Residential building on Amerikis Square
12 apartments and 2 shops · 760 m² · residential building
Athens, Amerikis Square area, Greece · Property code BI-GR-001
Offer to the investor
- Property
- Residential building on Amerikis Square, Athens: 12 apartments and 2 shops, renovated in 2006.
- Status
- Bridges has agreed terms with the owner and reserved the building. Document and building checks are under way.
- We are looking for
- An investor for the purchase amount: about €1,431,500 including deal costs and cosmetic works.
- We offer
- Participation in the purchase through the project company and a share of net income from letting all 12 apartments.
- Bridges does
- Due diligence, the notary purchase, preparing the apartments, letting, upkeep, taxes and reports.
- The investor receives
- A share in the company that owns the building, distributions from rent, access to documents and regular reports.
- Yield
- €86,400-93,600 of rent a year, 6.6-7.2% on the purchase price, about 4.7-5.1% net on the investment amount.
Key facts
- Type
- Residential building with shops
- Status
- Reserved, open to investors
- Apartments
- 12
- Shops
- 2, ground floor
- Apartment area
- 760 m²
- Floors
- ground floor, 3 floors and roof
- Full renovation
- 2006
- Services
- elevator, gas heating
- Condition
- ready to let, cosmetic works
- Strategy
- letting under Bridges management
About the property
A building in central Athens on Amerikis Square. In 2006 it was fully renovated: services were replaced, an elevator and gas heating were installed. The apartments are ready for tenants after cosmetic works. Bridges acquires the building into a separate project company and lets all 12 apartments under its own management.
Units by floor
- Ground floor
- 2 shops, 2 apartments of 53 and 47 m²
- Floors 1-3
- 3 apartments per floor: 63, 58 and 89 m²
- Roof
- 30 m² apartment and terrace
- No renovation needed, cosmetic works only
- Elevator and gas heating
- Ground-floor shops as extra income
- Roof terrace
Investment terms
- Purchase price
- €1,300,000
- Acquisition costs
- about €71,500 (transfer tax, notary, lawyers, 5.5%)
- Cosmetic works and furniture
- about €60,000 (€5,000 per apartment)
- Investment amount
- about €1,431,500
- Owner of the building
- project company in Greece
- Participation format
- a share in the project company or a loan to it, per agreement
- Management
- Bridges: letting, tenants, upkeep, taxes, reports
- Investor distributions
- from net rent, on the agreement schedule
- Bridges fee
- management fee and a share of the result, fixed in the agreement
- Exit
- sale of the building or a share buyback
Yield
- Monthly rent per apartment
- €600-650
- Annual rent, 12 apartments
- €86,400-93,600
- Gross yield on purchase price
- 6.6-7.2%
- Vacancy and management
- 8% and 15% of rent
- Net annual income
- about €67,600-73,200
- Net yield on investment amount
- 4.7-5.1%
Calculate with your own assumptions
Assumptions
- Annual rent
- €90,000
- Gross yield on purchase price
- 6.9%
- Gross yield on investment
- 6.3%
- Net annual income
- €70,380
- Net yield on investment
- 4.9%
- Total investment
- €1,431,500
Estimate based on assumptions, before corporate tax. Rental rates are confirmed during due diligence. Not an offer or a promise of returns.
Documents
The property fact sheet can be downloaded now. Other documents are shared after a short introduction and a confidentiality agreement.
- Property fact sheetPDF · key facts, terms, yieldDownload
- Investment memorandumPDF · full calculation, scenarios, deal structureRequest
- Land registry extractPDF · title and encumbrancesRequest
- Floor and apartment plansPDF · areas and layoutsRequest
- Technical reportPDF · condition of the building and servicesRequest
- Draft investment agreementPDF · share, rights, distributions, exitRequest
- Draft management agreementPDF · Bridges duties and feeRequest
How the deal works
We do not resell the property. The building is bought by a project company set up by Bridges. We are responsible for the acquisition, works, letting and reporting; the investor finances the purchase and receives their share of the income.
- ReservationBridges has agreed terms with the owner and reserved the building.
- Due diligenceA lawyer checks title and encumbrances, an engineer checks the building. The investor receives the reports.
- Project companyWe set up a separate company in Greece. The building will be registered to it, not to Bridges or third parties.
- Investor agreementWe sign an investment agreement: share, rights, income distribution, exit.
- Purchase at the notaryFunds go from the project company account to the seller through the bank; title is registered in the land registry.
- Preparation and lettingCosmetic works, furniture, lease agreements. Bridges lets all 12 apartments.
- Income and reportsRent goes to the project company account; after expenses the investor receives distributions and a regular report.
Bridges is responsible for
- Sourcing, negotiation and the purchase price
- Due diligence: lawyer, engineer, taxes
- Setting up the project company and the notary deal
- Works, furniture, preparing the apartments
- Finding tenants, leases, collecting rent
- Building upkeep, utilities, company taxes
- Regular investor reports
The investor receives
- A share in the company that owns the building
- Their share of net rental income
- Approval of key decisions: budget, sale, price
- Access to documents: land registry, contracts, accounts
- Reports: money, occupancy, expenses, photos
- A clear exit: sale of the building or a share buyback
How investor money is protected.
- Separate company
- The building belongs to the project company. It has no other debts and no other properties.
- Money through the bank
- The purchase is paid from the company account through the bank and the notary. No cash, no intermediaries.
- Title in the registry
- The company ownership is registered in the Greek land registry; the investor receives the extract.
- Decisions together
- Selling the building, new debt and major expenses only with the investor consent.
Which agreements are signed.
- Non-disclosure agreement
- Before the full property dossier is shared.
- Investment agreement
- Amount, share in the project company, rights, distributions and exit.
- Articles and shareholders agreement
- How the company makes decisions and what requires investor consent.
- Purchase agreement
- Acquisition of the building by the project company at the notary.
- Management agreement
- Bridges duties for letting and upkeep of the building and the fee for them.
The final structure of the agreements is agreed by both parties lawyers before signing.
What is checked before the deal
- Title
- Land registry extract, encumbrances, status of each apartment and shop.
- Permits
- Compliance of the apartments and the rooftop unit with the permit documents.
- Technical
- Condition of services, elevator, roof and facade after the 2006 renovation.
- Rent
- Confirmation of rental rates by local transactions and our clients demand.
Location
A residential district a few minutes from the centre, home to students, young professionals and families, so apartments let all year round.
Nearby
- Metro line 1 within walking distance
- Pedion tou Areos park
- National Archaeological Museum
- Omonia Square and the centre in 10-15 minutes
- Local shops, cafes and schools
The map point is the centre of the area. The exact address is in the property dossier.