Buy investment and mixed-use buildings off market

What is a Zinshaus – and how does it differ from an apartment building?

A Zinshaus is a rental building held as an investment. The term is closely linked to the tenement buildings of the Gründerzeit (the period of rapid growth in the late 19th century), which were built for letting in cities such as Berlin, Vienna or Leipzig. Today it is mainly used in Austria, southern Germany and Berlin.

Legally, there is no separate category „Zinshaus“. In official statistics, such buildings are called apartment buildings (Mehrfamilienhaus) or, where there is a significant commercial share, mixed-use buildings (Wohn- und Geschäftshaus). The Higher Committee of Valuation Experts in Brandenburg (Oberer Gutachterausschuss Brandenburg), for example, classifies buildings with a commercial rent share above 20% and below 80% as mixed-use buildings.

On diskret.immo you will find investment apartment buildings both here and under Off-market apartment buildings. The search in your own words understands both terms.

Why are investment apartment buildings sold off market?

Investment apartment buildings have often been in family ownership for decades. Their sale therefore frequently coincides with an inheritance or a reorganisation of assets – occasions on which owners do not want publicity. In addition, commercial tenants on the ground floor react sensitively to rumours of a sale, for instance by holding back on lease renewals.

For buyers, this means: good investment apartment buildings in sought-after locations rarely come onto the open market. Anyone who stores a precise search profile is involved early in a quiet sale.

How do you search for an investment apartment building in your own words?

Write your request as you would tell an estate agent, for example: „Gründerzeit Zinshaus in Leipzig or Berlin, 8 to 20 units, commercial on the ground floor, up to €4 million.“ The search breaks this down according to fixed rules into criteria such as location, property type, units, year of construction, price and keywords. Each anonymous profile receives a match score from 0 to 100 with a short explanation.

Useful keywords for investment apartment buildings:

• „period building (Altbau)“ or „built before 1918“
• „commercial on the ground floor“ or „no commercial units“
• „attic can be converted“
• „listed building“ or „not listed“
• „lift“, „rear building (Hinterhaus)“, „side wing (Seitenflügel)“

Regional pages help to narrow the search: Berlin, Leipzig, Munich, Hamburg, Frankfurt and Potsdam.

Which particular features should you check with a Zinshaus?

An investment apartment building calls for a more detailed review than a newer apartment building, because period construction, mixed use and long tenancies come together. These points belong on your list:

• Rent structure: how are the rents split between residential and commercial? How long do the commercial leases still run?
• Rent level: are the residential rents well below the local rent index (Mietspiegel)? That is potential, but can only be used within the limits of tenancy law.
• Legal restrictions: does a preservation statute (Erhaltungssatzung, „Milieuschutz“) apply? Is the building listed?
• Structural condition: roof, façade, pipes and wiring, damp in the basement, timber-beam ceilings.
• Division: is there already a declaration of division (Teilungserklärung), or is the building undivided?
• Energy: energy performance certificate and upcoming obligations regarding the heating system.

Note: This page gives a general overview and does not replace legal, tax or building advice. Have leases and structural condition professionally reviewed before buying.

Which key figures help with the assessment?

The most important quick figure is the purchase price multiple (Kaufpreisfaktor): purchase price divided by the annual net rent excluding service charges. With an investment apartment building, it is worth looking at it separately for residential and commercial, because commercial rents are valued differently.

Official comparative figures only exist regionally. An example from Brandenburg: for mixed-use buildings in the Berlin commuter belt (excluding Potsdam), the Higher Committee of Valuation Experts determined an average gross rent multiplier (Rohertragsfaktor) of 17.7 (range 11.6 to 26.0; 30 sales 2023–2025). For Berlin, Leipzig or Munich, the market reports of the local valuation committees (Gutachterausschüsse) apply.

How to interpret the multiple is shown in the guide Purchase price multiple for apartment buildings; you can calculate gross and net yield with the calculator under Calculate rental yield.

How does the purchase of an investment apartment building work?

The process is the same as for all off-market properties on diskret.immo:

1. Create a free account, save a search profile and view matching anonymous profiles.
2. After activation as a verified buyer, give a confidentiality undertaking and request the exposé.
3. Discuss financing in a conversation and receive the address after a further release.
4. Review the documents our team hands over in person, view the property and bring in surveyors where necessary.
5. Submit an offer or letter of intent; purchase agreement at the notary (Notar).

For larger investment apartment buildings held in a company, buying the company shares (share deal) is also an option alongside a direct purchase (asset deal). The guide Share deal or asset deal explains the differences in real estate transfer tax (Grunderwerbsteuer), liability and review.

Using diskret.immo is free for buyers: the buyer account, anonymous profiles and search profile cost nothing. For investment apartment buildings and mixed-use buildings, the buyer’s commission is agreed per property. Whether a buyer’s commission is payable for a property, and how much, is stated in the anonymous profile.

You own an investment apartment building yourself and are thinking about selling? Read on the owners‘ page how to sell an investment apartment building discreetly without unsettling tenants.