Selling an apartment building in Düsseldorf and NRW.
Discreet, realistically valued and sold to vetted investors. Your contact: Enoch Wölfer, founder and managing director of Woelfer Real Estate.
Woelfer Real Estate is an owner-managed real estate broker based in Düsseldorf, specialising in the sale of apartment buildings and residential portfolios in North Rhine-Westphalia. Founder and managing director Enoch Wölfer personally guides owners from the first valuation to the notary appointment. If desired, buildings are sold discreetly without public listings to buyers from a network built over years: family offices, institutional investors, developers and high-net-worth private investors.
€70m+
Transaction volume per year
Woelfer Real Estate
10+ years
Experience in the NRW property market
Woelfer Real Estate
22.0 to 23.0
Average multiple for apartment buildings in Düsseldorf, 2025
Valuation committee Düsseldorf
How buyers value an apartment building
Buyers of apartment buildings calculate with rent, not with condominium prices per square metre. The key figure is the purchase price multiple: how many times the annual net cold rent is paid for a property. The valuation committees derive it from notarised sales.
City
Düsseldorf
- Avg. multiple
- 22.0 to 23.0
- Avg. price €/m²
- 2,670
City
Essen
- Avg. multiple
- 16.5
- Avg. price €/m²
- 1,451
City
Dortmund
- Avg. multiple
- 14.6 to 19.6
- Avg. price €/m²
- 1,432
City
Bochum
- Avg. multiple
- 14.8 to 20.2
- Avg. price €/m²
- 1,245
City
Duisburg
- Avg. multiple
- 14.8
- Avg. price €/m²
- 1,131
City
Oberhausen
- Avg. multiple
- 15.1
- Avg. price €/m²
- 1,113
City
Herne
- Avg. multiple
- 17.1 to 17.3
- Avg. price €/m²
- 1,060
| City | Avg. multiple | Avg. price €/m² |
|---|---|---|
| Düsseldorf | 22.0 to 23.0 | 2,670 |
| Essen | 16.5 | 1,451 |
| Dortmund | 14.6 to 19.6 | 1,432 |
| Bochum | 14.8 to 20.2 | 1,245 |
| Duisburg | 14.8 | 1,131 |
| Oberhausen | 15.1 | 1,113 |
| Herne | 17.1 to 17.3 | 1,060 |
Source: 2026 reports of the municipal valuation committees; prices: NRW property market report 2026, p. 148. More figures on our comparables page.
Worked example: apartment building with 600 m² living space
- Düsseldorf: €10.20/m², annual rent €73,440, multiple 22.5
- €1.65m
- Duisburg: €6.30/m², annual rent €45,360, multiple 14.8
- €0.67m
Own calculation using the valuation committees’ averages. Location, size, condition, commercial share and rent structure shift the multiple considerably. Not a substitute for valuing the individual property.
Rental upside: where value is created in a sale
Many buildings are sold with rents well below the market. In Düsseldorf the asking rent in Q2 2026 was around 28% above the average rent in the buildings sold in 2025, in Duisburg around 31% (NRW property market report 2026, ImmoScout24, own calculation). Buyers pay for this potential when it is documented. Before a sale we therefore check which rent increases are legally possible and which units are approaching a change of tenant.
How the sale works with us
- Initial meeting: we discuss the property, your goals and timing, confidentially and without obligation.
- Valuation: based on rent, the customary multiple, location, condition and rental upside.
- Marketing strategy: discreetly to selected investors from our network or, where it makes sense, more broadly.
- Viewings and negotiation: we prepare the documents, vet buyers and lead the negotiations.
- Closing: support through to the notary appointment and handover.
Documents that speed up the sale
- Current land register extract and cadastral map
- Rent roll with living areas, net cold rents and lease start dates
- Leases and amendments
- Energy performance certificate (required by law for a sale)
- Service charge statements for recent years
- Floor plans and living area calculation
- Records of modernisation and maintenance
Market analysis: apartment buildings in NRW 2026All figures: comparables
Frequently asked questions about selling an apartment building
What is my apartment building worth?
The value is driven mainly by the annual net cold rent and the customary purchase price multiple. In Düsseldorf the average multiple for apartment buildings in 2025 was 22 to 23 times annual rent; in the Ruhr area, depending on the city, around 15 to 17 times. Our free income value calculator gives a first estimate; a precise valuation follows in a personal meeting.
What does an off-market sale mean?
The building is sold without public listings, directly to selected and vetted buyers. Tenants, neighbours and competitors do not learn of the sale, and there is no public price history. Woelfer Real Estate sells off-market to investors from a network built over years.
Who is my contact person?
Your contact is Enoch Wölfer, founder and managing director of Woelfer Real Estate in Düsseldorf. You can reach him at +49 211 5425 5030 or office@woelfer-realestate.de.
In which cities do you sell apartment buildings?
In Düsseldorf and throughout North Rhine-Westphalia, including Cologne, Essen, Duisburg and Krefeld.
Who pays the broker’s commission for an apartment building?
For apartment buildings the commission can be agreed freely. The statutory 50/50 split under section 656c of the German Civil Code applies only to sales of flats and single-family houses to consumers. We discuss how the commission is arranged for your property in the initial meeting.
Talk to Enoch Wölfer
Confidential and without obligation: we assess the value of your apartment building and show you which buyers are suitable.
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