A Paris-based investor was looking for a studio in the central arrondissements for a furnished buy-to-let, with a budget of 260,000 euros. Catherine Ziegler, property hunter at Home Select, found an off-market 22 sqm flat in the 4th in 3 weeks and negotiated it 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, managing director, owner of 3 properties
The project
Marc, a managing director in the pharmaceutical industry, already owned three rental properties in the Paris suburbs. He wanted to diversify with a studio in inner Paris, choosing the central arrondissements for their unrivalled rental appeal and growth potential. His main criterion: a property he could let immediately, furnished under the LMNP regime, with a gross yield of at least 4%.
Central Paris has a structural advantage for small properties: constant rental demand from students, young professionals and executives on short postings. For a well-located, well-equipped studio, the vacancy rate is close to zero.
The search strategy
Catherine Ziegler ruled out the open market from the start. In the central arrondissements, well-priced studios sell in under 10 days, often after a bidding war. She worked solely through her off-market network: building concierges, notaries handling estate settlements, and owners who had signalled a wish to sell without an agency.
Alongside this, Catherine drew up a profitability grid for each opportunity: purchase price, estimated rent, co-ownership charges, property tax, potential works and an LMNP simulation. It let her quickly weed out anything whose yield did not justify the investment.
The property found
The studio she found is on rue Vieille-du-Temple, on the 3rd floor of a 17th-century building. The 22 sqm hold a 16 sqm main room with a fitted kitchenette, a shower room and storage under the eaves. The east-facing aspect, exposed beams and mullioned window give it a character much sought after by tenants who want the Marais.
It was occupied by a tenant leaving of his own accord (lease ending 31 March). The owner, a 78-year-old retiree simplifying his portfolio, preferred a discreet, quick sale to a public listing. Catherine heard of it from the building concierge, with whom she has kept up a professional relationship for twelve years.
The negotiation
The owner was asking 260,000 euros, or 11,818 euros/sqm. Catherine made her case on the D-rated EPC (adequate but requiring a collective energy audit), the lack of a cellar, and the need to refurnish the studio entirely after the tenant left (estimated at 5,000 euros).
The offer was set at 240,000 euros. The seller, valuing the speed and the absence of a financing condition (Marc was buying with cash), settled at 245,000 euros. The deed was signed in 8 weeks, and the studio was re-let furnished from 1 May at 950 euros a month, 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 linger on the market. A property hunter plugged into the area’s concierges and notaries reaches them before they go public. Our article on off-market in Paris explains the process in detail.
Calculate the return before viewing. An investor does not view on impulse. The property hunter draws up a full profitability sheet (price, rent, charges, LMNP tax treatment) before each viewing, ruling out anything that fails to deliver. This is at the heart of our buy-to-let support.
A cash purchase as a lever. The absence of a financing condition reassures the seller and speeds the sale. It is a strong argument, especially with elderly sellers or heirs in a hurry. The property hunter plays this card at the right moment, as our guide to the preliminary contract explains.
Looking to buy a rental property in Paris? Contact Home Select: our property hunters find the best opportunities, off-market included.
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 lets for between 850 and 1,100 euros a month unfurnished. At a purchase price of 245,000 euros, the gross yield is 4.2 to 5.4%. As a furnished LMNP let, the net yield after charges and taxes is around 3.5%.
How does a property hunter reach off-market properties in central Paris?
In the central arrondissements (1st to 4th), an experienced property hunter keeps direct contact with building concierges, managing agents and notaries. Small properties (studios, two-room flats) often change hands with no public listing, the owner selling through their own 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.
