Week 43 · 1/5 · shop unit · #0011
1e Middellandstraat 17-B
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 1122 m away.
The verdict
Worth €350k?
A tobacco specialist's shop on a busy Rotterdam shopping street, let to January 2030, in a building shared with two flats. At €350k it returns 4.2% a year over ten years, before any loan; this location needs 7.25%. It works at about €278k, 21% under asking.
The appeal
A busy city street, rent in line
A tobacco specialist on a busy shopping street in Rotterdam, one of the five top retail cities, paying a rent in line with the street.
| Figure | Value | Against |
|---|---|---|
| Works at | €278k | ✕21% below asking |
| NIY at asking | 5.0% | ●year-one net rent against price plus costs |
| Your return at asking, no loan | 4.2% | ✕needs 7.2% |
| With a 55% loan | 1.9% | ✕worse than no loan |
| Confidence | Medium | ● Rent, lease end and owners' association costs from the brochure; the tobacco shop is trading at the address. The lease itself (start, index month, renewal terms) sits in a data room behind a confidentiality agreement. Street rents from two asking rents on the same street. Floor areas used as given. |
What matters most
- 1MixedThree years of lease left3 years!
of lease left at a February 2027 purchase; the current term ends on 31 January 2030
- 2ForThe rent fits the street€184 per m²✓
a year over two floors; on the same street 73A asks €166 (basement included) and 84B €288 for 71 m²
- 3AgainstThe association takes 16%€3,917 a year✕
to the owners' association, 16% of the €24,748 rent, in a building of one shop and two flats
The flip
Rent at the 2030 lease end, a year, in today's moneyUp: it becomes Uncommon (works within 15% of asking) if the rent at the 2030 lease end is at least €26,400 a year, 7% above today's €24,748, and Rare (within 5%) from €29,200, about €218 per m², between what 73A and 84B ask. At today's rent, owners' association costs of €2,600 a year or less make it Uncommon. Rents are in today's money; the model grows market rent 2.0% a year.
Playground
Loading the model.
Yellow = changed from Anvest's assumptions.
The brochure, checked
Shop of 134.20 m² lettable (166.90 m² gross) on the ground and first floor, measured to NEN 2580
Used as given. Floor areas in public registers are unreliable, so Anvest works with the brochure.
Let to SHSA Trading B.V., which runs a tobacco shop here
A tobacco specialist trades at 1e Middellandstraat 17-B as Tabak- en Lectuurshop Jessy (also Tabakshop010), with more than 100 kinds of tobacco. SHSA Trading B.V. is a Rotterdam tobacco wholesaler, registered in November 2016.
Since when the shop trades here was not found. Ask for the lease and any bank guarantee.
Rent €24,747.60 a year plus VAT, 7:290 lease, current term to 31 January 2030
In the model: three years of rent after a February 2027 purchase, indexed 2% a year; then even odds the tenant stays at the street's rent, else 12 empty months. The brochure gives no start date, index month or renewal terms.
The lease is in the data room, open after a confidentiality agreement.
A busy shopping street, a stone's throw from the centre
A district shopping area: 41 shops and food outlets within 100 m, 214 shops and 113 food outlets within 500 m. The town's busiest spot, the Beursplein, has 78 within 100 m and is 1.1 km away.
Busy, yes; but a district centre, not the city centre the listing names.
Owners' association contributions of €326.43 a month
€3,917 a year, 16% of the rent, in the model as a yearly cost growing 2% a year. The building has three addresses: this shop and two flats.
Ask for the association's budget, its reserves and how the contributions are split.
Built in 1905
The public registers give 1905 too.
Full ownership on own ground, split into apartment rights (Rotterdam S 5507 A1)
The A1 marks an apartment right, which fits a split building of three units. Whether the ground is owned or leased was not checked: that sits in the paid register.
Ask for the title and the split deed.
Sold as is, where is
No warranties on a 1905 building. Anvest budgets €8,300 of catch-up works inside the unit in the second year.
Ask for a building survey and the association's maintenance plan.
Energy label C, valid to 30 July 2029
Not checked: the energy label register is outside the data this page can reach. The label expires half a year before the lease ends.
A tobacco shop as the tenant's trade
Every tobacco sales point must be registered since 1 July 2026. A bill now in parliament would allow tobacco sales only in specialist shops from 2032; sales points fell from about 16,000 in 2020 to about 4,400 in 2024.
Fewer rivals for a specialist, in a trade the law keeps shrinking.
The neighbourhood
| Measure | Value | Against |
|---|---|---|
| Household income, Oude Westen | €33.5k | !10% below Rotterdam (€37.4k) |
| Average home value | €370k | ✓8% above Rotterdam (€342k) |
| Homes within 500 m | 6,505 | ✓and 19,095 within 1 km |
| Shops and food outlets within 500 m | 327 | ✓214 shops and 113 food outlets |
| People in Rotterdam, 2016 to 2026 | +7.0% | ✓673,804 now; the Netherlands +6.8% |
About this card
| Unit | m² | Rent a year | Lease end |
|---|---|---|---|
| Tabak- en Lectuurshop Jessy, tobacco specialist | 134.2 | €24.7k | 31 Jan 2030 |
- Retail segment
- Daily goods
- Lease
- ends 31 Jan 2030, 3.3 years left
- Rent against market
- rack rented
- Build year
- 1905
- Energy label
- C, valid to 30 July 2029 (brochure, not verified)
- Cadastre
- Rotterdam S 5507 A1 (apartment right, brochure); one of three units in the building, with two flats
Analysed 17 Oct 2026 · model anvest-model v0.3
Offered by Spring Real Estate · springrealestate.com · listing
Anvest has no ties to the seller or the agent.
