An Insider Find — It Could Be Your New Home in La Bastille!
Every now and then we come across a property ‘for sale by owner’ through our ‘inside’ sources worth considering. In this case, it’s an American director of a rental agency much like ours, but whose own apartment is being placed on the market. The apartments is already a proven rental property — so that’s one requirement you can ‘check off the list!’ This means it’s move-in ready with nothing to do but unpack your bags. Even the rentals can continue just as if nothing has changed…not missing a beat in generating revenue! And imagine that it’s been well maintained…as a professional would keep every detail ‘up to snuff.’
Well located on rue Sedaine near Place de la Bastille in the 11th arrondissement (Métro lines 5 and 9), this 63 square meter (678 square feet) two-bedroom apartment is more like a home, situated on two levels — the 3rd and 4th. High ceilings and large windows provide great views and an amazing amount of light thanks to a southern exposure…but because it’s overlooking courtyards, it’s quiet and calm.
You’re going to love the beautiful “colimaçon” (spiral staircase) that makes for a special feature in the very spacious living/dining area with a fireplace and parquet flooring. On this same level is a contemporary fully-equipped kitchen with more of the same great views and light, that can boast of having four gas stove burners! Just next door is a powder room for guests.
On the second level are the two bedrooms, each with windows and again, lots of light and views, plus a complete contemporary bath with a large luxurious bathtub! The smaller of the two bedrooms is open to the stairwell and makes a great office, guest room or child’s room. (This room was closed at one time and could easily be privatized once again!) There is lots of built-in storage and lots you can do to enhance the apartment…but none of which is necessary!
The annual maintenance costs run low — about 2,400 will cover your homeowner’s fees and both annual taxes: Taxe Foncière and Taxe d’Habitation. Utilities will run about 100 a month and annual insurance, about 300. With rents at about 150 per night and an occupancy rate of about 70%, that’s a gross yield of almost 40,000!…And after maintenance costs (but before agency fees), revenues of about 35,000!!
To top it all off, the apartment comes with a “cave” (cellar) to store all your extra belongings and all the furnishings — a value of about 10,000 that at the time of closing, reduces your closing costs by about 700.
This is an ideal “pied-à-terre” for the Francophile investor — someone who wants a home in the City of Light they can use when they want and can rent as they like.
The asking price? 575,000 (plus a finder’s fee of 3%)…a big bargain at about 9,000 per square meter, move-in ready and revenue-ready!
If you are a serious potential buyer, we will be happy to provide more information and show you more photos of the apartment. Just email us at [email protected]
Director of The Adrian Leeds Group, LLC
Respond to Adrian: [email protected]
P.S. This property is the kind of insider find that doesn’t come along often! The purchase will be easy and the continuation of management seamless. Don’t take too much time to think about it…as the old saying goes — “you snooze, you lose.” Email me TODAY!: [email protected]