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The project has 0% IRR, as the project was divided into 2 separate projects, which paid out the interests:
1) Duplex apartment development in Tallinn’s tech hub - unit 1.
2) Duplex apartment development in Tallinn’s tech hub - unit 2.
This is our last property in this building and most of the construction works are already done!
The Majaka Majaka 54 - 9 investment property consists of a duplex (two-floor) apartment with an area of 79.9m2, located next to Tallinn’s exciting Ülemiste City tech hub. The apartment building itself is old, and is in need of renovation. However, our apartment number 9 is a new addition to the property. The apartment is divided between the 3rd and 4th floors, which are new constructions on top of the original building.
This apartment is similar to our rental properties in the same building (two short-term rentals) being converted from apartment 13 (94.5m2).The apartment is currently in shell condition, with little interior finishings, no water pipes or electrical wirings. The building’s facade is also in need of renovation.
Majaka street is becoming a new addition to the city centre, with various new developments being built in the surrounding area. The new T1 Mall of Tallinn is located across the street and it is planned to become the new heart of thecapital, including a one-of-a-kind shopping and entertainment centre. Furthermore, the neighbouring Ülemiste City tech hub is a rapidly developing area, located right next to Tallinn Airport, welcoming international startups and tech companies.
The Majaka/Sikupilli area where our property is located was once considered as the outskirts of Tallinn, but due to the large developments taking place and its proximity to the airport, it is now an organic part of the city centre. This flourishing neighbourhood also has various new schools and kindergartens due to the area’s newfound status as a business and tech district. This makes the apartments highly attractive to both outside investors and residential buyers looking to purchase property in the area.
There are various amenities surrounding the Majaka 54 property, including the Ülemiste and Sikupilli shopping centres, gas stations and public transportation. Our property is conveniently connected to various bus and tram stops, which take you directly to the airport (4 stops away) and the city centre (10 min away). From the Ülemiste train station you can also get the train to Tartu (2 hours away), Estonia’s second largest city and home to the prestigious Tartu University.
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