Two Buildings. One Vision. A Prime Investment in Old Riga.

Historic Property in Old Riga – Peitavas Street 10 & 12
Two Buildings with Distinct Potential for Boutique Hospitality, Rental Apartments, or Commercial Use

A rare opportunity in the heart of Riga’s Old Town – a unique property on quiet and atmospheric Peitavas Street, accessible from both Peitavas and Alksnāju streets. The offering includes a land plot with two interconnected buildings, ideal for short-term rental business, mixed-use commercial space, or exclusive urban residence.

Peitavas 10 – Former KINO Museum
A three-storey masonry building with wooden structures, formerly home to the National Cinema Museum. Now vacant and ready for a new vision. The condition is generally good, allowing for swift adaptation and reuse.

Total area: 831.3 m²
Year built: 1870
Structure: brick masonry with wooden floors
Three floors + basement available

Peitavas 12 – Restoration Opportunity with Heritage Character
Dating back to the 18th century, this five-storey building offers significant redevelopment potential, though currently registered in emergency condition. Conservation works were completed in 2020 (€23,446), and a City of Riga directive (No. DI-22_1952-nd) sets a clear restoration schedule through 2027.

Total area: 582.8 m²

Estimated year built: circa 1750

Current condition: conservation complete, reconstruction required

Annual property tax: €4,405 due to building condition

Ideal for boutique hotel, luxury apartments, or commercial functions

Redevelopment Timeline (per city directive):
By July 1, 2025 – building design and permits must be approved

By April 1, 2026 – construction prerequisites fulfilled, work must begin

By April 1, 2027 – complete restoration, including façade renovation

This dual-property offers the rare combination of a functionally usable building alongside a redevelopment site in the very core of Riga’s UNESCO-protected district. A perfect fit for investors, developers, or those seeking to create a high-end, revenue-generating concept in the most charming part of the city.