Investment building in Psyri with Acropolis view
€1,650,000
- 12 Bedrooms
- 12 Bathrooms
- ~485 m² Total surface
- ~485 m² Living area
- ~134 m² Plot surface
Description
Located in the historic center of Athens, in the heart of Psyrri, this four-storey building is offered for sale with a total built area of 485 sq.m., complemented by an additional 107 sq.m. semi-basement and 104 sq.m. of outdoor spaces. Constructed in 1959 with a reinforced concrete structural frame, the property is delivered completely vacant and ready for a full renovation, offering the new owner the opportunity to develop a high-specification project in one of the capital's most sought-after districts.
The building's layout and characteristics allow for a wide range of redevelopment opportunities, including a boutique hotel, apart-hotel, luxury residences, a private urban residence, or a mixed-use development, meeting the evolving demands of today's real estate market. In addition, each floor is already configured into multiple independent studio apartments, representing a significant value-added feature that can substantially reduce both the time and cost required to convert the property into an apart-hotel or other hospitality concept, while still allowing complete flexibility for redesign according to the investor's vision.
Perhaps the property's most remarkable feature is the unobstructed views of the Acropolis from the third and fourth floors. Combined with 104 sq.m. of balconies and terraces, these outdoor areas become an exceptional asset, as Athens' mild climate allows them to function as true living and entertaining spaces throughout the year. The 64 sq.m. rooftop offers the ideal setting for the creation of a spectacular rooftop lounge or bar with breathtaking panoramic views of the Acropolis.
The property is located just 600 meters from the Acropolis and within walking distance of Monastiraki Square, in a neighborhood renowned for its gastronomy, nightlife, cultural attractions, and vibrant tourism activity. Psyrri continues to demonstrate strong growth potential, both as one of Athens' premier tourist destinations and as an increasingly attractive real estate investment market.
The property is legally mature, free of encumbrances and existing leases, allowing for an immediate transaction. Acquisition may be structured either as a direct real estate purchase or through the acquisition of the owning company, offering flexibility in the investment structure.
This is an exceptionally rare investment opportunity combining a prime location, unobstructed Acropolis views, generous outdoor spaces, an existing studio apartment layout, and outstanding redevelopment potential, making it a highly attractive asset with significant long-term value appreciation prospects in the heart of Athens.
BalconyBasementTerraceOpen view
Property details
- Object type
Apartment house
- Bedrooms
12
- Bathrooms
12
- Number of Floors
5
- Total surface
~485 m²
- Living area
~485 m²
- Plot surface
~134 m²
- Usable surface
~593 m²
Energy efficiency information
- Construction year
1959
- Energy efficiency class
D
- Energy certificate available
Yes
- Energy certificate type
Consumption certificate
Location: Athens, Attica
The area of Psyri is one of the oldest in the city of Athens. Its first historical record dates back to 1687. It is located in the historical centre of Athens next to Monastirkaki. Like all city centre neighbourhoods, it has gone through many changes that are really reflected in its architectural character. Neoclassicism and Athenian Modernism coexist in a unique way, with buildings that were previously hosting small industries and shops.
The contemporary district of Psyri is a gathering point for all the creative communities of the city, like artists, musicians and fashion designers, who often run their studios here, and of course this along with its cafes, restaurants and bars is a big draw for tourists. It is a must in the Athenian nightlife with a variety of options. It is excellently connected by public transport to the rest of the city and airport. Monastiraki Metro Station is only 5 min walking distance from the main square of Psyri (Plateia Iroon).
No doubt the area has one of the highest investment returns in the real estate market of Athens and it attracts the interest of many investors either from Greece or from abroad.
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