Investment property · Advice for sellers

Sell your apartment building, priced on the rent.

A multi-family building sells differently from an owner-occupied flat. The buyers are investors, and they base their sums on the rents the building brings in.

The rent determines the price, not the square metre Discreetly to investors we already know Commission agreed in the agency agreement

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1995brand on the Berlin market

15.9 to 24.6xThat is how many annual rents a building costs in Berlin, range across the districts with published valuesGuthmann Estate, nine districts with a published value, retrieved 03/11/2026

IVDImmobilienverband Deutschland (German real estate association), member for over 20 years

1 : 1A dedicated contact person, no hotline

The most important difference

The commission on an apartment building is set out in the agency agreement.

Buyer and seller each pay half of the commission. That only applies to flats and detached houses, and only when a private individual buys (§§ 656c and 656d BGB, German Civil Code). It does not apply to an apartment building. Nor does it apply to buyers acting as a company.
An agency agreement for a flat or a detached house requires text form (§ 656a BGB). Text form means: an email is enough, a spoken word is not. This applies no matter who is buying.
For an apartment building, we set out in text form before marketing how high the commission is and who pays it: the buyer, you or both.
It is usually payable as soon as the purchase contract has been signed at the notary. If the contract still depends on a condition, the agency agreement sets out a different rule.

Selling with tenants in place: if the building is divided into individual owner-occupied flats, the tenants may buy their flat first (§ 577 BGB). Throughout Berlin, until the end of 2030, this division requires approval as soon as an existing building has more than five flats (§ 250 BauGB, Federal Building Code; Berlin conversion ordinance). In areas where the district protects the existing housing stock, a second approval is required (§ 172 BauGB, preservation area). We check both in advance.

Process

Selling a multi-family building: four steps to the notary appointment.

Initial assessment from the rents

Free of charge. We look at the rent roll, the condition, what has been left undone over the years and the location.

Consultation

Who could be a buyer, which route we take, how the commission is arranged, which documents are missing. You need the energy performance certificate under the Gebäudemodernisierungsgesetz (GModG, Building Modernisation Act, formerly GEG) by the viewing at the latest, and in the advert as soon as it is available.

Marketing, usually discreet

To investors who have told us in advance what they are looking for. Often with no public listing at all.

Completion

Negotiating, checking whether the buyer can pay, notary appointment. At handover, rent deposits and documents change hands.

Market situation

Figures for investors, with source and date.

Only the figures of the valuation committee (Gutachterausschuss) are official.

15.9 to 24.6xAnnual rents in the purchase price of a multi-family building, range across the districts with published valuesGuthmann Estate, nine districts with a published value, retrieved 03/11/2026

20.9xYears of rent in the purchase price, average of notarised sales in Berlin (2025: 22.4x)Guthmann Estate based on transaction data from the Berlin valuation committee (Gutachterausschuss), as of 13/10/2026

24.6xAnnual rents in the purchase price, multi-family buildings in Charlottenburg-Wilmersdorf (City West)Guthmann Estate based on transaction data from the valuation committee (Gutachterausschuss), as of 13/10/2026

3.3 to 3.9%Property yield rate (Liegenschaftszins), which valuers use to convert rents into a value; area group City, net cold rents of 8 to 12 euros per square metreGutachterausschuss Berlin (valuation committee), official, reference date 31/12/2024

around 4.1 per centWhat the annual rent yields on the purchase price before costs, multi-family building City West, calculatedAnnual rent divided by purchase price, from the Guthmann multiplier of 24.6, our own calculation, as of 13/10/2026

around €2.65 millionAverage purchase price of a multi-family building in Berlin, around 33 per cent below the 2020 peakGutachterausschuss Berlin (valuation committee), time series for developed plots, 2024 edition

These figures come from sales that actually went through. The asking prices and rents for owner-occupied flats work out at around 31 annual rents (IBB Housing Market Report 2025). The gap is not a negotiating discount: different property types are being compared. Since the 2021 peak, the Berlin median has fallen from 32.1 to 20.9 (Guthmann Estate). Official key figures for multi-family buildings in the State of Brandenburg are on the page Multi-family buildings in Brandenburg.

Price-to-rent multiplier means: purchase price divided by the annual rent excluding heating and ancillary costs. The smaller the number, the more rent the building brings in relative to its price. More on City West: Selling an apartment building in Charlottenburg-Wilmersdorf.

Why BBI

Valuing an apartment building in Berlin: we work from the rent, not from the building next door.

What you get

The value comes from the rental income, the valuation committee's property yield rate (Liegenschaftszins) and the years the building still has ahead of it.
Investors in Berlin, private individuals and large firms alike, plus NAI apollo beyond Berlin.
Commission rules, rights of first refusal and energy certificate obligations clarified before you commit.

What we need first

The rent roll: what net cold rent, what service charges, how long each contract runs, what is vacant.
Year of construction, state of renovation, major maintenance work in recent years.
Energy performance certificate, land register extract and, if the building has already been divided, the declaration of division (Teilungserklärung).

Frequently asked questions

Selling an apartment building: frequently asked questions.

Answers as of 6 November 2026

Is a multi-family building the same as a Zinshaus?

Usually yes when selling. Both words mean a let residential building with several flats. "Zinshaus" puts the rental income first, "Mehrfamilienhaus" the type of building. In both cases investors calculate with the annual rent excluding heating and service charges. In Berlin a multi-family building most recently cost 20.9 years of rent on average (Guthmann Estate based on transaction data from the Berlin valuation committee (Gutachterausschuss), as of 13/10/2026).

Do buyer and seller also split the commission on an apartment building?

No. The split only applies when a private individual buys a flat or a detached house (§§ 656c, 656d BGB, German Civil Code). For an apartment building, we agree with you before marketing begins how high the commission is and who pays it. Both are set out in the agency agreement.

How do you find out what my multi-family building is worth?

Through the rents. We take the rent that can be achieved in the long term, the property yield rate (Liegenschaftszins) of the valuation committee and the years the building still has ahead of it. We compare the result with the usual annual rents in your location. The initial assessment costs nothing and does not commit you to anything.

Does my apartment building have to go on a portal?

Usually not. Apartment buildings go first to investors who have told us in advance what they are looking for. We only place a public listing if it benefits the building, and then with all the mandatory information.

All the flats are let. Can I still sell the multi-family building?

Yes. If you sell the entire building, all tenancy agreements continue unchanged. Whether tenants may buy their flat first (§ 577 BGB, German Civil Code) is something we only check if the building is to be divided into owner-occupied flats.

What really helps at this point.

Selling an apartment building in Charlottenburg-WilmersdorfThe district page with the key figures for City West. Agent's commission in BerlinWhy the equal split does not apply to apartment buildings. Tenants' right of first refusalWhen § 577 BGB applies and when it doesn't. Packages, portfolios, projectsWhen one building is to become several units. Price-to-rent multiplier BerlinHow many annual net cold rents the purchase price contains, with completed sales and asking prices kept separate.

What is your apartment building worth?

The initial assessment from the rents costs nothing. We usually reply within one working day.

Start valuation