Selling investment property: valuation, tenants and sale of real estate

You sell an investment property based on yield, not on square metres. Buyers calculate with the Gross Initial Yield (rent ÷ purchase price) and the Net Initial Yield (after owner costs). Selling while let is perfectly possible: under 'sale does not break lease', lease agreements transfer to the buyer by operation of law. Those who want to sell quickly and without financing contingencies can offer the property directly to a fixed buyer.

How is an investment property valued?

With two key figures: BAR (gross initial yield) = gross annual rent ÷ purchase price, and NAR (net initial yield) = rent minus owner's costs ÷ total investment including buyer's costs. The higher the requested yield, the lower the price.

Example: a commercial unit with € 60,000 gross annual rent. If a buyer demands an 8% NIY (Net Initial Yield), they will offer approximately € 750,000. If they demand 9.5% – for example because the lease only has two years remaining – that same property drops to approximately € 632,000. A one percentage point yield requirement represents a difference of over a hundred thousand euros here.

Remaining term and creditworthiness of the tenant(s).
Difference between contract rent and market rent (over-rent or under-rent).
State of maintenance and expected capex for the next five years.
Energy label and sustainability task.
Location, accessibility and alternative usability.
VAT status of the property and any revision period.

Sell while let or vacant delivery?

Selling while let usually yields the highest amount from investors; vacant delivery is more attractive for owner-occupiers and for transformation plans. The choice determines which type of buyer you appeal to.

	Selling while let	Deliver vacant
Type of buyer	Investor, real estate fund, private investor	Owner-occupier, developer
Valuation basis	Rental stream and yield	Square metres and utility value
Lead time	Short, file is leading	Longer, depending on demand for space
Seller risk	Tenant must be reliable	Vacancy costs until sale

What we see in practice: owners who want a tenant to leave 'to sell better' often lose more in vacancy and buyout sums than they get back in premium. Always calculate both scenarios before giving notice to a tenant.

Tax points of interest when selling real estate

The main points are: transfer tax (for non-residential 10.4% in 2026, paid by the buyer), the VAT position of the property with a ten-year revision period, and the question of whether the profit falls in box 3, in personal income tax or in corporation tax.

VAT-taxed let property: check if the ten-year revision period is still running and who bears any revision.
Sale from a BV: book profit is subject to corporation tax; check if a share transaction is an alternative.
Box 3 investment: the increase in value is in principle untaxed, but the value counts towards the wealth yield tax.
Property transfer tax is in principle for the buyer, but is negotiable and therefore influences the offer.
For multiple properties: consider a phased sale in connection with the fiscal year.

Selling a portfolio or multiple properties

With three or more properties, it pays to sell as a portfolio: one due diligence, one notarial settlement and one negotiation. Buyers sometimes pay a portfolio premium for scale, but also factor in a discount if there are weak objects among them. Our experience: only split a portfolio if one object structurally drags down the whole.

Create a property list with address, m², tenant, rent, duration, energy label and state of maintenance.
Calculate the total gross rent and the weighted average lease term (WALT).
Determine per object whether it is offered rented or vacant.
Request an offer for the portfolio as well as for the individual objects, and compare.

Frequently asked questions

Can I sell a tenanted property without the tenant's permission?

Yes. The tenant does not need to give permission; through 'sale does not terminate lease' (Article 7:226 BW), the buyer steps into the rights and obligations of the lease agreement. However, you must inform the tenant after the transfer about the new landlord and the new payment address.

What is a good gross initial yield upon sale?

That varies by segment and location. As an indication: liquid logistics and supermarkets in strong locations trade at lower GIYs (sharper prices), while solitary offices, secondary shopping streets and properties with short lease agreements have higher GIYs. Always compare with recent transactions in the same region and the same segment.

Who pays the transfer tax on an investment property?

In principle, the buyer. For non-residential properties, a rate of 10.4% applies in 2026. Because it increases the buyer's total investment, it does indirectly put pressure on the offer you receive.

Do you also buy portfolios?

Yes. We purchase both individual properties and small portfolios, mixed commercial and residential-retail properties, with or without tenants.

What happens to the tenant's deposit?

This is settled at the notary and transfers to the buyer, along with prepaid rent and service charge settlements. Record this explicitly in the purchase agreement.

Compiled by the Pandverkoop.nl editorial team. Pandverkoop.nl may be the buyer; our offer is not an independent valuation. Our approach and sources policy. Last updated: 2026-08-13.