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Old Town - Kaleju 57
100% Finanziert

100%
100%
Bedarf: €0.00
Min.: €0.00
Zinssatz: 19%
Zeitraum: 12 Monate
Finanziert
Ziel: €850 000
Mindest. Ziel: €400 000
Öffnet: 2019/11/13
Läuft ab: 2019/12/13
Art: Real Estate
Lage: Riga, Latvia
Investitionen: 2077

Summary

The current investment opportunity offers CROWDESTOR investors to make a secured loan to Developer of project Kaleju Aprartments. 

Funds will be used to buy and reconstruct the object in Kaleju street which is a 4 storey building located in old town of Riga. Total area of the building is 972,30 square metres and after reconstruction there will be 14 apartments. 

As there is a limited offer of reconstructed apartments with modern and thoughtful plans, it is expected to exit from Project by end of 2020 by selling apartments to local residents and Airbnb/Booking operators. Today there is a letter of intent signed with Airbnb operator to sell 6 apartments when Project is commissioned according to its design and technical recommendations. 

CROWDESTOR loan will be repaid from the pre-bookings and sales of the apartments or refinanced by a long-term bank loan. 

Current investment opportunity offers CROWDESTOR investors to make a loan with 19,00% annual interest rate. Minimum target to be raised in CROWDESTOR platform is EUR 400 000,00 and the maximum target is EUR 850 000,00. Project is developed by sister company of CROWDESTOR OU – SIA CR 6.

Loan

Minimum target: EUR 400 000,00. 

Maximum target: EUR 850 000,00. 

Loan term: 12 months. 

Interest rate: 19 % per annum. 

Interest payments: paid monthly after 6 months, interests for first six months are paid together with Loan repayment

Loan repayment: In full at the end of the Loan Term. 

Crowdestor BuyBack fund: Yes. 

Collateral: The loan is secured by a guarantee of the borrower company and pledge on real estate (Kaleju street 57, Riga).   

Remember - interest rate payments start calculating from the day you make your investment!  

The Project

Project: Kaleju Apartments 

Object: Residential building with fourteen separate apartment properties with ideal shares of buildings and land.

Address of the property: Riga, Kaleju iela 57 

Cadaster No. of the property: 0100 003 0167 

Land Registry Folio No. of the property: 28870 

Land plot: 220 m2 

Building, total area: Residential building (0100 003 0167 001) with total area of 972,3 m2

Current type of use: Residential building on a minor area land plot. Residential building is used as residential rental house. A number of the apartments are not usable without additional investments in the restoration. 

Best type of use: Residential building used as residential and short-term Airbnb/Booking rental house. 

 

Valuation of Kaleju 57

The object is a 4 storey building located at Riga, Kalēju iela 57, with cadaster No.0100 003 0167, registered in Riga City Land Register Folio No.28870. The whole real estate consists of a land plot with an area of 220 m2 , residential building (cadaster designation No.0100 003 0167 001) with total area of 972,3 m2.

Selection of Valuation Approach and Calculation Procedure

Analysing the nature of the object, its type of use and the available market data, the valuers are of opinion that the selling price can be determined via market approach. Market Approach In this method cases of sales/offers of comparable real estates are used, noting the differences between these objects and the valuation subject. Adjusted selling prices give direct indications for the establishment of the market value of the valuation subject. The sold real estates are compared based on factors influencing selling price. Valuers are aware of sales/offer cases of apartments. In the method used the valuers view cases of recent sales of similar real estate and market offers, noting the differences between these objects and the valuation subject. The selected properties are compared with the valuation subject, their sales/offer prices are adjusted based on factors influencing the market price of the real estate. The adjusted sales prices give direct indications regarding obtaining the market value of the valuation subject. The value is determined based on the adjusted average selling price of 1 m2 of the inside area of the premises, which is obtained the adjusted prices of the comparable objects. Initially the valuers determined the base value of a selected 1-room apartment (apartment No.4A), 3-room apartment (apartment No.5). These apartments are the most typical in this real estate. For comparison the valuers have chosen apartments in renovated buildings in the Far Center part of Riga that have been sold during the last year. 

 

Base value calculation for 1-room apartment: 

Base value calculation for 3-room apartment: 

  The obtained 1 m2 apartment base value is used to determine the selling price of the rest of the apartments, making adjustments depending on apartment premise area, layout, location in the building and other factors. 

Kaleju street 57 neighborhood

The object is located in the historical part of Riga - Riga's old town quarter. The building with the facade is located at Kalēju Street and with a part of the courtyard at Mazā Peitavas Street. This is the historical part of Riga, where the buildings were built as early as the 15th and 16th centuries. The oldest buildings alternate with the prestige of the late 19th and early 20th century eclectic and Art Nouveau architectural style. The Old Town is an important tourist destination object, its considered as UNESCO heritage. Nowadays, old town of Riga is financial and commercial center, popular shopping and resting place. Old town is used both for administrative purposes and for commercial services and housing.

Most buildings have retail, cafe, magazines etc. on the ground floors, but the upper floors are

administrative and living space. This is one of the most prestigious parts of Riga, which is characterized by high demand for real estate and high property prices.

Numerous shopping and leisure centers are located in Old Riga blocks: Galerija Centrs, Stockman, Central Market, shopping center "Citadele Plaza", restaurants and cafes; administrative / public buildings, bank buildings, hotels and apartment buildings. Recently Daugava embankment has been reconstructed - pedestrian and cycle paths, benches for enjoying a holiday at the Daugava River. According to Riga City Council public information, by the spring of 2020 it is planned to restore the basement and connecting tunnels of fish, root, gastronomy, dairy and meat pavilions of the Central Market, rebuild the canal edge of the Central Market area from Maskavas Street to Prague Street and Gogoļa Street.

The property is also close to educational, cultural and medical institutions, and a number of sites of public interest - the Dome Cathedral with Dome Square, the National Theater, the Latvian National Opera, the Russian Drama Theater, several banks and hotels. Nearest schools: Riga 3rd State Gymnasium, Riga State Gymnasium No.1, Riga Secondary School No 17, Riga Second State Gymnasium. Public transport - buses, taxis, trams and trolleybuses run along Krastmala by 11. novembra and 13. Janvara streets, with the nearest tram stop close to the property. Nearby is a bus station and a train station. The public transport of the historic center of the city is considered excellent. The number of parking spaces in the Old Town is limited. The nearest paid parking is located at the intersection of Peldu / Kungu Street. Overall the location of the object in Riga city is considered good.

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