An apartment building can be sold discreetly by showing it to investors only as an anonymous profile – with region, number of units, floor area and price range, but without the address. Only vetted buyers receive the exposé, after your release. Tenants, caretaker and neighbours only find out when a serious buyer wants to view. The tenancy agreements continue unchanged after the sale.
Why an apartment building is better sold quietly
Tenants recognise a public listing with photos of the façade immediately. The consequences are predictable: questions, worries about rent increases or owner’s own-use claims, and in the worst case good tenants giving notice. Vacancy during the sale pushes the price down, because buyers calculate with the actual rents.
In addition, people who buy apartment buildings usually search in a targeted way – by location, yield and condition. You can reach these buyers with a precise anonymous profile and a search profile match, without any portal. An overview of the advantages: Sell property discreetly.
What changes for the tenants when the building is sold?
Legally, nothing changes for the tenants at first. On registration in the land register (Grundbuch), the buyer takes over all existing tenancy agreements (§ 566 German Civil Code, BGB, „sale does not break a lease“ – Kauf bricht nicht Miete). Rent, deposit and protection against termination remain in place.
As a rule, tenants in Germany have no right of first refusal (Vorkaufsrecht) when the whole building is sold. Under § 577 BGB, it applies when condominium ownership (Wohnungseigentum) has been or is to be created in rented apartments after they were let to the tenant, and an individual apartment is sold. If your building has already been divided or is to be divided, we clarify this before the first anonymous profile.
No legal advice. The notes on §§ 566 and 577 BGB reflect the general legal position in Germany as of 26.10.2026. For your individual case, please consult a lawyer.
When do tenants learn about the sale?
In a discreet sale, you decide the timing. This sequence is usual:
| Phase | Who knows | Tenants informed? |
|---|---|---|
| Anonymous profile (stage A) | Buyers see key data, no address | no |
| Exposé (stage B) | a few vetted buyers with a confidentiality undertaking | no |
| Address (stage C) | one or a few buyers, financing clarified in conversation | shortly before the viewing |
| Viewing | Buyer, possibly the bank’s valuer | yes, with advance notice |
| Purchase contract | Notary (Notar), buyer | notification of change of ownership |
An exterior viewing is often possible without notice. Viewing individual apartments requires the tenants‘ consent and timely notice. Many buyers first view a vacant unit, the cellar, roof and building services.
Which documents do I need to sell an apartment building?
Buyers of apartment buildings check carefully. Complete documents speed up the sale and strengthen your negotiating position. This checklist helps:
Plot and legal
– Land register extract (Grundbuchauszug, current)
– Cadastral map (Flurkarte or Liegenschaftskarte)
– Register of public easements (Baulastenverzeichnis), if applicable information from the contaminated sites register (Altlastenkataster)
– Declaration of division (Teilungserklärung), if the building has been divided
Building
– Energy performance certificate (Energieausweis) – in a sale, it must be presented at the latest at the viewing (§ 80(4) GModG, formerly GEG); at diskret.immo, its mandatory details are stated in the anonymous profile
– Building plans, living area calculation, building specification
– List of modernisations with year and cost
– Maintenance records (heating, lift if applicable, smoke alarms)
– Buildings insurance: policy and claims
Letting
– Rent roll with floor area, net cold rent, service charges, start of tenancy, last increase
– Tenancy agreements (for stage C, not before)
– Last two service charge statements
– Outstanding rent arrears, pending legal disputes
– Property management agreement, caretaker and maintenance contracts
We only release tenants‘ personal data at stage C; our team hands over these documents in person. At stage B, an anonymised rent roll without names is sufficient. This keeps your tenants‘ information confidential.
Who buys apartment buildings offered discreetly?
Buyers of apartment buildings are usually investors with clear criteria.
| Buyer type | Typically looking for | What they look at |
|---|---|---|
| Private investors and families | 4–15 units, solid location | Condition, tenant structure, financeability |
| Family offices and high-net-worth individuals | larger buildings, good locations | Value preservation, discretion, long holding period |
| Long-term portfolio holders and housing companies | portfolios, several buildings | Manageability, yield, development potential |
| Property developers | buildings with vacancy or expansion potential | Building rights, attic, division into units |
Which of these groups is suitable for your building is shown by the quiet market test: your anonymous profile is matched against the saved search profiles before you commit. How buyers see the properties is shown on the page Off-market apartment buildings, and for larger properties also Off-market investment buildings.
How is the price of an apartment building estimated?
For apartment buildings, income is what matters most. Buyers often calculate with the purchase price multiple (Kaufpreisfaktor) – purchase price divided by the annual net cold rent – and with the rental yield. How both are calculated is shown in the guides Calculate the purchase price multiple and Calculate rental yield. Valuers use the income capitalisation approach (Ertragswertverfahren). Decisive factors are the rents actually achieved, the potential for rent increases, the maintenance backlog and the location.
The multiple that is customary in your region is published by the local valuation committees (Gutachterausschüsse) in their property market reports (Grundstücksmarktberichte). For Berlin there is a dedicated owners‘ page with buyer count, pre-emption right and timetable: Sell an apartment building in Berlin. We have compiled official figures with sources for six cities: Multiples in Berlin, Multiples in Hamburg, Multiples in Munich, Multiples in Frankfurt, Multiples in Leipzig and Multiples in Potsdam. We only give our own range after reviewing the rent roll and condition – in a free, non-binding valuation.
When can you sell an apartment building tax-free?
If the building is held as private assets, the gain from selling it is tax-free once more than ten years have passed between purchase and sale (section 23 (1) sentence 1 no. 1 of the German Income Tax Act, EStG). If you sell earlier, the gain is taxed as a private disposal transaction (privates Veräußerungsgeschäft) at your personal income tax rate. For an apartment building, the exemption for owner-occupied property applies only proportionately to the flat you have lived in yourself, either exclusively since purchase or in the year of sale and the two preceding calendar years – not to the let units. Depreciation claimed while the building was let increases the gain in a taxable sale.
Three cases in which different rules apply:
| Case | Consequence |
|---|---|
| The building belongs to business assets or a GmbH | The gain is taxable regardless of the holding period. |
| You sell more than three properties within five years of buying or building them | The tax authorities may treat this as commercial property dealing (“three-property limit”); after a division into condominiums, each flat counts as a separate property. |
| Instead of the building you sell shares in the company that owns it | For a GmbH there is no ten-year period; the gain is taxable under section 17 or 20 EStG. For a purely asset-managing partnership (GbR, KG), the sale of a share is treated as a proportionate sale of the building (section 23 (1) sentence 4 EStG). See the guide Share deal or asset deal. |
Discretion pays off with the deadline in particular: if only a few months remain until the ten years are up, you can test demand with an anonymous profile without committing yourself. The decisive date is generally that of the notarised purchase contract. Note: a binding preliminary agreement, a binding offer to sell or a comparable commitment made before the deadline may already count as a sale for tax purposes. Agree the timetable with your tax adviser beforehand.
Not tax advice. These notes reflect the general legal position on section 23 EStG and on commercial property dealing (letter of the Federal Ministry of Finance of 26 March 2004) as of 28 October 2026 and do not replace a review of your individual case. As estate agents we are not permitted to give tax advice. Have the timetable and tax consequences checked by your tax adviser before selling.
What does a discreet sale of an apartment building cost?
The rules on splitting the commission in §§ 656a–656d BGB only apply to apartments and single-family houses. For an apartment building, the commission can be freely agreed. Whether a buyer’s commission is payable, and how much, is stated in the anonymous profile. At diskret.immo, the buyer’s commission is agreed per property. The initial consultation, valuation and quiet market test are free of charge and non-binding; a commission is only payable on a successful sale and is agreed in advance in the brokerage agreement (Maklerauftrag).
Can I sell my apartment building without the tenants noticing?
Up to the viewing, yes. The anonymous profile and the exposé contain no address and no photos of the façade. At the latest when a buyer wants to see apartments, the tenants concerned are informed.
Do I have to offer the tenants a right of first refusal?
As a rule, not when selling the whole building that has not been divided. A right of first refusal under § 577 BGB can arise if rented apartments have been or are to be converted into condominiums. We check this in advance.
Can tenants be given notice because of the sale?
The sale alone is not a ground for termination. The buyer takes over the tenancy agreements with all rights and obligations. For a later termination for the owner’s own use (Eigenbedarf), the usual statutory requirements and notice periods apply.
Which documents does a buyer receive – and when?
Rent roll, tenancy agreements, service charge statements, energy performance certificate, land register extract, plans and maintenance records. Tenant data with names is only provided at stage C; our team hands over these documents in person after your release.
When is the sale of an apartment building tax-free?
For private assets, once more than ten years lie between the purchase contract on acquisition and the purchase contract on sale (section 23 EStG). If you inherited or were given the building, the previous owner’s acquisition counts. A binding agreement made before the deadline may already count as a sale. If the building belongs to business assets, if you sell shares in a GmbH, or if you sell more than three properties within five years, other rules apply. Have this checked by your tax adviser before selling.
Can I sell an apartment building as a package with other buildings?
Yes. Portfolio sales are in demand among long-term portfolio holders. Each building gets its own key figures in the anonymous profile, and the release can be given for the whole package or per building.
- Bundesministerium der Justiz: Einkommensteuergesetz, § 23 (Private Veräußerungsgeschäfte), accessed 28.10.2026, https://www.gesetze-im-internet.de/estg/__23.html (German)
- Bundesministerium der Finanzen: Abgrenzung zwischen privater Vermögensverwaltung und gewerblichem Grundstückshandel, BMF-Schreiben vom 26.03.2004, IV A 6 – S 2240 – 46/04, BStBl. I 2004 S. 434 (German)
- Bundesministerium der Justiz: Bürgerliches Gesetzbuch, § 566 (Kauf bricht nicht Miete) und § 577 (Vorkaufsrecht des Mieters), accessed 26.10.2026, https://www.gesetze-im-internet.de/bgb/__577.html (German)
- Bundesministerium der Justiz: Gebäudemodernisierungsgesetz (GModG), § 80 Abs. 4 (Energieausweis beim Verkauf), accessed 26.10.2026, https://www.gesetze-im-internet.de/geg/__80.html (German)