A Parisian investor was looking for a studio in the central arrondissements of Paris for a furnished rental investment, with a budget of 260,000 euros. Catherine Ziegler, property hunter at Home Select, identified an off-market property of 22 sqm in the 4th arrondissement in 3 weeks, negotiated to 245,000 euros or 11,136 euros/sqm.
Mission overview
- Property hunter: Catherine Ziegler, Home Select
- Search area: 1st, 2nd, 3rd and 4th arrondissements of Paris
- Property type: Studio, 18-28 sqm
- Budget: 260,000 euros
- Negotiated price: 245,000 euros (-5.8%)
- Search duration: 3 weeks
- Buyer profile: Investor, 52 years old, executive director, owner of 3 properties
The project
Marc, an executive director in the pharmaceutical industry, already owned three rental properties in the Paris suburbs. He wanted to diversify his portfolio with a studio in inner Paris, targeting the central arrondissements for their maximum rental appeal and capital appreciation potential. His main criterion: a property that could be rented immediately as furnished under the LMNP regime, with a minimum gross yield of 4%.
Central Paris offers a structural advantage for small properties: permanent rental demand driven by students, young professionals and executives on short-term assignments. The vacancy rate is virtually zero for well-located and properly equipped studios.
The search strategy
Catherine Ziegler immediately ruled out properties on the open market. In the central arrondissements, correctly priced studios sell in under 10 days, often with bidding wars. The property hunter exclusively activated her off-market network: building concierges, notaries handling estate settlements, and owners who had expressed an intention to sell without going through an agency.
In parallel, Catherine established a profitability analysis grid for each opportunity: purchase price, rental estimate, co-ownership charges, property tax, potential works and LMNP simulation. This approach allows rapid filtering of properties whose yield does not justify the investment.
The property found
The identified studio is located on rue Vieille-du-Temple, on the 3rd floor of a 17th-century building. The 22 sqm include a 16 sqm main room with fitted kitchenette, a shower room and storage space under the eaves. The east-facing orientation, exposed beams and mullioned window give it a character highly sought after by tenants targeting the Marais.
The property was occupied by a tenant who was leaving voluntarily (lease ending March 31). The owner, a 78-year-old retiree looking to simplify his portfolio, preferred a discreet and quick sale over a public listing. Catherine was informed by the building concierge, with whom she has maintained a professional relationship for twelve years.
The negotiation
The owner was asking 260,000 euros, or 11,818 euros/sqm. Catherine argued based on the D-rated EPC (adequate but requiring a collective energy audit), the absence of a cellar, and the need to fully refurnish the studio after the tenant’s departure (estimated budget of 5,000 euros).
The offer was positioned at 240,000 euros. The seller, appreciating the speed of the transaction and the absence of a financing contingency (Marc was buying with cash), accepted a compromise at 245,000 euros. The final deed was signed in 8 weeks, and the studio was re-let furnished from May 1st at 950 euros/month, yielding a gross return of 4.65%.
What this mission illustrates
Off-market is the norm for small properties in central Paris. In the 4th arrondissement, studios do not stay on the market. A property hunter connected to the concierges and notaries of the neighborhood accesses these properties before they are publicly listed. Our article on off-market in Paris explains this process in detail.
Calculate profitability before visiting. An investor does not visit a property on impulse. The property hunter produces a complete profitability sheet (price, rent, charges, LMNP tax treatment) before each visit, eliminating properties that do not live up to their promises. This process is at the heart of our rental investment support.
Cash purchase as a negotiation lever. The absence of a financing contingency secures the seller and accelerates the transaction. It is a powerful argument in negotiations, particularly with elderly sellers or heirs in a hurry. The property hunter deploys this advantage at the right moment, as detailed in our guide to the preliminary sales agreement.
Looking to invest in a rental property in Paris? Contact Home Select: our property hunters identify the best opportunities, including off-market.
Frequently asked questions
What yield can you expect from a studio in the 4th arrondissement of Paris?
In 2026, a studio of 20-25 sqm in the 4th arrondissement rents for between 850 and 1,100 euros/month in standard rental. For a purchase at 245,000 euros, the gross yield is 4.2 to 5.4%. In furnished LMNP rental, the net yield after charges and taxes is around 3.5%.
How does a property hunter access off-market properties in central Paris?
In the central arrondissements (1st to 4th), an experienced property hunter maintains direct relationships with building concierges, co-ownership managers and notaries. Small properties (studios, 2-bedroom apartments) often change hands without public listing, the owner selling directly through their network.
Is a 22 sqm studio still profitable after the thermal sieve legislation?
Yes, provided the EPC is rated at least E (rental still permitted in 2026). For studios rated F or G, the cost of compliance (insulation, windows, ventilation) ranges from 8,000 to 15,000 euros. A property hunter factors this additional cost into the overall budget to guarantee the investment's profitability.
