Espronceda

This property is located in an area with rental demand in the municipality of Elche.

It is a spacious property (100 square meters), located on the third floor, with a rectangular floor plan, which we will renovate to obtain 5 bedrooms and 2 bathrooms, making the most of its layout. As a common area, we will keep a large kitchen that will also serve as a dining room.

Although the property is in good structural condition, the bathrooms, paint, doors, and flooring will be updated to give it a premium finish. Also, the furniture, appliances, and other equipment will be renovated to be rented on a coliving basis.

The property is very well located in a very consolidated and high-demand residential area. It has all the services of a residential neighborhood (such as supermarkets, pharmacies, medical centers, gyms, and even a shopping center). It is also conveniently located for the CEU Cardenal Herrera University and the historic center.

The main features of this property are:

1. Price: We’ve negotiated a price for the property. We are buying it at an average price of €450 per square meter, 42.23% below its market price, according to our estimates.
2. Condition: Currently, the apartment is in good condition. However, the apartment will be renovated to add another bedroom and bathroom. It will be rented with a premium finish.
3. Typology:  the property will have 5 rooms, suitable for coliving. It will also have 2 full bathrooms and a large kitchen that will serve as a common area. The property is rectangular and will have a suitable layout.
4. Legal and registry status: According to our information, the property is free of encumbrances and registry charges. Likewise, as it is intended for coliving (mid-stay rentals), it should not in principle depend on tourist licenses for its operation.
5. Location: Very centrally located, just a few minutes’ walk from the city’s main points of interest.
6. Versatility: Although it is an apartment suitable for coliving, it can also accommodate families. In summer many similar properties are dedicated to vacation rentals. Any occasional vacation use would be subject to the applicable regulations at any given time. It should be remembered that Elche has 3 UNESCO World Heritage Sites.
7. Potential: According to our estimates, the characteristics of this property and its acquisition price could support its appreciation and income generation, although this is not guaranteed.
   1. Supermarkets: 3-minute walk (260 meters)
   2. 24h pharmacy: 3-minute walk (290 meters)
   3. Sports club: 4-minute walk (300 meters)
   4. Asisa Elche Medical Center: 4-minute walk (400 meters).
   5. San José Market: 6-minute walk (450 meters)
   6. “Corte Inglés” Shopping Center: 9-minute walk (750 meters)
   7. CEU Cardenal Herrera University - Elche Campus: 6-minute walk (500 meters)
   8. Theater and theater school: 7-minute walk (500 meters)
   9. Historic center: 11-minute walk (900 meters)
   10. Hospital del Vinalopó, Elche: 13-minute walk (1100 meters)