Guide
What is my apartment building worth?
With let buildings, what counts most is what the property earns over time. This is how buyers and valuers assess the value of an apartment building.
Income comes first
With an owner-occupied house, buyers mainly compare with similar houses nearby. With apartment buildings and mixed-use buildings, income comes first: what rent does the building achieve today, and what can it achieve in future? Valuers usually apply the income approach under the German Property Valuation Ordinance (ImmoWertV).
The purchase price multiple as a rule of thumb
The market often works with the purchase price multiple: purchase price divided by the annual net cold rent. An example with freely chosen figures: if a building earns €60,000 net cold rent a year and sells for €1,200,000, the multiple is 20.
Which multiple is appropriate depends heavily on location, condition and rent development. The multiple is a rough guide, not a valuation.
What influences the value
- Location: town, district, demand for rented flats
- Rental income today and the potential up to the local comparative rent
- Vacancy and the cost of remedying it
- Condition of roof, façade, windows, heating and pipes
- Energy efficiency and upcoming modernisation obligations
- Running costs that cannot be passed on to tenants
- Legal particulars such as listed-building status, public easements or rights of residence
From value to price
Value is an estimate; the price is set in negotiation. An investor who refurbishes and holds long term assesses a need for modernisation and vacancies differently from a buyer looking for a finished investment.
For a first assessment by us you do not need a valuation: the location, the type of property and the approximate net cold rent are enough to start with.
As of 8 November 2026. This guide gives a general overview and does not replace legal or tax advice.
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