Building for with 4-star hotel project and potential operator!

Residential building was built in 1905 by architect Konstantins Peksens and is located in Riga historical city center by Old Riga. 

The total area of ​​the building is 5179.3 sqm, it is possible to increase the building area volume after reconstruction to 5675.57 sqm. Attached to the object is a approved project for a 4-star hotel with 129 rooms from M. Hermanson, the author of the project for the 5-star hotel Kempinski. The project already has several tenants/operators who are ready to rent a hotel for 20 years with a fixed monthly payment immediately after construction is completed.

Required investment about € 2 589 500 (500-600 €/sqm) to prepare apartments for rent (11,5 € / sqm) or sale (2 200 - 2 500 € / sqm). Potential NOI from rent is € 623 352 (8,32% yield), potential profit from sale of apartments € 3 519 318 (50,45% profitability).