Investment property · Whole‑building sale
Apartment building for sale in central Riga: 120 serviced apartments, one asset
Noliktavas iela 5: a 1905 building renovated into furnished apartments with a gym, sauna and coworking, 100 m from Old Riga. Operating since March 2026.
- Guide price
- €20M
- Apartments
- 120
- Building area
- 5,300m²
- Lettable area
- 4,120m²
- Per apartment
- €167k
An operating building, not a project
Six reasons this investment property reads well to an institutional buyer — and the one we state up front: it opened recently, so its income is still building.
2026
Trading since March
Furnished, branded and leasing online today. A buyer takes over a building with residents, leases and operating data, not a planning application; the operating software is available by separate agreement.
+20
Lease-up upside
100 apartments are ready for letting; 20 more — the top floor, six lower-ground units and one on the first floor — are not yet ready. Finishing them and filling the building is the buyer’s upside; timing and cost are in the data room.
1905
1905 outside, 2026 inside
Historic Riga architecture on the street; renovated apartments, services and shared spaces behind the facade.
100 m
From Old Riga
The medieval old town, a UNESCO World Heritage site, is a short walk away. Parks at 200 m, the Daugava at 400 m, the Quiet Centre at 600 m.
96%
Small homes, broad demand
115 of the 120 apartments are studios and one-bedrooms: homes for one or two — students, relocating professionals, mid-term stays.
3 min
Run on one platform
Every new enquiry gets an automatic first reply within three minutes. Leasing, online deposits, invoicing, housekeeping and maintenance run on one in-house system, so the on-site team stays small.
The building at a glance
A corner building around a courtyard: three staircases, six floors above a lower ground floor, every finished apartment let furnished.
- Address
- Noliktavas iela 5, Riga, LV-1010, Latvia
- Built
- 1905; renovated, opened as serviced apartments in March 2026
- Building area
- 5,300 m²
- Lettable area
- 4,120 m² (vendor’s figure; the unit schedule sums to 4,058 m²)
- Apartments
- 120: 45 studios, 70 one-bedroom, 5 two-bedroom
- Levels
- Lower ground floor and six floors around a courtyard
- Status
- Operating: 100 apartments ready for letting, 20 not yet ready
- Shared spaces
- Gym, sauna, coworking, lobby with coffee bar, laundry
- Furnishing
- Finished apartments are let fully furnished and equipped
- Asking rents
- List rents average about €32 per m² a month, fixed utilities charge included; current asking and achieved rents are in the rent roll
- Operator
- SIA «N5», under the HIDE brand
- Transaction
- Whole-building sale; structure agreed with the buyer
Schematic, not to scale
120 homes for one or two
Studios and one-bedrooms make up 96% of the apartments. Average sizes: studio 23 m², one-bedroom 39 m², two-bedroom 61 m².
| Type | Units | Size |
|---|---|---|
| Studio | 45 | 15–33 m² |
| One-bedroom | 70 | 28–68 m² |
| Two-bedroom | 5 | 49–68 m² |
Vendor pro-forma · EUR
The numbers, with their assumptions
This is the vendor’s pro-forma: all 120 apartments let, with no allowance for vacancy. It is a target, not today’s trading — its €143,400 a month (≈€34.8 per lettable m²) is above what the current list prices would bring at full occupancy (≈€130,000). HIDE opened in March 2026 and is in lease-up; the rent roll, occupancy history and lease schedule are in the data room, under NDA.
Vendor pro-forma at full occupancy, EUR
| Line | Summer month | Winter month | Year |
|---|---|---|---|
| Rental income | 143,400 | 143,400 | 1,720,800 |
| Utilities | (7,608) | (15,925) | (141,198) |
| Payroll | (9,500) | (9,500) | (114,000) |
| Taxes | (6,736) | (6,736) | (80,832) |
| Commercial & administrative | (7,594) | (7,594) | (91,128) |
| Gross operating profit | 111,962 | 103,645 | 1,293,642 |
Year = our annualisation of the vendor’s summer and winter month (6 + 6). Repairs and maintenance, insurance, letting costs, a furniture reserve and a software licence are not shown as separate lines; an operator fee, capital reserve, financing and purchaser’s costs are excluded. Unaudited.
- Gross rental yield
- 8.6%
- €1.72M pro-forma rent ÷ €20M
- Operating-profit yield
- 6.5%
- €1.29M pro-forma profit ÷ €20M
- Operating costs
- 24.8%
- of pro-forma rental income
- Price per lettable m²
- €4,854
- €20M ÷ 4,120 m²
Test it yourself
At the guide price of €20M: take income below the pro-forma and costs above it, and see what is left.
Operating-profit yield at €20M, by income achieved and operating costs
| Income achieved (rows) by operating costs (columns), both as a share of the pro-forma | 90% | 100% | 110% | 120% | 130% |
|---|---|---|---|---|---|
| 100% | 6.7% | 6.5% | 6.3% | 6.0% | 5.8% |
| 85% | 5.4% | 5.2% | 5.0% | 4.8% | 4.5% |
| 70% | 4.1% | 3.9% | 3.7% | 3.5% | 3.2% |
| 55% | 2.8% | 2.6% | 2.4% | 2.2% | 2.0% |
| 40% | 1.5% | 1.3% | 1.1% | 0.9% | 0.7% |
Illustrative arithmetic on the vendor’s pro-forma. Not a forecast, a valuation or an offer.
One system runs the building
HIDE runs on a purpose-built operating platform: one database and one live inventory, from the first enquiry to move-out. Much of the desk work runs in the system; check-in, contract signing and monthly rent collection are still handled by staff.
First reply in three minutes
Enquiries from the website, Meta lead forms and WhatsApp land in one CRM, and every new one gets an automatic first reply within three minutes in English, Russian or Latvian, day or night; the sales team takes it from there.
One live inventory
The website, the sales team, brokers and the analytics read the same availability engine; overlapping bookings are blocked by the database itself.
Book and pay online
Free apartments can be reserved on the website with a deposit by bank link, card or Apple Pay; the payment confirms the booking.
Finance built in
Rent accrues to the day; invoices with VAT and accountant exports are produced by the system; deposits are held as liabilities; cash flow is forecast 18 months ahead.
Housekeeping that schedules itself
Turnover and pre-arrival cleans are created from lease dates and dispatched every morning, around shifts and leave.
Maintenance on record
Repair tickets with photos, a mobile screen for the handyman, and sign-off by whoever raised the ticket.
Smart access
All 132 smart locks are integrated with the system. Keys are generated from the lease; in the current pilot a person approves each key before it is issued.
Ask the building
Management asks about occupancy, cash flow, the sales funnel or maintenance in plain language through a built-in AI analyst. Read-only by design: every change takes a human click.
The pro-forma staffing assumes this platform. Whether the platform, the brand and the team transfer with the building — and at what licence cost — is subject to a separate agreement.
100 metres from Old Riga
Noliktavas iela is in Riga’s centre: the old town, the river and the parks are all within ten minutes on foot.
- 100m
- Old Riga, the medieval old town and a UNESCO World Heritage site
- 200m
- City parks
- 400m
- The Daugava river embankment
- 600m
- The Quiet Centre, Riga’s Art Nouveau district
Inside HIDE
Photographs of HIDE: the apartments, the shared spaces and the details residents pay for.
Why Riga, why now
A euro-area capital with a young market for professionally run rental housing — and recent evidence that it lets quickly.
- EU · €
- Latvia has been in the European Union and NATO since 2004 and in the euro area since 2014
- A
- Sovereign rating in the A category at all three agencies: S&P A, Moody’s A3, Fitch A-, all stable (mid-2026)
- 0%
- Corporate income tax on retained profits; tax is due when profit is distributed or deemed distributed
- <10 mo
- to let all 102 apartments of EfTEN’s Easy Riga, a renovated rental building outside the centre (EfTEN Capital, August 2026)
Sources: S&P, Moody’s and Fitch rating actions (2026); EfTEN Capital news, 11 August 2026. Tax notes are general information, not advice; the buyer’s advisers confirm the position for the chosen structure.
How the sale works
A confidential process for principals and their advisers.
Enquiry and NDA
Tell us who you represent and what you are looking for. We send a non-disclosure agreement.
Information memorandum
The memorandum and data room: current trading, rent roll, leases, technical and legal documents.
Site visit
Walk the building, the apartments and the shared spaces, and meet the operating team.
Indicative offer
A non-binding offer with price, structure and timetable.
Due diligence
Legal, technical, financial and tax review with full data-room access.
Signing and completion
Purchase agreement and registration of title in the Latvian Land Register.
Questions investors ask
Is the whole building for sale?
What is the asking price?
What is the current occupancy?
What does the vendor’s pro-forma show?
Is the operating business and the software included?
Is it an asset deal or a share deal?
Who can buy property in Latvia?
How do I get the information memorandum, or visit?
Next step
Request the information memorandum
Leave your details in a short form or message us on WhatsApp. We send a non-disclosure agreement, then the memorandum and data-room access.
For principals and mandated advisers. Enquiries are handled confidentially.