623 Sq.M. Investment Building Near Gkyzi Square

At the upper part of Gkyzi Square, on the border between Gkyzi and Polygono areas, and very close to the Polygono ring road, an investment building with a total gross area of 623 sq.m. is offered for sale.

The building stands on a 243 sq.m. plot, with a total net area of 504 sq.m. Built in 1985, the property is developed over 3 levels: Ground floor (271 sq.m.): an open-plan area of 206 sq.m., formerly used as offices, and a 65 sq.m. area formerly used as enclosed parking. Mezzanine: one 79 sq.m. apartment with a large living room, 1 bedroom, kitchen and bathroom. 1st floor: 2 independent apartments of 74 sq.m. and 78 sq.m., respectively, each with 2 bedrooms, living room, kitchen and bathroom. The floors are connected by an internal staircase and an elevator, while there is also a small rear courtyard. Heating is central oil-fired. Finally, each of the three apartments on the mezzanine and 1st floor has a continuous balcony in front of the living room and bedrooms, as well as another balcony behind the kitchen overlooking the courtyard. It should be noted that a building permit has been issued for 2 additional floors. A related study provides for the configuration of the 2nd floor to include two apartments of 74 sq.m. and 79 sq.m., each with 2 bedrooms (similar to the 1st floor), as well as a smaller 40 sq.m. apartment, also with 2 bedrooms, on the 3rd floor. According to the same study, regarding the reconfiguration of the ground-floor areas, the 206 sq.m. open-plan area can be converted into two duplex apartments, each with 2 bedrooms, while the 65 sq.m. area formerly used as parking can be converted into a 1-bedroom apartment. In total, following renovation of the entire building, reconfiguration of the ground-floor areas and construction of the 2 additional floors, the building will comprise 9 spacious apartments, ready for investment exploitation (rental) or separate sale.

The building’s proximity to the Polygono ring road and Evelpidon Street, with its already frequent public transport services, combined with the new “Courts” metro station planned for the near future, will further facilitate access to the area while adding corresponding value appreciation.

Finally, the possibility of reconfiguring the ground-floor areas, together with the option of adding two additional floors, makes this building an exceptional investment opportunity with significant prospects for capital appreciation in central Athens.

Location: The Gyzi area borders Polygono to the north, with Prigkiponnison Street (a continuation of Evelpidon Street) as the boundary; Neapoli to the south, with Alexandras Avenue as the boundary; and to the east, with Kyrillou Loukareos Street as the boundary, the Averof, Kountouriotika and Ampelokipi districts. To the west, it borders Pedion tou Areos.

Unique features: The Gyzi area is close to central Athens, densely populated, and is a neighborhood with several squares and popular hangouts that give it a lively atmosphere. The Athens University of Economics and Business and Pedion tou Areos are nearby. The latter is Athens’ largest public urban park and also hosts the Alsos Theatre.

Accessibility: The area is served by Metro Line 3, specifically Ampelokipi station, as well as numerous bus routes. The new “Dikastiria” metro station, expected in the near future, will provide additional access to the area.

Investment potential: This area is located right in the center of Athens, a location that has always attracted significant buyer interest. Guaranteed investment returns.

Built-in kitchen, Open view, Building view