This property involves the sale of a complete four-story building located in the Olletas district of Málaga. The asset offers a combination of residential and commercial spaces, situated in an urban setting just a short distance from the historic center and the beaches. With a total area of 1,145 m² divided among ten apartments and four commercial units, this building presents itself as a real estate asset with an existing income stream, as it is currently tenant-occupied. The location in Olletas provides a residential setting with local amenities immediately nearby.
Key characteristics of location, homes, project phase and points of attention.
The building is situated in Olletas, a residential neighborhood northeast of Málaga's city center. The location is characterized by urban density with all necessary facilities within walking distance. Málaga's historic center and the port are reachable within minutes. The proximity to major transport routes such as the A-7 and nearby train stations ensures good connectivity with the rest of the Costa del Sol.
This building offers a solution for investors seeking an asset with immediate rental yields and potential for value appreciation through renovation. The layout, featuring both residential and commercial spaces, allows for mixed-use. For residents, the location offers the practical benefits of urban living: amenities like pharmacies, supermarkets, and public transport are present within 100 meters.
This is not a new development project but an existing building currently in use. The building is in a 'good' condition according to the data, but lacks an elevator, which is a point of attention for modernization. The structure offers opportunities for renovation to bring comfort levels and energy efficiency up to current standards.
The building does not have an elevator, limiting the accessibility of the upper floors. There is no on-site private parking; parking is on the public street. The commercial spaces and apartments are rented out, meaning tenant protection laws apply and immediate owner occupancy is not possible without terminating lease agreements.
This property fits investors looking for a 'buy-to-let' strategy in a stable urban environment. It is suitable for those wishing to deploy capital in real estate with existing cash flow and potential for revaluation. It is also relevant for parties interested in 'value-add' real estate strategies by installing an elevator and performing energy renovations. It is less suitable for buyers looking for a home for direct own occupancy or a vacation home with a pool.
The building has a traditional construction typical of its era. The finish is functional but dated, leaving room for modernization. Technically, basic amenities like electricity and drinking water are present. The kitchens are partially fitted. To bring the building to modern standards, investment is required in areas such as insulation, new sanitary ware, and the installation of an elevator. The roof structure and facades may require maintenance to extend their lifespan.
The asking price for the entire building is set at €3,182,000. This represents a negotiable price for a commercial asset. In the current real estate market of Málaga, prices for comparable investment properties (per m²) are often lower than for luxury new-build apartments, but they offer the security of immediate rental income. There are no additional costs for communal facilities like a pool or security, limiting operational expenses compared to a resort project.
Olletas is an established city neighborhood known for its quiet character compared to the busy tourist center. Daily life here is defined by convenience: a supermarket is located 25 meters away and a pharmacy at 47 meters. The area has a residential atmosphere with sufficient green spaces in the immediate vicinity. Situated at 17 meters above sea level, there is always a light breeze, making the temperature often feel more pleasant than directly on the coastline.
The surroundings offer a rich range of urban amenities. Within a 2-kilometer radius, there are 372 restaurants and 155 cafes, highlighting Málaga's vibrancy. Culture is around the corner with museums and historic sights in the center. The presence of 50 public transport lines and multiple train stations within walking distance (Atarazanas at 400m) makes the car unnecessary for daily commuting. It is an environment geared towards walking and using the public network.
The map shows the central location of the building in the Olletas neighborhood (northeast of the city center). The distance to the Mediterranean Sea and the beach is visible as a short line towards the south. The surrounding streets contain many amenities (shops, dining) described in the text.
Olletas occupies a strategic position between the historic center and the eastern districts of Málaga. It is part of the larger Málaga agglomeration, the economic engine of the Costa del Sol. Compared to coastal towns further west (like Torremolinos or Benalmádena), Olletas offers a more authentic urban experience where tourism is not dominant. The neighborhood is popular among local Spaniards and expats who want to live and work in the city.
The location is very central regarding major hubs. La Malagueta beach is reachable at a straight-line distance of 1.8 km, easily walkable or bikeable. Málaga-Costa del Sol Airport is 9.6 km away, quickly accessible by car or train. For golfers, courses are nearby (Parador and Guadalhorce at approx. 10 km). Daily groceries can be done at the supermarket 25 meters away. Medical care is close by with a hospital at 1.3 km.
| Beach Distance | 3.2 km |
| Malaga-Costa del Sol (AGP) | 10 km |
| Gibraltar (GIB) | 106 km |
| Atarazanas | 1.8 km |
| Málaga Centro Alameda | 2.1 km |
Source: OpenStreetMap, Google Maps
Málaga enjoys a microclimate with over 3,800 hours of sunshine per year and an average temperature of 19.2°C. Summers are warm but the heat is tempered by the proximity to the sea. The swimming season lasts approximately 6 months. The Olletas neighborhood lies at an elevation of 17 meters on flat terrain (0.7% gradient), making it a comfortable area for the elderly and those with limited mobility, despite the lack of an elevator in this specific building.
Source: Open-Meteo (2020–2025 average)
Málaga's famous beaches, such as La Malagueta and Playa de los Baños del Carmen, are less than 2 kilometers away. These are city beaches often awarded the Blue Flag. For recreation, there is a wide variety of sports facilities in the city. For golf lovers, several well-maintained courses are within 10 to 12 km (incl. Parador). The recreational offering in the city itself, from parks to cultural events, is very extensive.
Source: OpenStreetMap
Olletas occupies a strategic position between the historic center and the eastern districts of Málaga. It is part of the larger Málaga agglomeration, the economic engine of the Costa del Sol. Compared to coastal towns further west (like Torremolinos or Benalmádena), Olletas offers a more authentic urban experience where tourism is not dominant. The neighborhood is popular among local Spaniards and expats who want to live and work in the city.
| Month | Avg. Temperature | Rainfall | Sun Hours |
|---|---|---|---|
| January | 12.5°C | 62 mm | 177h |
| February | 13.2°C | 56 mm | 201h |
| March | 14.9°C | 66 mm | 216h |
| April | 16.9°C | 41 mm | 249h |
| May | 19.8°C | 23 mm | 291h |
| June | 23.6°C | 4 mm | 336h |
| July | 26.1°C | 0 mm | 342h |
| August | 26.7°C | 3 mm | 312h |
| September | 23.8°C | 25 mm | 261h |
| October | 19.9°C | 61 mm | 213h |
| November | 15.8°C | 77 mm | 177h |
| December | 13.4°C | 88 mm | 156h |
Flat
Ref: VL583314
Source: Wikipedia, Wikidata, INE, Junta de Andalucía
Compared to new developments in popular coastal towns like Mijas (Arosa, from €490k) or Fuengirola (Waterfall Residences, from €720k), this object in Málaga offers a different investment strategy. While new developments often command higher prices per m² and target the vacation rental market, this property in Olletas offers entry into the urban rental market. The price of €3,182,000 appears high for the Costa del Sol real estate market in general, but given the size (1145 m²) and mixed-use character (residential + retail), it is a unique object within the urban core of Málaga where land is scarce. It offers diversification compared to purely residential projects on the coast.
Maiko is a real estate expert specializing in the Spanish housing market. With in-depth knowledge of the Costa del Sol, Costa Blanca, and other popular coastal regions, he helps buyers find the right property. He analyzes listings based on location, market value, build quality, and livability, providing honest, data-driven advice throughout the entire purchase process.
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