Vintage Two Bedroom Apt in Old Town - Lipscani
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- Usable Internal Surface (sqm): 127
- Bedrooms: 2
- Kitchen: Closed
- Outdoor area: Yes (balcony)
- Security: No
- Bathrooms: 2
- Reserved parking: No
Property Description: This 1936 art-deco / modernist style block was used for diplomatic housing in the communist period because of the relative privacy of the units (apartments only share one common wall with a neighbor), the layout which allowed for both formal dinners and private chats in the office and the downtown location which was close to both the government ministries and the metro subway line. The owner (daughter of a senior Romanian diplomat who fell out of favor with the old regime) was able to get out of the country in 1989, just months before the revolution. The apartment is almost exactly as she left it with original furniture. Everything in the apartment, with the exception of the kitchen and one toilet, is original and in good condition. Doors, oak flooring, art-deco floor tiling, wood frame windows, bath-tub - even the original Electrolux refridgerator are as it was in January 1989. Two bedroom unit, French folding doors conecting the large formal dinning room and living room with the reception, large closed kitchen with spalatoria (washing room), two bedrooms, two bathrooms, storage room and 127 sqm in total. Once renovated (brought back to original standard with improvements to the kitchen, wiring, windows and a good cleaning and painting), we think the rent we could fetch for the property would probably be in the 900 euro per month range for our expatriate clients. Sold at the asking price, plus renovation costs of 30,000 euros, we see a total investment of 160,000 Euros meaning a Good rental yield of around 7%.
Neighborhood Description: Lipscani, the Old Neighborhood, has been turned into a popular area of the city for terraced restaurants, basement dance clubs, jazz night clubs, coffee shops and stores selling everything from glassware to wedding dresses. Walking distance from the Universitate Metro Station, there are many students living in the area and it has picked up an urban NY SoHo type of buzz (well...before the millionairs moved in).
Property Description: This 1936 art-deco / modernist style block was used for diplomatic housing in the communist period because of the relative privacy of the units (apartments only share one common wall with a neighbor), the layout which allowed for both formal dinners and private chats in the office and the downtown location which was close to both the government ministries and the metro subway line. The owner (daughter of a senior Romanian diplomat who fell out of favor with the old regime) was able to get out of the country in 1989, just months before the revolution. The apartment is almost exactly as she left it with original furniture. Everything in the apartment, with the exception of the kitchen and one toilet, is original and in good condition. Doors, oak flooring, art-deco floor tiling, wood frame windows, bath-tub - even the original Electrolux refridgerator are as it was in January 1989. Two bedroom unit, French folding doors conecting the large formal dinning room and living room with the reception, large closed kitchen with spalatoria (washing room), two bedrooms, two bathrooms, storage room and 127 sqm in total. Once renovated (brought back to original standard with improvements to the kitchen, wiring, windows and a good cleaning and painting), we think the rent we could fetch for the property would probably be in the 900 euro per month range for our expatriate clients. Sold at the asking price, plus renovation costs of 30,000 euros, we see a total investment of 160,000 Euros meaning a Good rental yield of around 7%.
Neighborhood Description: Lipscani, the Old Neighborhood, has been turned into a popular area of the city for terraced restaurants, basement dance clubs, jazz night clubs, coffee shops and stores selling everything from glassware to wedding dresses. Walking distance from the Universitate Metro Station, there are many students living in the area and it has picked up an urban NY SoHo type of buzz (well...before the millionairs moved in).