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Avenida de Menéndez Pelayo, 63 592 SF Retail Condo Unit Offered at $760,058 in Retiro, Madrid 28009
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INVESTMENT HIGHLIGHTS
- Dynamic and sought-after residential area.
- Wide range of hospitality options and good foot traffic from potential customers.
EXECUTIVE SUMMARY
Residential property with 3,424 m² of built space distributed across eight above-ground floors, located in the Niño Jesús neighborhood, Retiro district. Situated in one of the most sought-after and dynamic areas of Madrid, the location offers a blend of a residential atmosphere with a wide range of dining, shopping, and service options. Additionally, it boasts excellent transportation connections and proximity to healthcare facilities such as the Niño Jesús Hospital.
PROPERTY FACTS
| Total Building Size | 36,856 SF | Floors | 8 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 4,607 SF |
| Property Subtype | Apartment | Year Built | 1926 |
| Building Class | C | Lot Size | 0.12 AC |
| Total Building Size | 36,856 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | C |
| Floors | 8 |
| Typical Floor Size | 4,607 SF |
| Year Built | 1926 |
| Lot Size | 0.12 AC |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
SITE AMENITIES
- Private Bathroom
1 UNIT AVAILABLE
| Unit Size | 592 SF | Condo Use | Retail |
| Price | $760,058 | Sale Type | Investment |
| Price Per SF | $1,283.88 |
| Unit Size | 592 SF |
| Price | $760,058 |
| Price Per SF | $1,283.88 |
| Condo Use | Retail |
| Sale Type | Investment |
DESCRIPTION
Commercial space of 55 m2 at street level, set up as a hospitality venue.
SALE NOTES
Commercial property with profitability, currently operating as a bar since the 1970s. It is located on the facade of the building at Menéndez Pelayo 63, with access from Doce de Octubre street. It's a traditional bar, the kind that's becoming increasingly rare in the city. It has definitive hospitality licenses, authorization for a terrace with three high tables and six stools, and a smoke vent.
The property is rented to a company from Huelva specializing in typical tapas and small dishes, with a reliable tenant and a business model well-suited for the area. The location is exceptional: across from Retiro Park, in a neighborhood with a strong hospitality presence, resident population, professional offices, and very close to the Niño Jesús Hospital.
The lease terms are as follows: a 10-year duration; rent of 2,700 euros per month for the first year and 3,000 euros per month starting the second year; adjusted for CPI and, from the sixth year, CPI plus three points; mandatory compliance for two years; a two-month deposit; an additional four-month guarantee. The property owner is responsible for property tax and extraordinary community expenses, while the tenant covers ordinary community expenses and the TRU.
Currently, comprehensive rehabilitation work is being carried out on the building's facade, roof, and patios, and the buyer will receive the property without any associated assessments. The asset offers a 5.7% return on the sale price.
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Presented by
Avenida de Menéndez Pelayo, 63
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