Overview
A repositionable urban hospitality asset at the primary commercial intersection of Ioannina, 200 metres from the Byzantine Castle. The building delivers 16 rooms across four above-ground levels plus a 90 m² rooftop terrace, and is available off-market, ready for full MEP overhaul and premium fit-out.
The investment case rests on three structural advantages: an irreplaceable location adjacent to Ioannina's growing tech cluster and cultural core, two fully modelled operating strategies — boutique hotel or long-term corporate rental — and a 90 m² sheltered rooftop terrace configurable as a cocktail lounge or fixed commercial sub-lease.
Total investment is €1,651,800 (acquisition €1,250,000 + renovation €314,300 + closing fees €87,500). The boutique hotel scenario projects €200,373 annual NOI at 12.13% ROI under a conservative 60% occupancy stress-test; the long-term corporate rental scenario yields €141,888 NOI at 8.59% ROI on fully passive leases.
What makes this asset
01
200 metres from the Byzantine Castle at Ioannina's primary commercial intersection. The catchment combines cultural tourism, Ioannina's growing technology cluster, and corporate demand — structural, not seasonal, and not replicable at another address.
02
The same €1,651,800 total investment supports two fully modelled exit strategies: boutique hotel at 12.13% ROI (conservative 60% occupancy stress-test) or long-term corporate rental at 8.59% ROI on fully passive leases. Investor selects risk-reward profile at acquisition.
03
Automated laundry facility on the mezzanine level minimises outsourcing costs from day one. Full MEP system replacement (mechanical, electrical, plumbing) as part of the renovation scope — no deferred capital expenditure.
04
A 90 m² sheltered rooftop terrace with authentic views over Ioannina's historic tiled-roof skyline. Under the hotel model it anchors the F&B revenue layer; under the rental model it is leased as a fixed commercial sub-lease at €1,200/month — zero inventory risk.
Floor specifications
Total GFA approximately 671 m². Verified directly from original architectural plans. Four above-ground levels plus rooftop — no basement.
| Level | Area | Function |
|---|---|---|
| Ground Floor | 99 m² | Lobby, reception, bar, atrium — public-facing operational core |
| Mezzanine | 13 m² | Automated laundry facility (10.5 m² net workspace) |
| Typical floors (×2) | 373 m² | 14 rooms, 7 per floor · 30 beds (mix of single, double, triple) |
| Rooftop | 186 m² | Open terrace 90 m² + 2 premium rooms + elevator hall (5 beds) |
| Total GFA | ~671 m² | 16 rooms / 35 beds total |
Financial parameters
Two operating scenarios modelled from verified architectural plans. Conservative stress-test applied to the hotel scenario (60% occupancy, ADR €120/night).
| Purchase price | €1,250,000 |
| Closing costs (taxes, legal, notary) | €87,500 |
| CAPEX (MEP + full fit-out) | €314,300 |
| Total investment | €1,651,800 |
| Hotel NOI (annual) · ROI | €200,373 · 12.13% |
| Long-term rental NOI (annual) · ROI | €141,888 · 8.59% |
| Rooms / beds | 16 rooms / 35 beds |
| Total GFA | ~671 m² |
| Golden Visa eligible | Yes |
| Status | Off-market — ready for MEP overhaul and fit-out |
Investment strategy
Dual-strategy entry
The asset is modelled under two operating strategies — boutique hotel (12.13% ROI, managed via third-party operator) and long-term corporate rental (8.59% ROI, managed through a single local agency). Both strategies are stress-tested and share the same acquisition basis.
Full MEP overhaul
A down-to-the-studs renovation including all new mechanical, electrical, and plumbing systems, plus premium interior finishes. The renovation budget of €314,300 is included in the total investment figure — no deferred capital expenditure post-acquisition.
Rooftop revenue layer
The 90 m² open terrace is configured as a "Secret Courtyard Garden" under the hotel model, adding an independent F&B revenue stream. Under the rental model, it is sub-leased on a fixed commercial contract at €1,200/month — contributing €14,400/year with zero inventory or operational risk.
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