SPECIAL EDITION: The Old Port has a New Offering (Great One-Bedroom Apartment for Sale)
“Rue Bonaparte is at the heart of the renaissance of the Old Port in Nice. The entire neighborhood has benefited from the total renovation of nearby Place Garibaldi completed only a couple of years ago. There are many new, charming and affordable restaurants, as well as a handful of new gay bars, which only means properties–and values– will improve. It’s the happening place in Nice, and it’s just starting.” Timothy J. Smith, author and new resident of Nice.
Tim’s not joking. He sent me a stack of brochures and maps the city of Nice is pumping into the community about all the regentrification that is taking place including the “Promenade du Paillon,” the “Nouveau Tram de l’Ouest à l’Est” and the improvements being made on the streets that join the Place Garabaldi with the port.
(You can read all about these city improvements in greater detail by visiting yesterday’s French Property Insider.)
Fortunately for all of you who may have an interest in Nice, particularly in the area around the Old Port where it’s seriously ‘movin’ and shakin’,’ we have the inside scoop on a 50 square-meter one-bedroom apartment in the heart of the Quartier du Port on the already gentrified rue Bonaparte where Napoleon lived in the 1790’s! It’s an apartment that one of our readers who has owned it several years now wishes to sell it!
I’ve stayed in the apartment myself and thoroughly enjoyed the apartment and its location. On the second floor of a typical Niçois building with a marble staircase, it has one balcony overlooking the street facing south with full sun just off the dining room/kitchen and another one off the bedroom overlooking a small private inner “courette.”
The living room/dining/kitchen is spacious with three large floor-to-ceiling windows facing south overlooking rue Bonaparte letting in tons of beautiful sunshine. There is a nook which works perfectly as an office space without detracting from the spacious living room.
It has a bathroom with bathtub, toilet and “bidet” and a separate second toilet. It is being sold completely equipped with all the furnishings, including a washer and dryer which conveniently is placed in a ‘shed’ on the back balcony.
This has been a successful rental property for many years, but with a refresh/renovation/redecoration to bring it to the standard of a high quality rental property, it will not only make a great place to live and enjoy, but an outstanding rental property as well. Anything you put into it will be well worth it! And with the improvements taking place in the city and especially around the area of the Old Port, this property is becoming an even stronger investment all the time.
The asking Price is 329,000 + 3% Finder’s fee. Allow approximately 100,000 and the expertise of an interior architect/designer such as Martine di Mattéo (M Concept) to turn it into a jewel! Here is her downloadable brochure.
With closing costs of about 7%, the total price of the property will be about 360,000, plus the renovation costs. If you take an 80% loan, your cash investment will be about 100,000 before you begin the renovation.
This property is very similar to the apartment I own in Nice, “Le Matisse.” The investment is approximately the same and as a one bedroom in a great location, rental revenues would be very similar. The rents we offer are as follows:
Price (everything included), based on a range depending on availability and season: Per Night 90 to 175 (minimum of 3 or 4 nights), Per Week 570 to 1,105, Per Month 1,710 to 3,315. You can expect to achieve at least an occupancy rate of 50% (depending on how much you use it yourself!)!
If you are SERIOUSLY interested in purchasing this apartment, be sure to email us as soon as possible for more information at: [email protected].
A la prochaine…
Director of The Adrian Leeds Group, LLC
P.S. Nice is nice and getting nicer by the moment! With property prices about half of what they are in Paris and rental revenues almost the same, an investment in Nice can bring a better ROI! This opportunity is not to be missed! Contact us only if you are a serious buyer ready to take the proverbial plunge into the Riviera! Email us as soon as possible for more information at: [email protected].