Investment model

9 months for students. 3 months for guests.
Capital working 12 months a year.

It is an investment product, not a flat. You buy a separate unit that will get its own land and mortgage register (KW), the operator runs the lets for a fixed commission of 15% of revenue, and you receive the statement. The model is designed for Olsztyn: 25,000 UWM students during the academic year and Old Town guests from July to September.

Apartment1.07 · Apartment · 19,24 m²
  • Academic year · students
  • Season · guests
  • Annual average
Monthly income of unit 1.07 from the model, before the operator’s fee.Per year 40 392 zł before the operator’s commission, 34 333 zł after the fixed commission of 15%. Occupancy in the season: July approx. 60%, August approx. 48%, September approx. 40% — in total 45 nights (90 days × 50%). In the academic year 90%.
Show as a table
MonthIncomeOccupancy
January2313 zł90%
February2313 zł90%
March2313 zł90%
April2313 zł90%
May2313 zł90%
June2313 zł90%
July8149 zł60%
August6519 zł48%
September4907 zł40%
October2313 zł90%
November2313 zł90%
December2313 zł90%
Total for the year40 392 zł
Monthly average3366 zł
Representative exampleApartment 1.07 · 19,24 m² · 1 room · First floor
Academic year · students2570 zł a month × 9 mo. × 90%*20 817 zł
Season · guests435 zł per night × 90 days × 50%19 575 zł
Gross revenue per year40 392 zł
Operator commission15% · fixed, the same for every unit−6059 zł
For you, net per year34 333 zł
Investmentprice 310 000 zł net + turnkey finish 67 340 zł (3500 zł/m²)377 340 zł
Net ROI per year · with the operator9,1%~11,0 years to break even · plus 71 300 zł VAT refundable
without the operator · 0%10,7%the full revenue of 40 392 zł goes to you, and you handle the management yourself
Unit card →

This is an estimate, not a guarantee: rates and occupancy depend on the market, the season and the unit’s standard. We don’t guarantee the rate of return. We show our assumptions so you can check them and calculate it your own way. Play with the numbers and see for yourself that it works.

*90% as a safety factor for possible vacancies.

For the owner8,0–10,3%Net ROI per year

After the operator’s fixed commission 15%, based on the current price list and turnkey finish. 23% VAT refund further lowers the real cost of purchase. An estimate, not a guarantee.

With the operator · 15%everythingwithin a single fixed commission

Booking platforms, finding and vetting tenants, photos, cleaning, bed linen and statements. One fixed rate for every unit. What exactly does the operator do →

On your own · 0%9,4–12,2%Commission-free ROI

You can let it out yourself, on your own terms — in that case, all the revenue and all the management are down to you. The operator model is an offer, not an obligation.

For yourselfyou liveor you mix and match

You live there all year round, for part of the year, or you hand the unit to the operator just for the season. The unit is yours — the building’s ecosystem is available whenever you want it.

These are revenue estimates, not a guarantee: rates and occupancy depend on the market, the season and the unit’s standard. Monthly rent and the price per night rise with the number of rooms and the floor area, and units with a special feature — a private terrace, a mezzanine, a second-floor view of the park — have rates with a premium. For every unit we give them in the table below and on its unit card. You can change every figure in the calculator.

What the operator model gives you · common areas and technology

A hotel in summer. A premium student residence in term time.
No reception desk — the building runs itself.

We are creating a product for a specific group of customers. The common areas work in both scenarios: the restaurant on the ground floor, the laundry and the sauna with a plunge tub in the basement, a playroom or study area on the first floor, the lift, parking at the door. Access to the building, the apartment and the services — via the app, at any time.

Visualisation of the ground-floor restaurant
Ground floor · south sideRestaurant

Breakfast for guests, lunch and dinner for Old Town residents. During the academic year — a lunch subscription for tenants. Use it or not — your choice.

  • Local produce, a seasonal menu
  • Dining room, full kitchen and back of house on the ground floor
  • The unit builds the reputation of the address

Restaurant premises for rent or for sale →

Laundry visualisation
BasementLaundry and drying room

Hotel bed linen and towels washed on site — a faster turnaround between guests. For tenants, a self-service laundry of a standard no student hall can match.

  • Premium washers and dryers
  • Detergent included
  • Booking and payment in the app
Basement · in preparationSauna with a plunge tub

A six-person sauna and a cold-water plunge tub beneath the basement’s vaulted ceiling. After a day in Mazury for guests, after an exhausting day for tenants — an argument no other apartment in the Old Town can offer.

  • A sauna for 6 and a cold-water plunge tub
  • Booking hours in the app
  • Upkeep in the operator’s hands
First floor · unit 1.04 · 30,26 m²A playroom. A quiet study zone.

One room with windows along the whole wall. In the holidays a playroom for children, in the academic year a reading room and study room.

  • Nine metres of glazing, facing south
  • Families stay longer, students have somewhere to study
  • Upkeep is the operator’s responsibility, within the commission
See the 1.04 design →
Visualisation: the playroom in unit 1.04
Option 1 · Playroomhotel season · families with children · rainy days
Visualisation: the quiet study zone in unit 1.04
Option 2 · Quiet study zoneacademic year · exam session · remote work
Visualisation of the lift and stairwellCorridor visualisation
BuildingLift, stairwells and corridors

A lift, two stairwells, corridors that keep the character of the old building.

  • Wide doors, quiet and fast
  • New and safe
  • LED lighting, CCTV
Public parking in front of the tenement — drone photograph
In front of the buildingParking at the door

19 parking spaces on the plot (7 required by the local plan + 12 extra) and a large public car park right in front of the entrance.

  • Entry from ul. Okopowa
  • Spaces for guests and tenants
  • An EV charger can be fitted
See it on the map →
Visualisation: the app with a QR code and the owner panel
No reception desk · smart accessKeyless access and management

The whole building runs on smart access. Guests and tenants open the door with their phone, the owner sees everything in the panel.

  • Entry to the building and the apartment: code, QR, NFC
  • Self check-in at any hour
  • Online service booking and payments
  • Owner panel: income, bookings, reports
Letting management step by step →
SecurityCCTV in the common areas, access control, a quiet neighbourhood below the castle.
SustainabilityA restored listed tenement instead of a new build, LED and energy-efficient services, the park and the Łyna on the doorstep.
ComfortApartment, services and payments in one app. The operator takes care of the rest.
HistoryHistoric character — brick, the timber of the attic, historic proportions — combined with modern solutions.

The visualisations of the common areas are indicative; they show the standard and character of the interiors, not the final design.

Each unit separately

ROI table — the same rules for every unit.

Net price from the price list, turnkey finish, monthly rent and price per night per the operator’s assumptions for the given floor area and number of rooms (units with a special feature, marked ✦, have rates with a premium), operator commission 15%. The last column shows the ROI if you let it yourself — commission-free. Click a unit to change the assumptions in its calculation.

Apartmentm²RoomsNet priceInvestment including the finishRent / mo.Per nightRevenue / yearFor you / yearNet ROIWithout the operator
0.07 Ground floor19,241265 000 zł332 340 zł2570 zł435 zł40 392 zł34 333 zł10,3%12,2%
2.10 Second floor17,101270 000 zł329 850 zł2480 zł415 zł38 763 zł32 949 zł10,0%11,8%
1.12 First floor15,061260 000 zł320 240 zł2400 zł400 zł37 440 zł31 824 zł9,9%11,7%
1.13 First floor17,831275 000 zł337 405 zł2510 zł425 zł39 456 zł33 538 zł9,9%11,7%
1.02 First floor16,521265 000 zł331 080 zł2460 zł410 zł38 376 zł32 620 zł9,8%11,6%
1.06 First floor14,451265 000 zł322 800 zł2380 zł395 zł37 053 zł31 495 zł9,8%11,5%
1.03 First floor17,001270 000 zł338 000 zł2480 zł415 zł38 763 zł32 949 zł9,8%11,5%
1.05 First floor15,411275 000 zł336 640 zł2420 zł405 zł37 827 zł32 153 zł9,6%11,2%
2.11 Second floor30,463535 000 zł626 380 zł4770 zł690 zł69 687 zł59 234 zł9,5%11,1%
2.06 Second floor20,761299 000 zł371 660 zł2630 zł445 zł41 328 zł35 129 zł9,4%11,1%
1.15 First floor24,432395 000 zł480 505 zł3580 zł525 zł52 623 zł44 730 zł9,3%11,0%
0.05 Ground floor31,632432 000 zł526 890 zł3870 zł585 zł57 672 zł49 021 zł9,3%10,9%
2.07 Second floor25,232410 000 zł485 690 zł3610 zł530 zł53 091 zł45 127 zł9,3%10,9%
1.14 First floor23,533460 000 zł542 355 zł4140 zł570 zł59 184 zł50 306 zł9,3%10,9%
0.02 Ground floor20,131305 000 zł375 455 zł2610 zł440 zł40 941 zł34 800 zł9,3%10,9%
0.08 Ground floor27,732420 000 zł503 190 zł3710 zł550 zł54 801 zł46 581 zł9,3%10,9%
2.05 Second floor25,862415 000 zł492 580 zł3630 zł535 zł53 478 zł45 456 zł9,2%10,9%
1.07 First floor19,241310 000 zł377 340 zł2570 zł435 zł40 392 zł34 333 zł9,1%10,7%
1.08 First floor19,281310 000 zł377 480 zł2570 zł435 zł40 392 zł34 333 zł9,1%10,7%
1.01 First floor19,431315 000 zł383 005 zł2580 zł435 zł40 473 zł34 402 zł9,0%10,6%
1.09 First floor28,622440 000 zł525 860 zł3740 zł560 zł55 494 zł47 170 zł9,0%10,6%
0.06 Ground floor30,762460 000 zł552 280 zł3830 zł575 zł56 898 zł48 363 zł8,8%10,3%
1.10 First floor17,081320 000 zł379 780 zł2480 zł415 zł38 763 zł32 949 zł8,7%10,2%
1.11 First floor28,672460 000 zł546 010 zł3750 zł560 zł55 575 zł47 239 zł8,7%10,2%
2.09 Second floor28,452460 000 zł545 350 zł3740 zł560 zł55 494 zł47 170 zł8,7%10,2%
0.04 Ground floor28,481415 000 zł520 680 zł3310 zł580 zł52 911 zł44 974 zł8,6%10,2%
2.01 Second floor21,461350 000 zł425 110 zł2660 zł450 zł41 796 zł35 527 zł8,4%9,8%
2.04 Second floor21,451350 000 zł425 075 zł2660 zł450 zł41 796 zł35 527 zł8,4%9,8%
0.03 Ground floor26,991400 000 zł480 970 zł2880 zł495 zł45 603 zł38 763 zł8,1%9,5%
2.02 Second floor15,931370 000 zł433 720 zł2620 zł440 zł41 022 zł34 869 zł8,0%9,5%
2.03 Second floor21,861480 000 zł556 510 zł3300 zł575 zł52 605 zł44 714 zł8,0%9,5%
2.08 Second floor36,633615 000 zł724 890 zł4670 zł675 zł68 202 zł57 972 zł8,0%9,4%

✦ Rates with a premium for the unit’s special feature: 0.04 — rates calculated with the mezzanine (the cost of building the mezzanine, 20 240 zł included in the investment) · 2.02 — second-floor view of the park and the Łyna · 2.03 — private roof terrace · 2.11 — private roof terrace.

All figures: September 2026, net prices, excluding VAT (refundable). Estimates per the operator’s assumptions — not a guarantee.

Security and financing

Your own unit, your own land and mortgage register (KW).
Not a share, not a bond — a property.

Your own land and mortgage register (KW)

Every apartment will be a separate unit with its own land and mortgage register (KW). You can sell the unit, give it away or live in it — the operator has no rights to it.

Mortgage

A unit with its own register can secure a mortgage, and the rental income can cover the instalments. We will gladly help you find the right financial product.

Exiting the investment

You sell whenever you want — with the tenant in place, too. You can also give up the operator and let it yourself or move in — the model is an offer, not an obligation.

23% VAT refund even without a company

Buying privately or through your business? You are entitled to a full VAT refund. We help with the whole refund process from A to Z. How it works step by step →

For students and parents

Buy instead of renting. The holidays will pay off the year.

Parents of students in Olsztyn pay for a room or studio rental for five years. Once their studies are over, nothing is left to show for it. Here it’s different: the student lives at the foot of the castle during the academic year, and for the three months of the season the unit works. A flexible approach lets you try out what works better for you: managing it yourself or with us. Want your own second home? That’s no problem either — you can still use all the amenities.

See studios from 260 000 zł netWant to live here? Waiting list →
An ecosystem, not an obligation

We don’t force our model on anyone.

You can live in the unit, let it yourself, or hand it over to the operator. You make the decision, and you can change it at any time. The benefit of the whole scheme is access to the building’s ecosystem: automatic check-in with no reception desk, a laundry room, a sauna, a restaurant, a common area, hotel-standard cleaning and linen, joint marketing and booking platforms, one operator for the whole building. The commission is fixed — 15% of revenue for every unit, with no hidden fees — and it covers comprehensive management of the apartment: from photos and listings, through finding a tenant, to cleaning and settlements.

Letting management — what the operator doesLet’s talk about your scenario
Questions and answers

Frequently asked questions about Apartamenty Podzamcze

How much does an apartment at Apartamenty Podzamcze cost?
Prices start from 260 000 zł net and go up to 615 000 zł net. The price depends on the appeal and investment potential of the unit. Added to the price is 23% VAT (recoverable — we help with the whole process) plus a turnkey finish at 3 000–4 000 zł/m². The entry threshold with the finish is approx. 320 000 zł.
What is the rental return on an apartment like this?
We calculate it openly, for every unit separately: the student rent for the whole unit × 9 months × 90% occupancy. Then we add the price per night × 90 days of the season × 50% occupancy; the rent and the price per night depend on the floor area and number of rooms, and in units with a special feature (a private terrace, a mezzanine, a second-floor view of the park) they include a premium. After the operator’s fixed commission 15%, the net ROI amounts to 8,0–10% a year based on the current price list. If you manage it yourself (commission-free, the management is on your side) — 9,4–12,2%. These are estimates, not a guarantee. You can change every figure in the calculator on this page, and choose 0% commission if you want to let it yourself.
Is the rate of return guaranteed?
No. We provide assumptions and a representative example, but rental income depends on the market, the season and the unit’s standard. We don’t sell a guarantee or a financial product — we sell a property with its own land and mortgage register (KW) and offer letting management for a fixed commission.
How much is the operator’s commission, and what does it cover?
15% of revenue, fixed and the same for every unit. It covers listings and booking platforms, finding and vetting tenants, check-in without a reception desk, cleaning, washing bed linen, minor repairs and statements for the owner (you invoice the operator for your share — monthly, quarterly or annually). If you let the unit yourself, you pay no commission — but you take on all the work yourself.
Does the unit have its own land and mortgage register (KW)?
Yes — every apartment will be a separate unit with its own land and mortgage register (KW), set up after the building is handed over.
Can I recover the VAT on purchase?
Yes — whether you buy privately or through a business, you are entitled to a full VAT refund. If you buy through a business, you can also depreciate the property.
Can two neighbouring units be combined into one?
Yes, as long as all the units to be combined are still available. The current offer includes 28 such combinations. With the units currently available, you can get a space of up to 110 m². We only combine units that are next to each other; bathrooms and plumbing risers stay where they are, unless you want to remove them yourself. Combining is also cheaper — if you buy more units, we are open to negotiating the price.
Is there parking for the apartments?
Yes. There are 19 parking spaces on the plot (7 required by the local plan and 12 additional ones), and a large municipal car park right in front of the building. In Olsztyn’s historic centre that is a rarity. At this stage we do not plan to sell individual parking spaces.
What will the building’s common areas contain?
The ground floor will have a restaurant, and the basement a laundry with a drying room and a sauna with a cold-water plunge tub. On the first floor there will be a children’s playroom which, during the academic year, will also serve as a reading room and quiet study area.

The building has a lift, two stairwells and parking. Instead of a traditional reception we will use a smart-access system: entry by code, QR or NFC, self check-in around the clock and payments directly in the app.
How far along is the construction?
It is a renovation, conversion and extension of a historic tenement house, carried out under the strict supervision of the heritage conservator.

Done:
  • a restored roof,
  • all windows replaced (wooden, handmade, with glazing bars),
  • demolition of the existing add-ons,
  • a new room layout,
  • a complete set of new installations,
  • the lift.
By the end of 2026 — in progress:
  • finishing works,
  • the orangery,
  • construction of the underground garage beneath the former court,
  • the new façade.
Final stage:
  • the new entrance to the building,
  • handover of the property on a turnkey basis.
We show the progress of the works as it happens, unretouched, on the “About the building” page.
Can I use the apartment myself rather than only letting it out?
Yes. The unit is yours — you can do whatever you like with it. Want to open a massage studio or a hair salon? Great — you have a ready-made customer base.
How many units are there and what are their floor areas?
In the building there are 38 units on four storeys, with floor areas from 14,45 do 36,63 m². In the attic the area at floor level can be as much as twice the usable floor area, which is reduced for the sloping ceilings.
23% VAT refund even without a company

You buy gross and pay net.

Buying for a business with the right to deduct VAT is a real saving of 60 000–141 000 zł depending on the unit. The operator helps with registration and accounting.

How the VAT refund works — step by step
Flexibility

One unit, two, a whole block.

While units are still available, we combine them and lay out the interiors around your plans. On the second floor the whole west block (formerly 2.01–2.03) is already a single 55 m² apartment with a beautiful private terrace.

See combination options