Rented and renovated walk-up two-room apartment B28 near Ilomantsi centre — investors, note the Ilomantsi gold deposit!, Ilomantsi

For sale: a basic-condition 61.5 m² two-room flat in a walk-up block, apartment B28 (share numbers 15366-15980) of As Oy Ilomantsin Pogostanpiste (business ID: 2236945-8). The apartment address is Kotitie 6 B 28, 82900 Ilomantsi. The housing company has a total of 32 apartments; there are no commercial premises encumbering the company. The buildings have an energy rating of D and therefore meet any applicable EU energy directives.

Mining company Endomines reports that its test drillings have confirmed a very promising gold deposit at Ukkolanvaara in Ilomantsi (news dated 28 May 2025 on Yle). Endomines Finland opened a second gold mine this year in Hosko, Ilomantsi, North Karelia. The municipality is already zoning a third production area further south. According to Endomines, Ilomantsi could see hundreds of new jobs in the future. This is expected to increase demand for rental housing in the area and also make furnished renting viable, further increasing rental income.

The housing company is located on a quiet road right next to Ilomantsi centre services, with amenities approximately 0.5–1 km away. The building is heated economically by district heating and sits on the municipality’s favourable leasehold plot (property ID 146-406-3-106-L1). There are currently no major renovations planned in the company, only routine maintenance. The company has an all-risk insurance policy provided by If Insurance. 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 flats into eight one-room flats, namely apartments 1a, 1b, 2a, 2b, 9a, 9b, 10a and 10b

- 2010: Renovation of common areas’ sauna and washroom and storage facilities

- 2010: External painting of timber and metal parts

- 2010: Repair, sealing and repainting of windows and doors

- 2010: Courtyard area improvements, mailbox racks, etc.

- 2010: Lawn area restoration

- 2010: Replacement of radiator valves and thermostats; installation of balancing valves

- 2022: Maintenance painting of roofs

The apartment is rented: rent €375/month + water €20/month = €395/month. No rent increases have been made, so the rent can be raised.

The apartment is sold free of debt and without any arrears on charges. The maintenance charge is €301.35/month, which allows for very low running costs and an excellent rental yield. The buyer is responsible for the charges from 1 May 2026.

Net rental income is €375/month − €301.35/month = €73.65/month, i.e. €883.80/year. With a sale price of €4,500 the net yield would be nearly 20%. With a €20/month rent increase the net yield rises to almost 25%.

This opportunity is worth seizing.

Attached is the official valuation report for the housing company from 2023, which, following a principle of prudence, values the 61.5 m² two-room flat at €16,000.

Buyers must have satisfactory credit records. By placing a bid you accept that your credit information may be checked. It is very important to us that the apartments in the housing company are owned by a person able to pay the charges.