Heidenheim | Senior co-living investment property with an operator lease

The property is let as a whole to an operator for a senior co-living scheme. The current monthly base rent is €7,200, equivalent to €86,400 a year. The original listing quotes an indicative gross rental yield of approximately 6%.

The lease began on 1 July 2023 and has a fixed term of ten years.

Building and use
Built in 1981, the three-level residential building has been adapted for senior living. It contains approximately 19 rooms, together with sanitary facilities and communal spaces, and has central heating. The room total includes functional rooms and must not be read as a bedroom count.

The basement (UG) has approximately six rooms used as offices and functional spaces. The ground floor (EG) has approximately eight rooms used for senior accommodation and communal activities. The attic (DG) has approximately five rooms, which are individually let. A former garage has also been converted into a separate room.

Letting structure and potential
The original listing identifies potential to make further use of some spaces, including the converted former garage, through suitable arrangements with the existing tenant. Separate letting and any change to the present use would depend on the existing lease arrangements and the suitability of the relevant space. Additional rent is a possibility, not an existing income item.

Area breakdown in the existing documents
The existing lease and floor-area calculation state 797.76 m² of residential floor area (Wohnfläche) and 223.89 m² of ancillary space (Nutzfläche), totalling 1,021.65 m². The ancillary space includes cellar, storage and technical rooms. The original listing rounds these figures to approximately 798 m², 224 m² and 1,022 m² respectively.