Andersen Property
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 Revenue:
- €86,000 per year (2027–2028)
- €153,750 per year (2029–2034)
- Average Yield: 8,80% (annually 2027-2034)
- Average After-Tax AFFO:
- €58,100 per year (2027–2028)
- €103,000 per year (2029–2034)
10-Year IRR: 8.78%, 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
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