Many historic buildings are currently being reconstructed in Riga. Typically, a developer purchases an entire building, clears all apartments, performs renovation work - facade repair, utility replacement, stairwell renovation, roof replacement, installation of modern heating and ventilation systems, window and door replacement. In some cases, interior finishing of apartments is also completed.
As a result, such houses retain their historic "charm" while being of quality comparable to new construction.
Let us consider one such project.
Address - Klusa Street 11, outer part of central Riga.
Infrastructure: approximately 30 minutes walk to Old Riga. A tram stop is nearby. Opposite the building is a historic park.
Four stops away is the Mezaparks district, with a lake and a forest park area for recreation and sports.
Just a short walk away is also a commuter train station. The commuter train can take you to Riga's seaside (Saulkrasti).
Security: a quite safe location. Directly opposite is a police station and traffic police.
Technical parameters: the building was constructed in 1912. It has five floors. A complete reconstruction has been carried out, and 10 fully finished apartments have been equipped, excluding furniture.
Parking for cars is available in the courtyard.
Storage closets for belongings are in the basement.
A video surveillance system has been installed.
Apartment sizes: one compact apartment 23 sq.m, four-room apartments 75 sq.m, three-room apartments 65 sq.m, two two-level apartments with balconies.
If you purchase a small apartment, the investment "scenario" could be as follows:
· Apartment cost: 50,000 euros.
· Transaction costs up to 3%, i.e. 1,500 euros
· Furniture and equipment purchase: approximately 8,000 euros.
Total: 59,500 euros
Long-term rental: 320 euros per month. Yield: 6.4% per year. Rental income tax: 10%.
Short-term rental. Average rate of 25 euros per day. The apartment is rented 80% of the time during the year, and vacant 20% of the time. Cleaning and laundry: 200 euros per month.
Average annual income: 7,300 euros.
Cleaning and laundry expenses: 2,400 euros per year.
Income: 4,900 euros per year.
Average yield: 8.2% per year. Rental income tax: 10%. If the apartment is rented through a platform (Booking, Airbnb), platform commission applies.
In any case, such a convenient and modern apartment will always be in demand.
If you wish to purchase an apartment in this or another building - contact us, we will be happy to help you.
If you wish to purchase a good real estate property, and personalized service is important to you, if you want to communicate with a realtor and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw your attention to important nuances, complete the transaction, arrange your residence permit, and manage your real estate.
For more detailed information about obtaining a residence permit in Latvia, see here in various sections.
Have questions? We await your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
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