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Renovation apartment block in Istanbul for sale with potential
This historic apartment block is located in Galata district of Beyoglu, Istanbul. In terms of location, this area is highly desirable as trendy residences as well as by tourists visiting Istanbul. Beyoglu is one of the cultural and historic centres of Istanbul with a year round occupancy for hotels and short term let apartments. This is a whole apartment block for sale at a bargain price making it ideal for renovation and value addition.
- Not just an apartment but a whole apartment block
- Excellent renovation potential
- Desirable location with 80% plus occupancy year round
FACILITIES & LOCATION
The apartment block has 4 floors, including shops on the ground floor, with a footprint of around 200sqm. Total habitable area is in excess of 800sqm. The block is in need of renovation, however, structurally it is solid. Some floor rearrangements as well as modernisation could convert it to 10 spacious apartments or a small apart-hotel with around 15 suites. A perfect project for an investor looking to exploit the potential of Beyoglu with a modest investment to start with.
If the residential option is pursued, apartments could be rented out on long term contracts or sold as resale. Our feasibility study indicates that on a renovate and rent out basis, project will pay back under 12 years. This includes costs of renovation and acquisition.
As a small boutique hotel, pay back is potentially quicker - as low as 10 years, however, hands on management will be required. Small hotels in Istanbul tend to be owner-managed in order to maximise return on investment. Therefore, this may not suit a passive investor looking to build a portfolio. Hotel strategy will best suit active investors, who are prepared to oversee the management of the business operation.
Why buy in Istanbul?
Istanbul is growing fast and healthy to become one of the top business centres of the region connecting the East with the West. While the city grows, Istanbul real estate prices grow with it – this is your opportunity to make a healthy return and put your own stamp on the market with a viable renovation project.
For more information about this project, including other options and ideas, please call us now and we will be happy to assist you with friendly advice and assistance throughout.