Budapest Property Sales
Bedrooms:1 and Bathrooms:1
Size of apartment: 45 m2
Enchanting and typical top floor, 2 room, classic apartment in beautiful turn of the 20th century period building, light, bright and quiet as facing to a green courtyard
It has also been planned and costed to be split into 2 studio rental apartments of 30sqm each, perfect for either short stay or longer professional or international student rentals.
Sales price is 37mft with a rental income of 500 euro per month giving a yield of over 5% at present
With a 15mft renovation plan turning into 2 duplex studios of 30sqm then the apartments can be rented for a net of 1000 euro per month (2 x 500 euro)giving a yield of over 7%
This opportunity lies in the most central part of the downtown and equidistant from the Danube/downtown nightlife and pleasures of the city park (where work has already started on the multi billion huf upgrade to the city park and its new museum quarter).
For those who know Budapest and the future plans for the city, this is already the most dynamic places to invest in and one of best parts of the city to stay / live in. With a grid of properties all of classical architecture based around the 3 grand avenues of Andrassy, Ligeti Fasor and Damjanich the area has long been popular with young Hungarian professionals who could not afford the high prices of the 5th and sixth districts nor wanted the noise and dirt of the booming nightlife sectors of the city.
It was originally built to house the professional classes of the city and their domestic staff and is now also very popular as a residential area for the international diplomats housed in many of the villa embassies at the Park end of Andrassy Utca.
The apartment itself is run down but still functional for lower level rentals so representing a turn key investment as is. However with a complete renovation into two studios which is both easy and appealing given its two entrances then the yield can be improved further from 5% to 7%
2nd (top) floor, light and quiet. Currently a 45 sqm base area with 3.8 meter high rooms. Conversion would include creating 2 x 8sqm galleries in each apartment giving a total of 60sqm of living space split across 2 apartments.
Cost price: € 117,834
Realistic rental expectation: € 600 / month
Management fees: € 50 / month
Yield (excluding any taxes): 5.6 %