Summary

The current investment opportunity offers CROWDESTOR investors to make a loan to the Developer of project Kaleju 57, with a 22,00% annual interest rate. The minimum target to be raised in the CROWDESTOR platform is EUR 10 000,00 and the maximum target is EUR 45 000,00. The project is developed by a sister company of CROWDESTOR OU – SIA CR6.

In response to the changing market conditions and to secure initial investment, Kaleju 57 real estate will be sold as separate apartments/units. Each unit will be in a range of 30m2 to 35m2 with a unit price not higher than 60k EUR which would be the lowest price for an apartment in the old town currently in the market. This is the most appropriate decision from a market point of view. The process is expected to be started at the beginning of January. The loan will be repaid once each unit is sold.

Funds will be used for facade and staircase renovation. Making and implementing the right renovation decisions will help to sell real estate quicker, and for a higher price. Expected total costs for facade, staircase, and renovation of the heating system is expected to reach 110 000,00 EUR. 

Kaleju 57 - The Art House concept for AirBnb/Booking.com has been canceled due to the Airbnb occupancy rate's drastic fall because of travel restrictions and increased cancellations. Hosts worldwide are suffering from minimal income from their properties. 

Loan

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. 

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 , a residential building (cadaster designation No.0100 003 0167 001) with a total area of 972,3 m2.

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, it's considered as UNESCO heritage. Nowadays, the old town of Riga is the financial and commercial center, popular shopping and resting place. The 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.