Historic Asset, Future Potential

Six-Storey Office Building for Sale in Old Riga – 10 Palasta Street
The property comprises a 446 m² land plot and a six-storey office building with a total area of 1,982 m², including 1,407.6 m² of leasable space. Constructed in 1912, the building occupies a prominent corner position at the intersection of Palasta Street and Jauniela. Owing to its location opposite an undeveloped site, premises along both principal façades benefit from abundant natural daylight. The main building volume is arranged along the street perimeter, while a smaller courtyard wing contains separate office units on each floor.
The building features two staircases, both accessed from Palasta Street. The ground-floor commercial premises have a separate entrance from Jauniela. A passenger lift has been installed within the main staircase. The layout was designed for office use and comprises several self-contained office suites, individual offices, common areas and sanitary facilities, allowing efficient leasing to multiple tenants.
The upper floors accommodate office premises, while the sixth floor features an apartment with a balcony overlooking the Old Riga skyline and the Daugava River, currently operated as a short-term rental unit. Ceiling heights range from 2.8 to 3.3 m on the standard floors, 2.0 to 2.7 m on the sixth floor, and 2.2 to 3.15 m in the basement. The building is connected to all municipal utilities and benefits from a modernised heating substation.
The property is currently operated as an income-generating commercial asset with approximately 90–95% occupancy. Existing lease agreements provide a stable cash flow and an estimated yield of approximately 6%.
The building is in good technical condition and is suitable for continued operation or further redevelopment. The existing layout and structural configuration also allow for alternative uses, including office, hospitality or residential development.
The property is situated in the heart of Old Riga, within walking distance of Dome Square, one of the city’s most important tourism, cultural and social hubs. The surrounding area is home to numerous offices, hotels, restaurants and service providers. Public parking facilities are available along 11 November Embankment, while a paid parking lot is located directly opposite the building.