Case study · Eurovea Tower · Bratislava
Eurovea Tower: an investment apartment with Danube and castle views
One of the most attractive two-room apartments in Eurovea Tower — premium orientation, views of the Danube and Bratislava Castle, and genuine short-term rental appeal.
Headline metrics p.a.
- 8.6% p.a.
- Rental yield
- 10.7% p.a.
- Capital appreciation
- 42.0% p.a.
- Return on invested capital
€42,000 / €490,000
(€600,000 / €490,000)^(1/2) − 1
€42,000 / €100,000 · before mortgage payments, other operating expenses and taxes
The same three metrics are published for every completed investment so they can be compared directly. Return on invested capital is a gross cash-on-cash measure from rent, before mortgage payments, other operating expenses and taxes. It is not a net return, not an IRR, and nothing here is guaranteed. Secondary metrics — yield after the 20% management fee (≈ 6.65% p.a.), annualised growth of invested cash (≈ 39.6% p.a.) and the combined gross property return (≈ 19.2% p.a.) — are set out in the sections below.
Inputs and valuation
- €450,000
- Purchase price incl. parking
- €40,000
- Furnishing and preparation
- €490,000
- Cost basis
- €9,000
- Search and purchase fee
- €6,000
- Furnishing coordination fee
- €505,000
- Cost basis including fees
- €405,000
- Initial mortgage
- €100,000
- Total investor cash in
- €600,000
- Current estimated value
acquired August 2024
paid in cash by the investor
purchase + furnishing
2% of €450,000
15% of €40,000
€490,000 + €9,000 + €6,000
90% of €450,000
€45,000 + €40,000 + €9,000 + €6,000
€550,000 apartment + €50,000 parking
The current value is an estimate and the gain is unrealised. A historic or current result of a specific property is not a guarantee of future return. Data last updated: August 2026.
Video tour
See the apartment and its views
A short video tour of the furnished two-room apartment, its layout and views of the Danube and Bratislava Castle.
- Eurovea Tower · two-room apartment
- Bought as a shell apartment
- Prepared for short-term rental
Why this specific unit
We did not buy the address. We bought one specific unit in the building.
Orientation, outlook and scarcity decided the purchase — parameters that cannot be changed afterwards.
Orientation
A two-room apartment whose orientation places it among the best units of its type in Eurovea Tower.
Danube and castle views
River and castle views exist in a limited number of units — an argument for both tenants and a future buyer.
Scarcity
The combination of a two-room layout, premium orientation and the view is limited within the building.
Short-term rental appeal
A new-downtown address with a view attracts guests willing to pay a premium for location and outlook.
A shell apartment
The unit was bought as a shell, so preparation was part of the investment economics from the outset.
Acquisition and financing
How the purchase and the invested cash were structured.
- Property
- A two-room apartment in Eurovea Tower, Bratislava.
- Acquisition
- August 2024, purchased as a shell apartment.
- Purchase price
- €450,000 including parking.
- Mortgage
- 90% of the purchase price, i.e. €405,000.
- Purchase equity
- €45,000 of investor cash.
- Furnishing
- €40,000 of investor cash, outside the mortgage.
- Search and purchase fee
- €9,000 — 2% of the €450,000 purchase price.
- Renovation and furnishing coordination fee
- €6,000 — 15% of the €40,000 furnishing budget.
- Total investor cash in
- €100,000 (€45,000 + €40,000 + €9,000 + €6,000).
- Cost basis including fees
- €505,000.
Transparency
Service fees
On this investment the fees are carried directly into the figures below: 2% of the purchase price = €9,000, 15% of the furnishing budget = €6,000, and 20% of gross accommodation revenue = €8,400 per year, i.e. €700 per month.
2%
Search and purchase: 2% of the purchase price
- Basis
- of the property purchase price
- What it covers
- Investment brief, market search, shortlist, property-level investment analysis, comparison of candidates and acquisition coordination.
- When it is charged
- 50% before the search begins, 50% after the reservation agreement for the selected property is signed.
15%
Renovation and furnishing coordination: 15% of the works and furnishing budget
- Basis
- of the works and furnishing budget
- What it covers
- Scope definition, contractor selection and coordination, schedule, quality control and handover of a rental-ready apartment.
- When it is charged
- Only if you order this follow-on service. Charged on the actual works and furnishing budget.
20%
Short-term rental management: 20% of gross accommodation revenue
- Basis
- of gross accommodation revenue
- What it covers
- Short-term rental operation: pricing, distribution, guest communication, cleaning and maintenance within the agreed scope.
- When it is charged
- Only if you use short-term rental operation. Charged on gross revenue as it is earned.
Only the 2% search and purchase fee applies to every acquisition. The 15% renovation and furnishing coordination fee and the 20% short-term rental management fee are charged only if you use that follow-on service.
Interior and views
The furnished apartment, its layout and its outlook.
These photographs show the apartment after preparation — in the condition in which it is operated as a short-term rental.
Rental performance
Gross rental yield: 8.6% p.a.
Calculated against the full cost basis — parking and furnishing included — not against the headline purchase price.
- ≈ €3,500 / month
- Average gross monthly revenue
- €42,000 / year
- Annualised gross revenue
- €8,400 / year
- Management fee
- €33,600 / year
- Revenue after the management fee
- €490,000
- Cost basis
- 8.6% p.a.
- Gross rental yield
- €505,000
- Cost basis including fees
- ≈ 6.65% p.a.
- Yield after the management fee
short-term rental
€3,500 × 12
20% of €42,000 = €700 / month
€42,000 − €8,400
€450,000 + €40,000
€42,000 / €490,000 = 8.57%
€490,000 + €9,000 + €6,000
€33,600 / €505,000 = 6.6535%
The gross yield is stated before the management fee, operating expenses, financing costs and tax. The yield after the management fee is stated after the 20% management fee but before other operating expenses, interest, taxes and principal repayment — it is neither net profit nor a net yield. We do not publish a net yield or net cash-on-cash return, because the required inputs are not confirmed.
Capital appreciation
Annualised capital appreciation of 10.7% p.a.
- 10.7% p.a.
- Annualised capital appreciation
- ≈ 9.0% p.a.
- Annualised appreciation incl. fees
- +€110,000
- Unrealised appreciation
- €600,000
- Current estimated value
(€600,000 / €490,000)^(1/2) − 1 ≈ 10.66%
(€600,000 / €505,000)^(1/2) − 1 ≈ 9.00%
€600,000 − €490,000
€550,000 apartment + €50,000 parking
The comparable figure is the annualised 10.7% p.a. over August 2024 to August 2026 against the €490,000 cost basis; cumulative appreciation since acquisition is +22.4%. Against the fee-inclusive basis of €505,000 the unrealised gain is +€95,000, i.e. approx. 9.0% p.a. The current value is an estimate and the gain is unrealised until a sale.
Annualised growth of invested cash
Annualised growth of invested cash: approx. 39.6% p.a.
The property was largely mortgage financed, so €100,000 of total investor cash — fees included — carries the unrealised appreciation.
- €100,000
- Total investor cash in
- €195,000
- Ending gross equity
- ≈ 39.6% p.a.
- Annualised growth of invested cash
- 95%
- Cumulative since acquisition
€45,000 + €40,000 + €9,000 + €6,000
€600,000 − €405,000
(€195,000 / €100,000)^(1/2) − 1 ≈ 39.64%
(€195,000 − €100,000) / €100,000
The denominator is the €100,000 total cash in, including the 2% search and purchase fee and the 15% furnishing coordination fee. Unrealised value growth only; it assumes an unchanged loan balance of €405,000. It excludes loan amortisation, interest, rental cash flow, operating expenses, taxes and transaction costs. It is not a total net return on equity. We do not publish total profit, net yield or IRR for this property.
Combined gross property return
Combined gross property return: approx. 19.2% p.a.
Gross rental yield plus annualised capital appreciation, before operating expenses, financing, taxes and transaction costs.
- 8.6% p.a.
- Gross rental yield
- 10.7% p.a.
- Annualised capital appreciation
- ≈ 19.2% p.a.
- Combined gross property return
€42,000 / €490,000 = 8.5714%
≈ 10.66% p.a.
8.5714% + 10.66% ≈ 19.23%
This is not a net return, not an IRR, and nothing here is guaranteed.
Sources and methodology
Every amount comes from one real transaction we coordinated. Every percentage on this page is derived from those amounts and shown with its formula.
- Service fees included in these calculations: search and purchase 2% of €450,000 = €9,000; renovation and furnishing coordination 15% of €40,000 = €6,000; short-term rental management 20% of €42,000 per year = €8,400 per year, i.e. €700 per month.
- Total investor cash in: €45,000 purchase equity + €40,000 furnishing + €9,000 purchase fee + €6,000 coordination fee = €100,000. Every cash-based return figure uses €100,000.
- Gross rental yield: €42,000 / €490,000 = 8.5714% p.a., displayed as 8.6% p.a. — before the management fee, other operating expenses, financing costs and tax.
- Yield after the management fee: gross revenue €42,000 − management fee €8,400 = €33,600 per year; €33,600 / (€450,000 + €40,000 + €9,000 + €6,000) = €33,600 / €505,000 = 6.6535% p.a., displayed as approx. 6.65% p.a. This is after the management fee but before other operating expenses, interest, taxes and principal repayment. It is not net profit and not a net yield.
- Unrealised capital appreciation against the cost basis: €600,000 − €490,000 = €110,000; cumulative €110,000 / €490,000 = 22.449%. Annualised over August 2024 to August 2026: (€600,000 / €490,000)^(1/2) − 1 ≈ 10.66%, displayed as 10.7% p.a.
- Unrealised capital appreciation against the fee-inclusive basis: €600,000 − €505,000 = €95,000; annualised (€600,000 / €505,000)^(1/2) − 1 ≈ 9.00% p.a.
- Combined gross property return: 8.5714% + 10.66% ≈ 19.2% p.a. Gross rental yield plus annualised capital appreciation, before the management fee, operating expenses, financing, taxes and transaction costs. It is not a realised or net return, not an IRR and not guaranteed.
- Return on invested capital: gross rental revenue €42,000 / total investor cash in €100,000 = 42.0% p.a. This is a gross cash-on-cash measure from rent, before mortgage payments, other operating expenses and taxes. It is not a net yield.
- Annualised growth of invested cash: ending gross equity €600,000 − €405,000 = €195,000; (€195,000 / €100,000)^(1/2) − 1 ≈ 39.64%, displayed as approx. 39.6% p.a. Cumulative (€195,000 − €100,000) / €100,000 = 95%. Unrealised value growth only; assumes an unchanged loan balance of €405,000 and excludes amortisation, interest, rental cash flow, operating expenses, taxes and transaction costs.
- A full post-financing cash flow or ROE would require the interest rate, the amortisation schedule, principal repaid and every operating cost. Those inputs are not confirmed, so we do not publish them.
- The current value (€550,000 apartment + €50,000 parking) is an estimate. The gain is unrealised and would only arise on a sale.
- We do not publish a net yield, net cash-on-cash return, IRR or total profit, because the inputs for other operating expenses, financing and historic cash flow are not confirmed.
The methods and examples shown here are informational. They are not investment, legal or tax advice, and no historical or current result guarantees future performance.
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