28 TOURIST APARTMENTS (1,100 M2)

Description

Entire floor of a building on Avenida del General Perón in Madrid, 50 metres from the Santiago Bernabéu stadium and opposite the Castellana Congress Centre. The second floor, measuring 1,100 m² and currently used as offices, holds a granted licence for change of use to tourist apartments, with a project for 28 units: 18 studios, 8 one-bedroom and 2 two-bedroom apartments. The floor has independent access, a lift dedicated exclusively to floors 1 and 2, and two emergency staircases, one of them exclusive to these floors. Estimated CAPEX is 1.2 million euros, plus 200,000 euros of FF&E, which the operators would share at 50%. The property already has operating offers from several operators, both fixed-rent (12- and 15-year contracts) and management agreements, with an estimated yield of between 8% and 10% depending on the operator, based on an ADR of 175 euros and an average annual occupancy of 85%.

City

Madrid

Built Area

1,100 m²

Energy rating

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