Tuesday, July 19, 2016

Renovation Project I Noticed

I wish that I had taken a "before" picture of this small apartment complex in the Mainz-Kastel area from two years ago.

It's located at the end of Rampen Strasse near the bridge.

Two years ago....it was as close to "ghetto-class" as you could make it.  It was probably dirt-cheap to rent, and a place you'd go and rent when you had almost nothing.

So, they moved everyone out.  It probably took six months of bickering and warning-time, but they got them out, and they started a major renovation project.

Even today, there is still some minor work left and it might be September before this project finally ends.  Appearance?  Total revamp and rental income will be double....maybe even triple.  Being at the half-way point of Mainz and Wiesbaden.....with a bus-stop nearby and a train station within five minutes walking....it has a ton of potential.  Someone with capital and vision noted that and took the risk.

But it is one of those odd stories which some Germans hate....rental cost escalation.....where they improved a property and expect a higher rental income.....probably above affordable status.

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