Property description
- Latvia, Riga, Old town
- Peldu (Old Town)
The building was built in 1890 and used as an apartment house. There are several offices and apartments at present moment. On the ground floor located two commercial premises rented by a cafe. There are also basements suitable for restaurant halls or for storage.
The building has brick walls, wooden stairs, and a tin roof. City water supply and sewerage have been carried out. The heating in the building is electrical only. Exist possibility to connect gas heating, the necessary pipes pass near the building.
Close to the building located boutique hotel, restaurants, and cafes. After renovation, the building can be used as a private apartment for one family or for commercial purposes as a boutique hotel, apartments for rent, small offices, a club, restaurant, cafe, etcetera.
A partial renovation was carried out in the building, but at the moment major repairs are required. The most attractive features of this building are its unique location and an adequate low price of 1054 euros per sq.m. At the same time, apartments in new or renovated buildings in the old city are selling for 2500-3000 euro per sq.m. So there is an opportunity for investment and development of the building for commercial purposes. The building does not have the status of a historical protected object, so it can be rebuilt and reconstructed without any restrictions.
Basic parameters:
Location on Map
What you should know, purchasing a property in Latvia
** After rental period you check out, own your property, and:
1. give it for rent and get the loan covered keeping real estate till the highest market to resell, or
2. resell and get the invested money + capitalization profit
In both cases, your rental costs when purchasing real estate are reduced by an average of three times.
