17 Josipa Pupacica St, Krk Island, Croatia

Investment Property For Sale in CROATIA


17 Josipa Pupacica St. Krk, Krk Island, Croatia


$1,620,000 CDN
(Property Tax $2344.30 annually)


Located on the fabulous island of Krk in the Istria region of Croatia on the shores of the Adriatic Sea. 6 Private apartment units, 3×1 bedrooms and 3×2 bedrooms. Almost 3000 sqft total + 500 sqft of balconies. Ideal as a private residence, vacation rental, recreational use property, or long term tenancy use. The street is a charming cul-de-sac with no traffic, family houses, villas and residential parks. A 10-minute walk or 5-minute drive to the beach and the historic old town.

Includes a 6x3m oval, plastic, recessed pool built in 2019. 13.39 sqm wine cellar. Paved courtyard for 4-5 cars. 54.38 sqm (586 sqft) double garage with 2 doors. Modern Mediterranean city with many parks, green spaces, shops, and restaurants.


DESCRIPTION

The house has 3 levels: ground floor 125.41sqm, 1st level 127.73 sqm, 2nd level 115.32 sqm. The total measured area of the house is 375.16 sqm, of which 269 sqm is indoor apartment space, the remaining being terraces/balconies.

The house currently accommodates 6 independent, fully equipped, fully furnished apartments. There are two apartments on each floor. The upper-level apartments are accessible from the two staircases of the house, in two directions. Each apartment has a terrace or balcony.

Each of the six independent apartments on three floors has different sizes and designs. Thanks to the unique designs, each floor has a smaller apartment, one bedroom, and a larger apartment with two bedrooms. So out of the six apartments there are three smaller, three bigger.

Each apartment has a separate, lockable front door, and the apartments do not open from each other. The two apartments on Level 1 have been opened with a lockable door due to current family use.

Each apartment has a living room, kitchen, bathroom with shower, toilet and bedroom/bedrooms. The equipment and furnishings of the apartments are roughly the same. The living room has pull-out sofas, chairs, coffee tables, TV stands. All bathrooms are tiled, with shower, toilet, washbasin, storage cabinet, and mirror with lights. The kitchens have complete furniture with a built-in electric stove, oven, extractor hood, as well as a smaller or larger dining area with dining furniture, 2 or 4 chairs. The bedrooms have double beds, bedside tables and wardrobes.

The apartments have automatic washing machines, depending on the size, either in the bathroom or in the kitchen. On the 1st level, the larger apartment (number 4) also has a dishwasher.


APARTMENT SIZES

Ground floor smaller apartment (1) 38.8 sqm
Ground floor larger apartment (2) 87.7 sqm
1 level smaller apartment (3) 35.8 sqm
1 level larger apartment (4) 64.7 sqm
2 levels smaller apartment (5) 40.4 sqm
2 levels larger apartment (6) 66.1 sqm


EXTERNAL ENVIRONMENT

The property is completely fenced. The house has its own discreetly planted garden and paved courtyard.

The house has a 15 cubic meter (6×3 m) oval 80cm deep plastic / plastic recessed pool built in 2019. The pool is heated by a solar collector (which is aesthetically pleasing to the outside fence).

Below the house is a dry, cool cellar converted into a 13.39 sqm wine cellar. On the site, around the house, there is a paved courtyard for 4-5 cars that can be conveniently accessed through the car entrance. The car is protected by an elegant sunblind.

The house also has a 54.38sqm double garage with two doors, which can be used to store two larger cars at the same time. The car garage is carved into the rock wall next to the building, the garage can only be accessed from the yard of the building, so during the “legalization expiration” the garage is on the property ownership sheet with a special note.


CONSTRUCTION

The foundations of the house were built decades ago, and the previous owners continuously expanded the building until in 2004/2005 a Hungarian / Croatian construction company completely renovated it and put it in its present form.

The house was built on a solid concrete foundation, partly under cellar. It was built with brick walls reinforced with concrete elements, and the corridors were decorated with glass bricks. The floors and roofs of the house are supported by concrete slabs. The roof is classic Mediterranean tile, durable, flawless. Previously, all doors and windows in the house were made of wood, but in 2018, the exterior windows and patio doors on the 2nd floor were replaced with the highest quality aluminum door and window set (door / shutter / mosquito net).

In 2013, the property underwent a “legalization / survival approval procedure” in accordance with Croatian regulations. As a result of the procedure, the exact and thorough technical drawing or technical description of the house is 100% identical to the data in the register of the authorities. According to the land register, the total size of the site is 552 sqm.


TECHNICAL PARAMETERS

Water – sewer: The house receives the drinking water from the central water supply of the city, which supplies the garden faucets and 6 apartments with additional internal (6) submersible water meters. The plumbing system was built during the 2004/2005 renovation. The house is not drained yet, a huge concrete digester in the garden absorbs the wastewater. When the garden pool was built in 2019, a complete drainage system for a pumped sewer system was completed up to the site boundary. Based on the city’s sewerage plan, street connection will be possible in the 1st quarter of 2020! By law, the owner has 1 calendar year to connect to the city sewer system.

Electricity: The house has a central electricity meter and each of the 6 apartments has its own power meter.

Gas: the house does not have its own gas system, the hot water for bath and kitchen is solved through 6 electric boilers in each apartment. The house currently has no heating system, but the air conditioning in all 6 apartments is capable of cooling and heating.

TV and Internet: The satellite antennas on the roof are wired, all apartments have built-in sockets, but these are currently unused. There is a wireless Wi-Fi system in the house, served by a local T-group subscription.


OWNERSHIP

The 1/1 property is owned by a Croatian-registered Krk company.

The company that operates the house exercises ownership of the property without litigation or charges. The sale of the property can be solved by the free sale and purchase of the shares of the company owning the ownership rights.

The company is accounted for in Krk, one of the best, most trusted accountants in the city, keeping the company’s books, so for the last 12 years the company’s finances have been in good shape.
The company specializes in commercial hosting but does not do this for this house, see operating point below.


OPERATION

According to Croatian law, the property has to undergo a categorization process to be used as a commercial hosting property. This is a form of official certification and a license to commercialize a property. This type of permit is granted to the house itself, regardless of the operator.

The property was previously classified as a 3-star property, which was lost at the time of the change of ownership, as the new owner currently does not operate it for tourism purposes, and has been used exclusively for private family purposes for the past 10 years. Thanks to the swimming pool and other developments that have been built since then, the house has a chance of up to 3+ rating, which determines the pricing options.

The current owners can provide all the legal, financial and financial advice to the Buyers for a successful process. Providing a proper deposit and bearing the costs, current owners can obtain all permits to operate the house.


LOCATION OF REAL ESTATE

The property is located in Krk, Croatia, on the Adriatic Sea in a European Union Member State.


KRK ISLAND

The island of Krk is the second-largest island in the Adriatic Sea, located in the northern Adriatic Sea, in the Kvarner Bay, in the immediate vicinity of the town of Rijeka / Rijeka.

The island of Krk is 405.25 square kilometres, 38 kilometres long, 13 kilometres wide and nearly 200 kilometres long coastline. The island’s total population is 20,165 in 2019.

Since 1980, Krk Island has been connected to the mainland by a 1,430-meter long permanent bridge, which is connected to the Rijeka-Zagreb highway by a highway. The island has its own asphalt road network.

There is also an airport on the island, as there is Rijeka International Airport, which operates all year round and is mainly open to domestic flights in winter, but is used by more than 18 airlines in the following countires: Germany, Belgium, United Kingdom, Sweden, Norway, Latvia, Estonia, Czech Republic, Israel, the Netherlands, Bulgaria, Poland, Slovakia, and Croatia.

The island is also accessible from other islands of Croatia (Rab and Cres) by ferry service.

Hundreds of kilometres of bicycle paths have been built on the island in recent years.


KRK CITY

Founded in Roman times, the city is today the largest city on the island and also its administrative center. Krk city is 26 km from the mainland bridge and 20 km from the airport on the island.

The city has a historic Old Town, a port, which is closed to car traffic. Built around a protected historic part of the city in recent decades, it is a modern Mediterranean city with many parks, green spaces, shopping malls, markets, various shops, administrative institutions, schools, kindergartens, sports fields, banks, gas stations, and of course camps, hotels, cafes, restaurants and nightclubs.


JOSIPA PUPACICA STREET

The property is located at 17 Josipa Pupacica Street in Krk. This street opens from one of the city’s main roads, the central road to the Old Town and the harbour. At the same time, Josipa Pupacica Street is a dead-end street without any traffic, with almost exclusively family houses, villas and residential parks.

The property is a 10-minute walk or 5-minute drive from the beach and the historic Old Town. Panorama: Due to the location of the house, there is no direct sea view, the front of the house is west facing a protected valley / forest. At the same time, the terraces of the middle and upper floors of the property have a clear view of the sea, while the windows and additional terraces open onto the courtyard and the densely planted garden.

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