Great corner rental building with high vacancy and approved expansion potential – 1160 Wien

Development property with high vacancy & approved expansion potential – 1160 Vienna

An attractive corner-period building in Vienna-Ottakring is offered for sale. Due to its already high vacancy rate and an existing building permit for the expansion of the attic and the courtyard building, it offers excellent conditions for comprehensive project development.

According to the current rent schedule, the property has an existing usable floor area of 1,249.39 m² in total. This is divided into residential areas, commercial areas and a separate courtyard building.

Existing areas

The residential stock currently comprises 23 rental units with a total area of approx. 865.78 m². The already very high vacancy rate is particularly noteworthy.

The current residential occupancy situation is as follows:

• 15 apartments vacant – approx. 56 %
• 4 apartments rented for a fixed term – approx. 33 %
• 4 apartments rented for an unlimited term – approx. 11 %

Several of the units that are still rented for a fixed term also have manageable remaining terms, which means that the available stock may increase successively.

Commercial areas

The ground floor contains a total of 4 commercial areas with a total area of approx. 262.97 m².

Of these, currently:

• 1 commercial area with a total of approx. 45,02m² is rented
• 3 commercial areas with a total of approx. 217.95 m² are vacant

This means that a substantial proportion of the areas in the commercial sector is already directly available for new letting, redesign or integration into a future development concept.

Courtyard building

The existing courtyard building has a usable floor area of approx. 87.10 m² and is currently rented for a fixed term.

Existing building permit – approx. 605 m² additionally

A significant development potential of the property lies in the existing building permit for the expansion of the attic and the courtyard building.

According to the information available, a total of approx. 605 m² of additional space has been approved for construction.

In conjunction with the already high vacancy rate, this opens up interesting opportunities for a future owner to renovate, expand and sustainably reposition the entire property.

Areas & existing stock at a glance

• Area
  • Existing stock / status
  • Existing usable floor area according to rent schedule: 1,249.39 m²
  • of which apartments: approx. 865.78 m²
  • of which commercial areas: approx. 296.51 m²
  • of which courtyard building: approx. 87.10 m²

Current rental income & income potential

Due to the high vacancy rate, the property offers considerable potential for a short-term increase in ongoing rental income.

According to the current rent schedule, the current net base rent is € 1.760,- per month net.

Currently, 15 of a total of 23 apartments are vacant. These vacant apartments have a combined area of around 503 m². The individual vacancies and areas are shown in the current rent schedule.

At a calculated net rent of € 7,00/m², this results in additional rental potential for these apartments of:

503 m² × € 7,00 = € 3.521,- net/month

In addition, 3 commercial areas with a total of 217 m² are currently vacant. At a calculated net rent of € 8,00/m², this results in additional rental potential of:

217 m² × € 8,00 = € 1.736,- net/month.

Target rent when the existing stock is fully let

• Item
  • Net/month
  • Net/year
  • Current base rent: € 1.760,-; € 21.120,-
  • New letting of vacant apartments: € 3.521,-; € 42.252,-
  • New letting of vacant commercial areas: € 1.736,-; € 20.832,-
  • Total target rent: € 7.017,-; € 84.204,-

When the existing vacancy is fully let, the current net base rent can therefore be increased arithmetically from around € 1.760,- to around € 7.017,- per month, or around € 84.204,- net annually.

Special features of the property

The combination of a representative Viennese period building, corner location, approximately 59 % of apartments already vacant, additional vacant commercial areas and an existing building permit for a further approx. 605 m² makes the property particularly interesting for developers, project developers and long-term-oriented real estate investors.

The high existing vacancy rate enables the timely development of substantial parts of the building, while the existing rental agreements can ensure ongoing income during the development phase. At the same time, the approved expansion of the attic and courtyard building offers considerable additional value creation potential.

I look forward to your enquiry and am available at any time for questions and to arrange a viewing appointment.

Yours sincerely,

Philipp Grabner

Mail: [email protected]

Tel: +43 664 11 32 004

www.grabner-immobilien.at

Notice pursuant to the Energy Performance Certificate Submission Act: An energy performance certificate has not yet been submitted by the owner or seller, despite our informing them of the generally applicable obligation to submit one and requesting its preparation. Therefore, at least an overall energy efficiency corresponding to the age and type of the building is deemed to have been agreed. We assume no guarantee or liability whatsoever for the actual energy efficiency of the property offered.

Infrastructure / distances

Health

• Doctor <500m
• Pharmacy <500m
• Clinic <1.000m
• Hospital <1.500m

Children & schools

• School <500m
• Kindergarten <500m
• University <2.000m
• Secondary school <1.500m

Local amenities

• Supermarket <500m
• Bakery <500m
• Shopping centre <1.000m

Other

• ATM <500m
• Bank <500m
• Post office <500m
• Police <1.000m

Transport

• Bus <500m
• Underground <500m
• Tram <500m
• Railway station <1.000m
• Motorway connection <4.000m

Distances as the crow flies / source: OpenStreetMap