14 Rue du Theatre, 15th arrondissement of Paris, Ile de France

Description

Apartments with views of the Eiffel tower and city for sale on the 20th floor of the Adagio Hotel composed of an entrance with a 24-hour reception, fitness centre and indoor swimming pool. It comes with a living room, an equipped kitchen with a stove, microwave, fridge and dishwasher; dining area and a seating area with adjustable furniture and an LCD TV; and a bedroom with bathroom. You can prepare your own homemade breakfast in your apartment, or if you prefer you can enjoy a buffet breakfast, served each morning in the property's breakfast room for an extra charge. This is currently a leaseback property whose lease expires with Adagio in 2025, after which you can renew the lease and continue to receive the current rent of 18,000 Euros per year (increasing each year according to the inflation index) or you can live in it or use it as a second home. Alternatively you could rent it out on a short term (nightly) basis either directly yourselves or using a Avecoeur or a similar company to carry on the rental management. If you cancel the lease with Adagio and use Avecoeur instead to handle the rental management then you would have full control over when you want to rent it out and when you want to use it and will recieve all the rental income minus commission. Since the average nightly charge for this apartment is 300 Euros, based on a typical occupancy rate in Paris of 80% you could earn a gross rental income of 87,600 Euros per year. After paying all of your running costs, linen & towels provision, cleaning and agency commission the expected return is 29,000 Euros which would be a NET yield of 6%. This is of course not contractual and just an example of what the NET rental income could be. If you cancel the lease with Adagio you could also be liable to pay up to 36,000 Euros as a penalty from withdrawing it from their rental pool so just bear that in mind.

15th arrondissement of Paris

The apartment is located close to the River Seine in the 15th arrondissement, a 15 minute walk from Champs de Mars Park/Eiffel Tower and a 10 min walk to Dupleix Metro Station & Shopping area, surrounded by cafes, restaurants and shops. The 15th Arrondissement of Paris known as “Vaugirard” is a varied area which is home to the majestic Tour Montparnasse with its beautiful views of the city. It borders the 14th arrondissement, juxtaposed with quaint shops around La Motte Grenelle metro station where most of its streets are lined with shops, markets and restaurants. This densely populated area includes places of interest such as the Musee Bourdelle and Musee de la Poste, the Parc Andre Citroen, the convention centre “Paris expo Porte de Versailles”, the high rise district of Porte de Seine and of course the large train station Gare Montparnasse. There is also a small man-made island “Ile aux Cynges” worth seeing and the famous Cordon Bleu cooking institute is based in this arrondissement.