?Uncover Riga's Hidden Jewel: A Classic Property with Untapped Potential Awaits Your Vision – Available for €548,000
In the heart of Riga, hidden gems often lie in plain sight, awaiting discovery. Here we present one such treasure: a wooden house that, despite its unassuming exterior, offers a splendid opportunity This property features two houses and a concrete garage within a remarkably spacious courtyard, a rarity for central Riga. It's a unique chance to contribute to the city's landscape while securing a valuable asset with substantial potential.
The inside of the 2th house you see in the image is currently undergoing renovations. Owners are installing new flooring, replacing windows, and adding a fireplace, among other improvements. Therefore, we have not updated the photos just yet. However, if you are interested, please feel free to get in touch, and we can arrange a tour for you.
Additionally, the first floor of the first house which will be used as commercial space is being renovated to begin generating cash flow for investors.
Location & Price:
Address: Elijas Street 6, Riga, Latvia
Asking Price: €547,000
Estimated investment required: €500-600 per m2 - €239,000 - €286,000
Benefits & Features:
About the area
Elijas Street lies in one of the oldest areas of Riga, exuding historical significance and modern vitality. This location is in close proximity to key landmarks, including the majestic Latvian Academy of Sciences and the bustling Riga Central Market. The area boasts a mix of architectural beauty, commercial opportunities, and cultural experiences, making it a desirable location for both residents and businesses.
As investment properties are purchased and single flats renovated and flipped, the value of the area continues to rise because of the constant desire to live near the center. Investors are speculating which part of Riga will become the next hot spot, similar to what happened with Teika or Agenskalns. Many believe the Maskavas district is the next in line, with developments like Elijas Nami and Maskavas 85, as well as other renovated buildings serving as proof of the area's potential. As good a bet as any would be on the Maskavas forstate.
New Projects in Maskavas For?tate
Investment Potential: Depending on an investor's vision and capabilities, this property can morph into a variety of ventures: a centrally located hotel, a lucrative Airbnb establishment, long-term residential apartments, or even your private city residence.
For additional information or required documents, feel free to contact me:
?? Raimonds Grinbergs
?? +371 23072404