Property details

Ref:

Property type:

Apartment

Location:

Paris, central Marais, 1 min St Paul metro, 4eme 4th arrondissement

Region:

Paris-Ile-de-France

Département:

Paris 75

Habitable Space:

35 m²

Summary

Architect-renovated 1-bed duplex apartment in historic Marais, used by writer owner as pied a terre and upmarket vacation rental, to be sold as going concern, 6 % yield, more possible, priced to sell

Property description

I bought and renovated this apartment four years ago as a pied a terre (I live in London) and upmarket vacation/holiday rental. The apt appealed to me as although compact (about 375 sq ft/35 sq m) it was on two floors, so the bedroom was very private from the living room/kitchen. It is also very quiet as all the windows look on to a courtyard, despite the street door being on the rue St Antoine just moments from St Paul metro and the Place des Vosges.

My aim in renovating it was to preserve the historic character of the 17th-century building on the rue St Antoine, while replacing the tired fittings... so while it has exposed beams in the living room, it also had a brand-new kitchen with washer-dryer, glass stove top, oven, fridge-freezer, dishwasher, microwave, honed granite counters/worktops, all new electrics, power shower with sliding etched glass doors, solid oak floors, built-in storage. It is on the first floor (2nd floor US), no elevator. No aircon (rare in Paris, especially in an old building).

The only flaws I would say are the main hallway ofthe building could do with a lick of paint, and the apartment, as it is only one floor up, is not very bright in winter. This is a trade-off you may have make if you wish to continue the rental business as clients from abroad (the US) will not walk up lots of stairs, which is what most blocks in central Paris are equipped with.

I realised early on that for myself and for the kind of clients I wanted for it as vacationers, I would have to furnish it well, so it has Philippe Starck and Jean Nouvel furnishings and other pieces specially chosen. It has appealed to clients and has had more than 80 per cent occupancy for the past three years, with 90 per cent the past year. Almost fully booked till October this year. You could improve the income further - I have used it a fair bit myself, and tended to take month-long bookings, which has limited its earnings to a degree. I am only selling as I have another building project to finance, so I want to sell to a fellow investor with the bookings I have up to October 2010 in place, and all the quality fittings - even the linen, books and dvds if you want. Only the pictures will be leaving with me. I have an excellent bilingual manager and cleaner if you want to take them on.

Most properties you will be offered in Paris will need work and this can be trying to control both in terms of price and speed if you are not fluent in French and on the ground, whatever agents may try to tell you. This really is a 'no work needed' property that is also a thriving business. It will be available the first three weekds in March, and the weekend 20/21 Feb, possibly at other times depending on the clients staying in the apartment.

You can see more pics at www.vrbo.com/161354 and read about my apartment search in the Daily Telegraph newspaper -

http://www.telegraph.co.uk/property/expatproperty/4202659/Paris-mon-paramour.html

Available now for

€350,000

Agency Fees Included? Not Known

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