Investment opportunity for 2 storey mixed use building in kiti, larnaca
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Open House 14/11/2024
Hours: 15:00 -16:00
This prime mixed-use property on Archiepiskopou Makariou Avenue features modern commercial and residential spaces near Panayia Aggeloktisti Church.
The building has been constructed in 2008, it includes two ground-floor commercial units: a café and a restaurant, both with steady, long-term leases.
On the first floor are two spacious, vacant two-bedroom apartments (door no. 101&102), ideal for rental income.
The rooftop hosts an antenna leased at €1,500 annually through Dec 2028.
- The shop (cafe) on the northeastern side of the ground floor consists of an open plan area used as sitting / service area, a kitchen, an external disabled toilet and a staircase that leads to the mezzanine. The mezzanine has two toilets and an office.
- The restaurant on the southeastern side of the ground floor consists of an open plan area that is used as siting / service area, a kitchen, a storage room, an disabled toilet that has been converted into storage room, a toilet and an internal staircase that leads to the mezzanine. The disabled toilet has been converted into an auxiliary / storage area. The mezzanine consists of two toilets. The restaurant has a food lift that leads to the storage room on the basement.
- The apartment with door no 101 consists of an open plan living/siting area, a kitchen, a guests' toilet, a family bathroom, two bedrooms and a covered balcony. The covered balcony has been converted into a bedroom.
- The apartment with door no 102, consists of an open plan living/siting area, a guest' toilet, a family bathroom, two bedrooms and a covered balcony.
- The basement consists of 7 parking spaces, a toilet and a storage area. Access to the basement is available through a lift, a staircase and an external ramp.
Enclosed Areas Breakdown:
Cafe: 90 sqm (Northeast)
Restaurant: 98 sqm (Southeast)
Flat 101: 99sqm (1st Floor)
Flat 102: 99sqm (1st Floor)
Basement Parking Area: 354 sqm
Basement Storage Area: 60 sqm
Current Gross Rental Yield: 3.29% (Based on the existing rental agreements with 2 vacant apartments)
Potential Gross Rental Yield with full occupancy: 6.49% (Based on full occupancy of 2 apartments ,2 shops and antenna lease )
The asset is located along Archiepiskopou Makariou Avenue, approximately 400m east of Panayia Aggeloktisti church and approximately 200m north of Ayiou Kyriakou church.
The property falls within Zone H2, with a building coefficient of 90%, coverage of 50%, and permission for 2 floors (8.3m) of construction.
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Technical inspection:HOME CHECK+357 96 504 296
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Legal inspection:M.PARASCHOU LAW Advocates & Legal Consultants+357 22 622 262
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Technical inspection:HOMESURV+357 22 377 004
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Legal inspection:CTA LAW FIRM C.T. Antoniou & Co LLC+ 357 22 516 838
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Technical inspection:SQUARE ARCHITECTS+357 99 592 218
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