From time to time, being realtor in Istanbul, a truly remarkable piece of Istanbul real estate falls into your lap. Being bottom-line minded, to achieve this status a property in Istanbul must not only possess beautiful characteristics, but also must be profitable for any prospective buyer.
This is quite a challenging prospect, as the owners of such outstanding properties are usually wealthy and reluctant to sell prized assets at below market value, mostly prefering not to sell them at all. And when it is a listed first degree historical property that was inhabited by the chamberlain to Sultan Abdulhamit the Second and attached to the greater grounds of his palace? A rarity indeed.
At time of writing we have the Mabeyn Kosk on sale for 2.25 million USD, a bargain by any measure, with a likely rental yield of over 7%, possibly even 8.5%! The 450 sqm net property, spread over five floors, with a gorgeous 140 square meter garden has been restored to pristine condition by the same architects who worked on the famed Egyptian Embassy property on the Bosphorous.
In its recent history, it was a high end gallery bringing together the elite in Istanbul. http://www.mabeyngallery.com/EN/exhibitions/upcoming
From the Gallery website:
Located in Besiktas, The Chamberlain House is one of the most remarkable examples of civil architecture at the beginning of the 20th century. The house was the former home of the Chamberlain of Sultan Abdulhamit II, Haci Ali Riza Pasha.
The entrance floor and the master room of the house is decorated with murals as well as magnificent wooden ceilings covered with paintings in oil. Designed to display the Chamberlain’s taste in art, the interior evokes a compelling vision of Sultan Abdulhamit II’s initial commissioning of Western Artists.
The building houses Mabeyn Art Gallery since October 2011. All the hanging systems and panels are designed to protect the lavishly decorated interior. Now, Turkish and International contemporary art works are exhibited in a century old historical setting.
Naturally, with such a past, the property has been the subject of many publications, articles and dissertations, a few of which are below (sorry, Turkish language only); -http://www.mabeyngallery.com/uploads/pressclips/9150_Milliyet-Sanat-Mart-2012.pdf
Do not let this center piece asset pass by, as it seems destined to return great yields and immediate capital growth! We would approximate that with a fair economic wind a combined rental plus capital growth a return of 15% per annum could be achieved over the next 5 years. The price is somewhat negotiable due to a need to sell.