Alfama Building. 8 Apartments T1 E T2

In the heart of São Vicente. a few steps from the iconic Feira da Ladra flea market. a rare opportunity arises to acquire a building in one of Lisbon’s most genuine. historic. and up-and-coming neighborhoods.

With 342 m² of Gross Private Area. distributed over ground floor + three floors. this building houses eight independent 1- and 2-bedroom apartments. each with areas between 42 and 47 m².

With a discreet yet imposing presence. this property combines character. immediate profitability. and a potential for appreciation that only assets of this type can offer.

Its traditional wattle and daub construction preserves Lisbon’s architectural identity while offering flexibility for future interventions.

The overall condition of the units is reasonable; they have already undergone several improvements. including kitchens and bathrooms. thus allowing this complex. if convenient. to maintain its current operation with stability. while opening doors to redevelopment projects that could substantially increase its property value.

It also includes two patios in the ground floor units. both with independent entrances. a rare privilege in the area and a differentiating element for future optimization strategies.

The building is partially leased with 6 contracts ending between October 2026 and January 2027. which allows. if this is your option. to guarantee a solid income base from day one. There is great potential to increase income. as the rents are low and should be updated in new contracts.

In any case. if your monetization project is through renovation. anything is possible. In a scenario of renovation and sale of 6 units. the base ROI would be 30%. and there would still be a profit from the future sale of 2 units.

Currently. we have the following scenario:

6 apartments with traditional contracts ending in 2026 and beginning in 2027 (One of the contracts has already been terminated. and the apartment is vacant)

1 apartment with a lifetime contract (3rd floor. left). but with the possibility of negotiation

The Santa Clara neighborhood is one of the most fascinating and still undervalued neighborhoods in Lisbon — until now.

Located between Alfama. Graça. and São Vicente. Santa Clara is undergoing an elegant transformation. driven by:

Proximity to the Feira da Ladra flea market. the National Pantheon. and Campo de Santa Clara
Quiet streets. authentic atmosphere. and vibrant cultural identity
Growing residential and tourist demand
Quick access to the historic center and urban mobility
It’s a location where the charm of the past intersects with the dynamism of the present — and where the most attentive investors are already focused.

Beyond immediate income. this building offers strategic medium- and long-term possibilities:

Phase-based requalification according to contract expiration. increasing value and profitability.
Improved energy performance and comfort. reinforcing attractiveness.
Potential future reorganization of unit types. respecting the urban matrix.
Capitalization on the growing appreciation of the Santa Clara area.

This is an asset that allows for both a conservative approach of stable income and a dynamic strategy of continuous growth and appreciation.

This is more than just a building.

It is a strategic asset in a neighborhood with a strong identity. in a continuously expanding city. with guaranteed income. eight independent units. and appreciation potential deeply aligned with the trends of the Rio de Janeiro market.

A unique opportunity for investors. An asset with history and a future.