€ 225,000

FOR SALE – Building of 200 sq.m. in the Historic Center of Heraklion – €225,000
A 200 sq.m. building is for sale on a 100 sq.m. plot, just 50 meters from Kornarou Square and 50 meters from Agios Minas Church, located in the Historic Center of Heraklion, on a pedestrian stone-paved street. It is bright, front-facing, and dual-aspect.

The property consists of two separate horizontal ownership units:

Ground floor: 100 sq.m.

First floor: 100 sq.m.

Each level has a separate entrance. Additionally, there is:

A 10 sq.m. backyard

A private entrance courtyard for each unit

The building was constructed in 1950 and is fully legal.

✅ Investment opportunity – potential to create 6 independent Airbnb-style apartments

✅ INVESTMENT HIGHLIGHTS – AIRBNB PLAN
✔ Property purchase price: €225,000

✔ Conversion potential: 6 independent units (3 per floor)

✔ Purpose: High-end Airbnb rentals

✔ Legal structure: Establishment of a Private Company (IKE)

✔ Location: Central Heraklion, with strong touristic and commercial interest

✅ ESTIMATED INVESTMENT COST
✔ Property purchase: €225,000

✔ Interior renovation (6 units): €90,000 (~€15,000 per unit)

✔ Exterior works (facades, entrances, roof, lighting): €25,000

✔ Furnishing & equipment: €30,000

✔ Permits, archaeology, engineer, national technical chamber: €15,000

✔ Company setup & accounting: €5,000

✔ Total estimated investment: €390,000

✅ AIRBNB REVENUE ESTIMATE
✔ Average nightly rate: €90

✔ Occupancy rate: 60% (220 days/year)

✔ Annual revenue per unit: €19,800

✔ Total gross revenue (6 units): €118,800 / year

✅ ESTIMATED OPERATING EXPENSES
✔ Cleaning / laundry: €15,000

✔ Airbnb / Booking fees (~15%): €17,820

✔ Maintenance / service: €3,500

✔ Utilities, internet, insurance: €5,000

✔ Accounting / management: €3,500

✔ Total annual expenses: €44,820

✅ PROFIT & TAX ESTIMATES
✔ Net profit before taxes:
€118,800 – €44,820 = €73,980

✔ Corporate income tax (IKE at 22%):
€73,980 x 22% = €16,276

✔ Net profit after tax:
€57,704

✔ If dividends are distributed:
-5% dividend tax → Net distribution: ~€54,819

✅ INVESTMENT RETURNS & PAYBACK PERIOD
✔ Net ROI: 14.8%

✔ Payback period: ~6.75 years

✅ KEY ADVANTAGES
✔ Diversified risk through multiple units

✔ High pricing potential due to premium offering

✔ Ease of adding strategic partner via company structure

✔ Prime location with lasting value

Disclaimer: This text is a personal estimate based on assumptions and does not constitute official investment or tax advice. Interested parties should consult professional advisors before proceeding with any investment.

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