Before
After
€50k
Total Invested
€550 / mo
Monthly Income
€6,600
Annual Income
~15%
Gross Yield
5 years
Hold Period
Orio al Serio sits 5 km from Bergamo's historic upper city, built almost entirely around Bergamo Airport (BGY), Europe's third-busiest low-cost terminal with over 15 million passengers annually, dominated by Ryanair operations. The micro-catchment generates persistent rental demand from airline crew, ground handlers, and airport staff on rotating contracts who need reliable housing within minutes of the departure gates. We identified this 67 sqm apartment as an off-market acquisition: the unit had been vacant for over a year in a condition requiring full intervention: a 1970s kitchen and bathroom that had never been updated, deteriorated flooring, and outdated electrical and plumbing systems. The owner was motivated to sell quickly, creating the price gap we needed to make the numbers work.
Investment Strategy
We acquired the 67 sqm apartment at below-market value given its condition. A complete renovation was delivered in 4 months: new kitchen and bathroom, full electrical and plumbing overhaul, new flooring throughout, bringing the unit to a high-standard tenant-ready condition. Total capital deployed: €50,000 across acquisition and renovation.
The unit was immediately let to a Ryanair cabin crew tenant on a long-term contract at €550/month, €6,600 gross per year, generating a ~15% gross yield on total capital deployed. This is a pure income play: tenant demand from airport operations provides a structural floor on occupancy, and contract renewals are predictable. Over a 5-year hold, cumulative rental income reaches €33,000. Conservative appreciation assumptions for the area (8–12% over 5 years) point to an exit value of approximately €55,000–€58,000, adding €5,000–€8,000 in capital gain. Combined return over the hold period: approximately €38,000–€41,000 on €50,000 deployed, averaging ~15–16% per year.
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