Huge potential rental yield — mortgage-free studio; investors take note: gold deposit!, Ilomantsi

Debt-free studio near Ilomantsi town centre now boldly for sale with no reserve price — sold to the highest bidder!

For sale: a tidy 34.5 m² ground-floor studio in a two-storey apartment block, apartment A3 (share numbers 1461–1805) in As Oy Ilomantsin Pogostanpiste (business ID: 2236945-8). The address is Kotitie 6 A 3, 82900 Ilomantsi. The housing company has 32 apartments in total and no commercial premises as encumbrances. The building is a solidly constructed concrete two-storey block, so the company has no structure classified as a risky "false plinth". The buildings are energy class D and comply with applicable EU energy directives.

Mining company Endomines has announced that test drillings have confirmed a very promising gold deposit in Ukkolanvaara, Ilomantsi (news dated 28 May 2025 on Yle). Endomines Finland opened its second gold mine this year in Hoskoo, Ilomantsi, North Karelia. The municipality is already zoning a third production area further south. According to Endomines, Ilomantsi could gain hundreds of new jobs in the future. This will increase demand for rental housing locally and make furnished renting an option, which can raise rental yields further.

The housing company is on a quiet road right next to Ilomantsi town-centre services, with amenities within approximately 0.5–1 km. Heating is economical district heating and the building stands on a municipally leased plot (Property ID 146-406-3-106-L1). There are no major repairs planned at present, only routine maintenance scheduled during 2026. The company has a full-value insurance policy provided by If Insurance Company. The company uses an electronic share register and the share certificates are in electronic form.

The following renovations have been carried out in the housing company:

- 2010: conversion of four three-room apartments into eight studios — apartments 1a, 1b, 2a, 2b, 9a, 9b, 10a and 10b (this also concerns this apartment; the furnishing refurbishment remains only partly finished)

- 2010: common areas sauna and washroom and storage areas renovated

- 2010: exterior painting of wood and metal parts

- 2010: windows and doors repaired, sealed and painted

- 2010: yard areas renovated, letterbox stands etc.

- 2010: lawn area renovation

- 2010: replacement of radiator valves and thermostats, installation of balancing valves

- 2022: maintenance painting of roofs

The flat will be vacated by the current tenant on 1 January 2026. The apartment is in basic, tidy condition: the floor has a replaced vinyl covering and the walls were painted a few years ago. If you wish, you can commission additional refurbishment; this can also be arranged very cheaply via the housing company’s on-site maintenance/repair technician.

The housing company’s maintenance manager also conducts viewings for prospective tenants, so this unit can be managed very well remotely. Upon sale you will receive all necessary contacts (e.g. repair technician, cleaning company, photography service) to make a surface refurbishment and arrange letting the apartment as smoothly as possible. Most of the company’s apartments are rented and renovated studios have let very well.

The apartment is sold debt-free and with no maintenance charge arrears. The maintenance charge is €169.05/month, which enables very affordable living and an excellent rental yield. The maintenance charge will be payable by the buyer from 1 February 2026, i.e. the seller will pay January’s charge.

For example, with a modest rent of €350/month, the net rental income would be €350/month − €169.05/month = €180.95/month i.e. €2,171.40/year. A fresh property manager’s statement related to the apartment will be updated in early January.

For example, with a debt-free sale price of €7,000, the rental yield would be an impressive 30.56%.

This opportunity is worth grabbing. We are now selling the last few empty apartments at very reasonable prices because there is currently not enough time to search for tenants.

Attached is an official valuation report for the housing company from 2023, according to which a studio in basic condition would, following the precautionary principle, be valued at around €9,000.

The buyer must have good credit. By placing a bid you accept that your credit information may be checked. It is very important to us that the company’s apartments are owned by someone able to pay the charges. The seller reserves the right to refuse the sale if credit information is not satisfactory.

The housing company has electronic share certificates and we can, on your behalf, notify the National Land Survey to transfer the electronic share certificate into the buyer’s name; the buyer will pay a €60 transfer fee. Contracts will be signed electronically using Visma Sign to make the purchase as effortless as possible. The apartment keys are held by the maintenance manager on site.