (S3)
  • Highway A 12 Berlin-Frankfurt/Oder tangents south part of town


  • Fuerstenwalde sits aroúnd 55 km East of central Berlin on the route to Frankfurt on Oder river, which is another 35 km away. In the last few years a state-of-the-art golf course, a tennis park and a riding arena have been erected in close distance of around 7 km south in the area of Bad Saarow.

    The property in question is situated on the outward road L36, Rudolf-Breitscheid-Str., leading to city of Koenigs Wusterhausen. The house is approx. 1.5 km west of city center at the edge of the woods.
    Description The red brick building with basement is part of a (former) barrack complex dating back to the mid-30's of the 20th century. Similar to further comparable buildings in the city (such as the Ulanen Barracks) extensive redevelopment activities started in the mid- to end-90's to redesign these formerly military complexes into modern apartment buildings. Next to this block there are several completed and tenanted houses of same structure which help to picture the possible future layout.

    With the started refurbishment in 2002 the building has been completely gutted and the roofing has already been renewed.

    According to the appraisal report the ceiling height varies between about 2.80 to 3.10 m / 9.18 to 10.17 ft., depending on the kind of rooms. Following the plans the future Studio to 1-Bed Apartments shall offer West facing balconies and dormer windows (16) at both sides of the attic floor. Each story shall comprise 12 flats, the top floor 10 flats, averaging from about 47 to 78 sqm or 506 to 839 sq. ft. in size.

    Each accommodation shall feature inner bathrooms with tub, toilet, basin and hook-up for washing machine, kitchen with built-in cabinets as well as a small storage room. Whether the purchaser actually will realize these features can't finally be judged from us. Same goes for the permission or possible restrictions of the building department about this planning. According to our own research the attic floor should not get permission for residential use, thus the total floor space finally should be 2,174 sqm / 23,392 sq. ft.

    The inner walls have already been exposed. Neither windows, nor doors or balconies have been installed yet. So far we can't make statements about possibly existing supplying connections.

    Parking lots are available at the Northern side heading the Rudolf-Breitscheid-Str.
    Remark The purchaser may opt to benefit from Allowance for Depreciation on Landmarked Buildings acc. to §7h EStG, which is the German Income Tax Law, that allows higher depreciation of the building costs in redevelopment areas. Please discuss this opportunity with your tax adviser.
    Miscellaneous The offer is subject to confirmation and free of commission for the buyer/bidder.

    Details based on statements of the judicial appraisal report. 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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