Investment 1 500 m² in Budapest, Hungary
Hungary, Budapest
€1,79M
Location
Property characteristics
Property parameters
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Total area1 500 m²
Description
Located in the surroundings of Magasút, at the border of the 11th and 12th districts, this property offers an innovative investment opportunity for the prospective owner. Situated on a 3305 square meter corner plot, there are two buildings occupying a total of 1491 square meters. The "A" and "B" buildings were constructed in the 1980s and currently operate as a functional apartment hotel, with an occupancy rate ranging from 85% to 90%, and with consistently leased units.
In the "A" building, which features a basement and an attic conversion, there are 7 one-and-a-half-room and 11 one-room hotel suites. The ground floor houses the reception area, while the basement contains various utility rooms such as a conference room, laundry room, or storage areas, as well as technical rooms.
The "B" building features a restaurant and a cocktail bar on the ground floor, with 12 balcony-equipped one-room hotel suites on the upper floors. The basement of the building houses kitchen facilities, storage rooms, and employee changing rooms.
Heating is centralized, provided by a gas boiler, and the property also includes two tennis courts and 14 parking spaces.
The prospective owner can consider several options for the future use of the property:
The operation of the current apartment hotel can be continued, providing a stable income.
Under the concept of an elderly home, the property can be revitalized and become part of an innovative, Western-style service model, potentially as a franchise partner.
Establishing a high-prestige residential park is also feasible with planned modifications, which would entail increasing the buildability by 30-40%.
This property is not just an investment; it is also an opportunity for value creation in the development of the area and the exploitation of the real estate market potential.
Posted at: 28/03/2024
Updated at: 26/04/2024
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Hungary, Budapest
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