Standalone appartment building (family built) which looks like this
4 floors with 8 unfinished appartments (what I mean by ‘unfinished’ is that each room currently looks like this)
It’s been left for future owners to personalize and make decisions on how to complete their respective appartment
The exterior of the building and utilities are complete
Family live in the 9th+10th appartment
Each appartment is 190sqm (2045sqft) and the size of the land itself is 715sqm (7700sqft). Market price is aroud $80k USD per appartment. Note: located in Egypt
The location of the property is excellent. It’s in a very central location in the “upper-class” region of the city and is a drive away from the new capital being built. It’s also walking distance to popular malls, shops, universities (including the best one in the country), and a metro station.
The property is next to a very popular street, with only a strip of empty land in between. This strip of land was supposed to be a park — a big reason as to why the land was bought in the precise location many years ago. However it has now emerged that this strip of land has been sold and will now be a string of cafés and small shops rather than a park. This is bad news because cafes here bring with them lots of loud noises, fights, littering trash and weird smells in this part of the world.
We’ve always wanted to sell the property, but dad had other thoughts. Now, however, he’s on the sell train since the recent developments emerged. Thus I’ve come to reddit to get some 3rd-party opinions on what to do?:
A. Sell the building altogether to some agency or rich businessman:
This option seems extremley difficult as we have no expeience and no connections to rich contacts. Also, imo, who would want to buy a building when they could buy a house in a gated community instead?
B. Selling each appartment individually but still owning the property:
This would be very time consuming and we personally just want to leave the area altogether asap with no strings attatched. Took us a year to sell our previous appartment as people here are very flaky.
TL;DR Family own an appartment building with several appartments and want to sell…what would be the most efficient and profitable way of doing this?