€ 134,000

FOR SALE – Apartment 67 sq.m. – Historic Center of Heraklion | €134,000
An excellent investment opportunity in the heart of Heraklion! A 67 sq.m. apartment (2nd floor) is for sale on a 110 sq.m. plot, located in the Old Town — just off 1821 Street, only 300 meters from Lions Square and 50 meters from Kornarou Square.

The building already features a renovated façade and balconies, along with new aluminum window frames. Built in 1959, the apartment requires interior renovation. Ideal for conversion into two small apartments to be used for short-term rentals (Airbnb) in a high-demand tourist area.

✅ Key Features
✔ Total area: 67 sq.m.

✔ Plot size: 110 sq.m.

✔ Floor: 2nd

✔ Year of construction: 1959

✔ Renovated façade & balconies

✔ New aluminum frames

✔ Located within the Venetian Walls

✔ On a stone-paved street in a historic location

✔ 300 m from Lions Square

✔ 50 m from Kornarou Square

✔ Ideal for renovation & Airbnb use

✔ Excellent location with stable investment value

🏠 Investment Details
Purchase price: €134,000

Estimated renovation cost (luxury quality, for 2 small apartments): €40,000 – €60,000
(e.g. €20,000 – €30,000 per unit, including furniture and equipment)

Total estimated investment:
€134,000 (purchase) + €50,000 (renovation) = €184,000

💰 Airbnb Revenue Estimate
Per unit assumptions:

Average nightly rate (luxury apartment in central Heraklion): ~€80–€120

Average occupancy: ~60% annually (220 nights/year)

Revenue per apartment:
€100/night × 220 nights = €22,000/year

Revenue for 2 apartments:
€22,000 × 2 = €44,000/year (gross)

📉 Operating Expenses (estimated ~30%)
Cleaning, Airbnb fees, maintenance, utilities:
€44,000 × 30% = €13,200/year

Net annual income:
€44,000 – €13,200 = €30,800

📈 ROI & Payback Period
Return on Investment (ROI):
(€30,800 / €184,000) × 100 ≈ 16.74%

Payback Period:
€184,000 / €30,800 ≈ 6 years

📊 Airbnb Tax Estimation (for individuals in Greece)
Income Tax Brackets:

€0 – €12,000 → 15%

€12,001 – €35,000 → 35%

€35,001 and above → 45%

Example (net income: €30,800):

15% on first €12,000 → €1,800

35% on next €18,800 → €6,580

Total tax: €8,380

Net income after tax:
€30,800 – €8,380 = €22,420

🔁 Revised ROI & Payback
Revised Net ROI:
(€22,420 / €184,000) × 100 ≈ 12.19%

Revised Payback Period:
€184,000 / €22,420 ≈ 8.2 years (~8 years and 2 months)

📌 Summary
The estimated net annual income from this investment is €30,800 before taxes and €22,420 after taxes. The ROI is estimated at 16.74% pre-tax and 12.19% after tax, with a payback period of approximately 6 years (pre-tax) and 8.2 years (net).

📌 Disclaimer
All data, figures, and estimates provided above are based on personal assumptions and do not constitute official investment or tax advice. Prospective investors should consult with professional advisors (accountants, lawyers, or financial consultants) before making any investment decisions.

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