Land 3 305 m² Budapest, Hungary
Hungary, Budapest
€1,79M
Location
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: 06/04/2024
Updated at: 02/05/2024
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Hungary, Budapest
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