This four-story building, located in the heart of Marbella's historic Old Town, presents a distinctive investment opportunity. It is situated just steps from the vibrant Plaza de los Naranjos and the historic Church of La Encarnación, with the beach less than a five-minute walk away. The property encompasses 333 m² of built area, currently offering existing income streams alongside significant potential for future value enhancement through repositioning. Its prime location and mixed-use nature make it an attractive asset for discerning investors.
Compared to other properties in Marbella, this building stands out due to its status as a complete, multi-story structure rather than an individual apartment. Similar offerings in the area, such as Mare (from €1,460,000), Royal River (from €1,200,000), and Salvia (from €1,150,000), are typically individual units within complexes, often with associated community fees. This property, however, is a sole asset without community charges, presenting a distinct investment profile. Its price of €1,500,000 is positioned within a similar range for substantial Marbella real estate, but its specific combination of commercial and residential income potential, coupled with its historic Old Town location and the possibility for redevelopment, differentiates it from standard apartment sales in the region.
Key characteristics of location, homes, project phase and points of attention.
Positioned in Marbella's historic Old Town, this building is surrounded by urban amenities. Its proximity means essential services like a pharmacy are just steps away, with numerous restaurants and shops within easy walking distance. The immediate area offers a lively atmosphere, enhanced by its close proximity to the sea.
This property caters to investors seeking an asset with immediate rental income. It is suitable for those looking to capitalize on the existing commercial lease and the short-term rental license for the penthouse. The additional space offers potential for renovation and repositioning, appealing to buyers with a vision for urban development.
This is a key-ready existing building, originally completed in 1970. It has been maintained and operated, with specific units holding active licenses for commercial and short-term tourist rentals. While the structure is established, there is potential for modernization and refurbishment of certain areas to enhance its value and appeal.
The property requires renovation and optimization in specific areas, particularly the first and second floors, to realize its full potential. Any conversion or significant modification is subject to obtaining the necessary technical, planning, and administrative approvals. The building does not include community fees, but potential buyers must conduct thorough due diligence on all aspects of conversion and investment projections.
This property is suited for investors looking for an immediate income-generating asset in a prime tourist location. It fits the profile of buyers aiming to capitalize on existing rental streams, such as the commercial unit's long-term lease and the penthouse's successful short-term rental operation. It also appeals to developers or investors with a medium-term vision, who see potential in renovating and repositioning the upper floors for enhanced returns, perhaps as boutique accommodation or additional residential units. The strategic position in Marbella Old Town makes it attractive for those valuing accessibility to amenities, culture, and the beach, all within walking distance.
The building, constructed in 1970, is key-ready, indicating functional structural integrity. The ground floor houses a commercial unit with an established 16-year operational history, implying durability and consistent use. The penthouse unit features a valid short-term rental license and has maintained a high rating on platforms like Airbnb, suggesting a good level of finish and upkeep for guest satisfaction. However, the first and second floors, comprising approximately 201 m², are described as having 'considerable renovation and optimisation potential.' This suggests that while the building is structurally sound, these specific areas may require significant upgrades in terms of finishes, fixtures, and overall modern appeal to meet contemporary standards or specific conversion goals.
The asking price for this entire four-story building is a fixed €1,500,000. As an existing property, this price reflects the current state and income-generating capabilities. The building comprises a ground-floor commercial unit leased until 2028, generating €22,800 annually, and a licensed penthouse with a proven short-term rental history. The remaining space offers renovation potential. This is a single asset offering, not a development with variable pricing or units, meaning the price is for the complete structure.
Living in Marbella Old Town offers an immersive experience within a historically rich urban environment. The building's location places residents and visitors at the center of activity, with the beach just a short walk away and the lively Plaza de los Naranjos nearby. Daily life is characterized by convenience, with a pharmacy situated a mere 8 meters away and numerous restaurants, cafes, and shops accessible on foot. The area buzzes with activity, reflecting its status as a prime tourist destination, yet retains the charm of a historic Spanish town. The proximity to the sea offers opportunities for coastal walks and beach activities, while the vibrant street life provides constant engagement with the local culture and atmosphere. This urban setting is well-connected, offering easy access to public transport and essential services.
Marbella Old Town provides a highly walkable urban lifestyle, complemented by the building's proximity to essential services. A pharmacy is located just 8 meters away, and a supermarket is within a 234-meter walk, simplifying daily errands. The abundance of 137 restaurants and 25 cafes within a 2 km radius ensures diverse dining and social options. The presence of 29 pharmacies and 20 banks nearby further underscores the area's convenience. Public transport is accessible, with 11 lines and 50 stops within reach, facilitating movement around the city and region. The area's density of sports facilities and proximity to marinas also cater to active lifestyles.
This building is situated in the densely populated and historically significant Old Town of Marbella. The map view highlights its central location amidst a network of streets, close to landmarks like the Plaza de los Naranjos and the beach, underscoring its urban setting and accessibility.
Approximate area · exact address shared on request
Marbella is a prominent city within the province of Málaga on the Costa del Sol. Situated in Andalusia, it is a key part of this renowned coastal region. The property's location in the Old Town places it at the historic and cultural heart of the city. Compared to larger nearby cities like Málaga (47 km) or Algeciras (66 km), Marbella offers a more focused, albeit significant, urban experience characterized by its blend of historical charm and modern tourist amenities.
This property offers excellent accessibility within a bustling urban environment. The nearest beach, Playa de la Bajadilla, is approximately 1.0 km away, with other beaches like Playa de Casablanca and La Fontanilla also within easy reach. For travel, Malaga-Costa del Sol Airport (AGP) is approximately 39 km away by straight-line distance. Several golf courses, including Golf Los Naranjos, are within a 6.0 km radius. Public transport is readily available, with 11 lines and 50 stops supporting local and regional travel. Road access is facilitated by its urban setting, though street parking is the primary option.
| Beach Distance | 1 km |
| Malaga-Costa del Sol (AGP) | 39 km |
| Gibraltar (GIB) | 58 km |
Source: OpenStreetMap, Google Maps
Marbella enjoys a Mediterranean climate with average monthly temperatures ranging from 12°C in winter to 26°C in summer, offering pleasant conditions year-round. The average annual temperature is around 19.1°C. The region boasts approximately 300 days of sunshine annually. The swimming season, defined by water temperatures of 20°C or higher, typically lasts for 5 months. The building is situated at an elevation of 31 meters above sea level, contributing to its mild coastal climate. The gradient towards the nearest beach is a gentle 1.4%, indicating a predominantly flat approach.
Source: Open-Meteo (2020–2025 average)
The property is strategically located near several beaches, with Playa de la Bajadilla just 1.0 km away and the Blue Flag certified La Fontanilla beach within approximately 2.9 km. Marbella boasts a total of 8 Blue Flag beaches, indicating high environmental and quality standards. Recreational opportunities extend to numerous sports facilities, with 415 registered in the area, and several swimming pools nearby, such as Supera Miraflores (0.6 km). The proximity to marinas like Puerto Deportivo Virgen del Carmen (0.5 km) further enhances water-based activities. Golf enthusiasts have multiple courses within a 6-8 km range.
415 Facilities Available
Source: Blue Flag 2026, OpenStreetMap, CSD
Marbella is a city and municipality in southern Spain, belonging to the province of Málaga in the autonomous community of Andalusia. It is part of the Costa del Sol and is the headquarters of the Association of Municipalities of the region; it is also the head of the judicial district that bears its name.
| Month | Avg. Temperature | Rainfall |
|---|---|---|
| January | 12.8°C | 64 mm |
| February | 13.6°C | 40 mm |
| March | 14.7°C | 130 mm |
| April | 16.6°C | 59 mm |
| May | 19.8°C | 23 mm |
| June | 23.5°C | 6 mm |
| July | 26.3°C | 1 mm |
| August | 26.8°C | 7 mm |
| September | 23.8°C | 24 mm |
| October | 20.5°C | 73 mm |
| November | 16.2°C | 78 mm |
| December | 14.0°C | 70 mm |
Flat
Ref: VL530451
Source: Wikipedia, Wikidata, INE, Junta de Andalucía
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