Charming renovated apartment building with 6 small flats and high yield

For sale is an apartment building in Graz-Eggenberg with 6 small apartments. The house originally dates from 1660 and has been carefully revitalized over the past 10 years in order to preserve its charm. It comprises 6 small apartments on 3 levels with a total of approx. 210 m² of usable residential space, partially basemented. The property is currently used as an investment asset. One-year lease agreements exist with the Province of Styria, which are renewed annually. These are regular residential lease agreements (no accommodation business). The details are as follows: by mutual agreement with the Province of Styria, a 3-month notice period has been agreed; this is not a main rent structure in the classic sense and there is no fixed term under the Austrian Tenancy Act (MRG). At present, 15 persons are accommodated; accommodation of a maximum of 22 persons in the entire house would be possible. Net rental proceeds (i.e., rental income after deduction of expenses) currently amount to around EUR 50,000 per year. The property is fully furnished and equipped with inventory, from cutlery to a microwave and washing machine. There is a complete project development with a positive building permit decision (file no.: A-17-BAB-158712/2022/0018) issued by the City of Graz, Building and Facilities Authority, dated 4 January 2023. The project development provides for further conversion with balconies and a terrace as well as a private garden. In addition, a dormer window with a view of the Plabutsch forests and photovoltaic panels on the roof. See the renderings at the end of the exposé. Regarding photovoltaics, an offer is available for a 20 kW solution with a projected payback of the system after approx. 6.5 years assuming 70% use of the fed-in electricity. Heating is provided by modern infrared panels; on the ground floor there is additionally wall heating. A district-heating connection would be available on the neighboring property. The electrical installations were brought up to the latest standard in 2022.