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© 2026 Ittai Savran. All rights reserved.e38cf50 · 20 Sept, 22:07 Madrid
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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.

The firmThe investor
What this is|
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Ruzafa 41

33d in stage· 44 unitsHigh priority
Yield on cost
8,4 %

Cost and returns quoted on — change

Asking
Offered
ours · pending
TPC
9.641.888 €
219.134 € / unit
LP IRR
14,8 %
clears the 12,0 % bar
Yield on cost
8,4 %
clears the 7,0 % bar
Total cost
9.641.888 €
219.134 € a unit
LP equity
3.945.819 €
2,33× back
Stabilised NOI
812.500 €
on 1.467.282 € revenue
Exit
9.403.346 €
net of debt · year 7
How safe is itany two assumptions as a gridChange an assumptionrevenue, operations, capex, financeThe structures side by sideloan, equity, cover, return

How the cost is built

44 units

WhatAmountSharePer unit
Purchase pricethe price on the plan7.900.000 €81,9 %179.545 €
Transfer tax (ITP)a rate on the price474.000 €4,9 %10.773 €
Stamp duty (AJD)a rate on the price59.250 €0,6 %1.347 €
Broker's commissiona rate on the price237.000 €2,5 %5.386 €
Due diligencea rate on the price39.500 €0,4 %

Still missing 2

Work the whole list →
  • Plan has 5 units, the deal says 44Per-unit figures divide by different numbers on the two screens.Assumptions
  • Interior design and procurementCounted as zero in total project cost, so the yield reads high.Assumptions
Open this model in ExcelLive formulas, not a printout — change an input and the returns move. Every figure foots to the model above, to the euro.
Deferred price
LegPaymentsEachTotal
Entrada, at signing16.750.000 €6.750.000 €
Bullet, at close11.150.000 €1.150.000 €
Total27.900.000 €

0 € a year while instalments run — no coverage until the plan carries revenue and operating costs

898 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %198 €
Renovationper unit × the units, plus common areas, plus contingency193.000 €2,0 %4.386 €
FF&E and ITper unit × the units397.600 €4,1 %9.036 €
Permits, architect, designfigures on the plan140.000 €1,5 %3.182 €
The firm's feea share of the total, including itself192.838 €2,0 %4.383 €
Total project cost9.641.888 €100 %219.134 €

Deliberately outside this total

IVA fronted on works and fees213.318 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.