Andersen Property

Northern Athens

Prime Investment Opportunity: Fully Leased Office Building in Athens.

ANDERSEN PROPERTY

This office building, distinguished by its clean architectural lines and expansive windows, is situated in one of Athens’ most sought-after urban areas. The property is strategically located at the boundary of Athens and Neo Psychico, providing both exceptional visibility and accessibility. As a stand-alone commercial asset, it delivers a rare combination of prime location, tenant stability, and strong investment performance. With six levels of upgraded infrastructure and a tenant roster that includes government, medical, and biotech organizations, this building is an outstanding acquisition for investors seeking secure, tax-efficient returns and eligibility for Greece’s Golden Visa program.

The property can be acquired in terms of its totality or even partially (e.g. the top three floors for a somewhat reduced outlay).

Location Highlights

Just 130 meters from Kifisias Avenue and 50 meters from Katechaki Avenue
Within walking distance of two metro stations: Katechaki and Panormou
Only 200 meters from a major hospital, diagnostic centers & other medical facilities
Only 900 meters from the busy commercial area of “Faros Psychicou” (14 minutes walking distance)
Unrestricted urban views to the southwest and northwest

Financials

Current Asking Price: €1,530,000 (€1,940/m²)

Average Gross Annual Revenue from Leases:
€86,000 per annum (on average for 2027 & 2028)
€157,000 per annum (on average for the period 2029–2036)

Average Annual Yield: 9.30% (for the period 2027-2036)
€56,400 per annum (on average for the years 2027 & 2028)
€112,100 per annum (on average for the period 2029–2034)

10-Year IRR: 8.10%, which is more than double the yield of Greek government bonds

Property Overview

Total built area: 800 m², including basement
Rental area: 705 m², spanning the basement, the ground floor, the mezzanine, and the three upper levels
Basement parking offers 5 covered spaces, supplemented by 2 outdoor spaces
The rooftop presents leasing potential for telecom installations (wireless & cellular)
Extensive renovations were completed in 2008 and 2016; a new air conditioning system was installed in 2023

Leasing Snapshot

100% occupancy with long-term lease agreements
Tenant mix includes a Greek government entity, biotech firm, medical practice, and a private individual
Annual rental increases are pre-agreed, ensuring predictable cash flows
Lease expirations are staggered through the end of 2028, allowing for phased renegotiation or repositioning
Buyers wishing to occupy the property for themselves in late 2028 – early 2029, will in the meantime enjoy the cash flow emanating from existing leases, effectively acquiring the property at a substantially discounted price, while protecting themselves from expected price hikes over the next couple of years.

Investment Strengths

Exceptional returns compared to competing cash-generating investments (e.g. government bonds and dividend yield of REITs traded in the Athens Stock Exchange)
Expectation for continued appreciation of property values in the area which have averaged over the past decade 4.9% annually, on a compound basis.
Located in a high-demand area for small to mid-sized office space
Tenant base is diverse and financially stable
Parking availability inside the property in an area with its exceptional parking scarcity, especially during weekdays, significantly enhances tenant retention and capital appreciation.
Low maintenance costs paired with robust digital infrastructure
Ideal for Golden Visa applicants, with the capacity to support separate applications