Korsorer Strasse Berlin

This 34 apartment Altbau property was built in 1900 and is currently being renovated by Inspiration Group. The modernisation of the building includes the renewal of all the property’s facades, common areas and stairwells. A modern central gas heating system has been installed in the property in 2009.

Apartments in the property range in size from 37 sqm studios to spacious 144 sqm three bedroom apartments.

All units are being marketed at discount prices compared to the neighbourhood. Four apartments of the 34 units in the building are currently vacant.

Prenzlauer Berg is a centrally located neighbourhood in Berlin, adjacent to Mitte. It is one of the most popular and expensive places to live in the city, especially with young affluent people. There is a large number of restaurants, coffee shops, galleries, pubs and boutique stores, which help to create a unique lifestyle characteristic.

Part of the micro neighbourhood of Gleimkiez, Korsörerstr is located on a quiet cul-de-saq, between the Kopenhagener and Galiemstraße – streets which are dotted with many coffee shops and leisure venues.

The property is located right next to the entrance of the famous Mauer Park, which hosts a vibrant array of cultural happenings during the summer months. In the area of the park just adjacent to the building there is a charming animal farm, ideal for children, and on the other side the green Falk Platz.

The popular street Schonhauser Allee is situated just 5 minutes walk from the building, with S-Bahn and U-Bahn metro stations and the Schonhauser Arkaden shopping mall. Fashion buffs will be happy to hear that Zalando’s headquarters are situated just around the corner from the property.

Korsörerstr. 17 presents a unique investment opportunity with prices of apartments in the property significantly below similar apartments in the area.
Prenzlauer Berg together with the adjacent Mitte district were the first neighbourhoods to become high demand areas in what was once part of East Berlin.

Over the last decade the attraction of owning beautiful Altbau properties in the heart of the city has led to a true renaissance of this neighbourhood. Increasingly Berlin’s professional upper class have made Prenzlauer Berg their home.

A vivacious cultural and leisure scene has evolved, further accelerating a process of gentrification in the area. The combination of central location, high quality education, an abundance of parks and relatively large apartments have turned Prenzlauer Berg into the hub of Berlin’s more affluent and trendy young generations.

Rental Demand

The increasingly high demand for properties in the area caused an upward trend in rental prices; within a radius of 500 metres from the property new rental contracts reach 10-12.5 EUR/sqm. According to the data published by CBRE, new leases in the area’s top rental segment stand at 15.2 EUR/sqm.

The strong demand for apartments in the area creates a high level of security, ensuring future re-rental and increased yields.

Re-Sale

The market price for vacant apartments in the immediate vicinity surpasses 4,000 EUR/sqm, significantly higher than the Inspiration Group offerings. This gap reflects the substantial capital-gain potential of the investment. Rented out apartments in a radius of 500 metre from the property are marketed for 3,000 EUR/sqm.