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ARSHIN INVESTOR GUIDE · IN ENGLISH

Buying commercial property in Bulgaria: assess the income behind the price.

For an office, shop or warehouse investment, the asking price per square metre is only a starting point. Build an evidence file around the leases, operating costs, condition and rights you are actually acquiring.

Start this acquisition brief

Use this as a starting checklist with your own advisers. Creating a brief does not commission a legal, technical or valuation review.

CHECK 01

Reconcile the income to signed leases

Separate contracted rent from a seller's forecast. A fully let building can still have near-term lease breaks, collection issues or costs borne by the owner.

  • List each tenant, leased area, rent basis, currency and signed lease reference.
  • Record lease expiry, break options, incentives, deposits and indexation terms.
  • Ask for collection history and identify vacancies, arrears and related-party leases.

CHECK 02

Identify the costs that remain with the owner

Compare the lease terms with the operating budget. Model cash requirements using documented costs and clearly labelled assumptions; a gross yield does not describe the cash available to an investor.

  • Reconcile service-charge recoveries and non-recoverable operating expenses.
  • Obtain maintenance history, inspection findings and planned capital expenditure.
  • Include vacancy, reletting costs, incentives and fit-out obligations in adviser-led scenarios.

CHECK 03

Check the asset and the acquisition structure

The legal and technical work should cover the actual premises, permitted use and the rights needed to operate them. Discuss asset versus company acquisition with your legal and tax advisers.

  • Match title, cadastral identity and the areas used in the seller's rent schedule.
  • Request building-use, access, fire-safety and relevant technical documentation for review.
  • Ask advisers to establish the applicable tax, ownership and investment-screening position.

CHECK 04

Prepare a decision that survives a downside case

Record the assumptions your investment depends on, together with the source and date of each. Use the workspace to prepare the evidence for a financial model or professional valuation.

  • State purchase price, funding assumptions, hold period and intended exit.
  • Ask your adviser to test lease expiry, vacancy, capital expenditure and financing changes.
  • Separate documented income from target rent, and record unresolved conditions before acquisition.

UNDERSTAND THE LOCAL TERMS

Bulgarian property terms you may encounter

Rent roll
A tenant-by-tenant schedule. Reconcile it to the actual leases instead of relying on a marketing summary.
Net operating income (NOI)
Property income after operating expenses, before financing and tax. Define the period and included costs before comparing investments.
SPV
A special-purpose company. Its suitability for your acquisition needs legal and tax review.

CHECKED 29 SEPTEMBER 2026

Official sources for your next checks

BEFORE YOU COMMIT

Questions about this acquisition

Does Arshin calculate a commercial investment return automatically?

Not yet. The current workspace organises your brief, private documents and evidence. Lease-level cash-flow modelling and reviewed commercial valuations require a separate professional engagement.

Can I use the apartment estimator for an office or warehouse?

No. Apartment benchmarks are not a substitute for analysis of commercial leases, operating expenses, capital expenditure and market evidence. Start a commercial acquisition brief instead.