Week 40 · 4/5 · food outlet with flat · #0004
Molsteeg 3
The location
Shops and food outlets within 100 m, against the busiest spot in town. Under 25%, distance decides: within 250 m of the busiest spot is B2, further out is C. This one is 614 m away.
The verdict
Pass at asking.
A 1644 building one alley back from the Dam, let to a three-store corn-dog chain at a rent that needs 1.6 times the sales of a typical fast-food firm. At €1.1m it returns 4.1% a year over ten years, before any loan; this location needs 6.75%. It works at about €896k.
| Figure | Value | Against |
|---|---|---|
| Works at | €896k | ✕19% below asking |
| NIY at asking | 4.1% | ●year-one net rent against price plus costs |
| Your return at asking, no loan | 4.1% | ✕needs 6.8% |
| With a 55% loan | 2.1% | ✕worse than no loan |
| Confidence | Medium | ● Rent from the brochure; the lease is not given, so the lease end is assumed. Sales yardsticks from national data and one neighbour's listing. Floor areas used as given. |
What matters most
- 1MixedPopsyz needs big sales€518k!
in yearly sales keeps the rent under 11%; a typical fast-food firm turns over about €315k, the crêperie on the corner about €530k
- 2AgainstThe alley has an empty unit23 months✕
Molsteeg 11 on offer at €471 per m² since October 2024; this lease is €456
- 3MixedBy the Dam, off the main streets48 vs 149!
shops and food outlets within 100 m, against the busiest spot in the centre
The flip
Rent at the next lease end, against todayUp: it becomes Uncommon (works within 15% of asking) if the rent at the next lease end, assumed for 2030, comes in at least 5% above today's, or if the tenant is at least 96% likely to stay. Rare would need 18% more rent. Rents are in today's money; the model grows market rent 2.5% a year.
Playground
Loading the model.
Yellow = changed from Anvest's assumptions.
The brochure, checked
About 125 m²: a commercial space with a flat above
Used as given. Floor areas in public registers are unreliable, so Anvest works with the brochure.
Built in 1644
Building from 1644.
Plot 33 m², freehold
Cadastral map: Amsterdam F 1862, 33 m². Freehold or not is in the paid register only.
Ask for the title; much of Amsterdam is on ground lease.
Let to Popsyz, a popular fast-food chain
Popsyz lists three stores: Hoog Catharijne in Utrecht (opened late 2024), Alexandrium in Rotterdam (late 2025) and this one. A trade article of January 2026 calls Rotterdam the second store, so this one is the newest, with a short trading record.
Ask who signed the lease, for the bank guarantee, and for this store's sales so far.
Rent €57,000 a year; €500 a month off in 2025 and €250 in 2026
The full rent applies from 2027. The model also adds the usual yearly indexation of 2% from January 2027, so €58,140 in 2027.
Ask for the index date in the lease.
One tenant for the whole building, flat included
The building is registered as one unit with food and residential use. The brochure gives one rent for the whole building.
Ask whether the flat is inside the Popsyz lease and who lives there.
About €250,000 invested at the start of the lease: structure, facades, roof, floors, stairs
Not verifiable from public data. Anvest budgets no one-off works because of it, but higher yearly upkeep for a 1644 building.
Ask for the invoices or a building survey.
Zoning: omgevingsplan Postcodegebied 1012, Gemengd-1.1
Not checked: the zoning map is outside the data this page can reach. Amsterdam bars new shops aimed mainly at tourists in the centre; the Council of State upheld the ban in April 2020.
Check that the corn-dog use is allowed here, and what a next tenant could do.
Lease terms
Not in the brochure; the discounts imply a start in 2025.
Ask for the lease. Anvest assumes a five-year first term to the end of 2029.
Energy label: not available
None registered in the brochure.
The neighbourhood
| Measure | Value | Against |
|---|---|---|
| Shops and food outlets within 500 m | 1,025 | ✓711 shops and 314 food outlets |
| Homes within 500 m | 5,721 | ✓plus the visitors of the tourist core |
| Average home value, Spuistraat-Noord | €540k | ✓4% above Amsterdam (€518k) |
| Household income | €41.5k | ●2% below Amsterdam (€42.5k) |
| People in Amsterdam, 2016 to 2026 | +13% | ✓941,927 now; 1.06 million forecast for 2036 |
About this card
| Unit | m² | Rent a year | Lease end |
|---|---|---|---|
| Popsyz corn dogs, whole building | 125 | €57.0k | open |
- Retail segment
- Food and drink
- Lease
- ends 31 Dec 2029, 3.2 years left, assumed
- Rent against market
- rack rented
- Build year
- 1644
- Zoning
- Omgevingsplan Postcodegebied 1012, Gemengd-1.1 (brochure, not verified)
- Cadastre
- Amsterdam F 1862, 33 m²
Analysed 30 Sep 2026 · model anvest-model v0.3
Offered by Spring Real Estate · springrealestate.com · listing
Anvest has no ties to the seller or the agent.
