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Thesis
44 serviced apartments — an aparthotel across two adjoining fincas over a closed print shop, two streets from Mercado de Russafa. Why it is available: the family that owns it is dividing an inheritance and wants one buyer for the whole building (The seller needs out). What we do: refurbish, run thirty-two by the night and twelve by the month under one reception, refinance in year four. What has to be true: · Studios hold 82% occupancy at 124 € ADR — the rate the refurbished fincas on Sueca already take. · The ground floor lets as a local at 4.200 € within six months. · The licence transfers with the building.
The ask
LP equity sought
3.945.819 €
at 50 % LTV
Target LP IRR
14,8 %
projected, not promised
LP equity multiple
2,33×
over 7 years
First capital call
Not modelled
the plan carries no dates
At a glance
Asking price
8.750.000 €
Total project cost
9.641.888 €
Cost per unit
219.134 €
Units
44
Stabilised NOI
812.500 €
NOI margin
50 %
Yield on cost
8,43 %
Leveraged yield (at 50 % debt)
16,85 %
LP IRR
14,8 %
Hold period
7 years
Key dates
Reserva
—
DD deadline
—
Arras
—
Escritura
—
Works complete
—
Opening
—
Assumptions template MASTER v2. Figures are projections rather than forecasts or guarantees, and follow from the assumptions set out in this document. Prepared for discussion among Marisol and its investors; not an offer or a solicitation.
Property
FormatAparthotel
Deal type—
Units44
Gross m²3.265
Net m²2.770
AreaRussafa · Valencia
Regulatory
Licence type—
Licence status—
Expediente—
Unit mix and pricing
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| Studio · short-let | STR | 42 | 124 € | 35 € | — |
| 1-bed · short-let | STR | 58 | 152 € | 35 € | — |
| 2-bed · short-let | STR | 74 | 190 € | 40 € | — |
| 1-bed · mid-term | MTR | 56 | — | — | 890 € |
| 2-bed · mid-term | MTR | 72 | — | — | 1.120 € |
| Ground-floor local | Local | 240 | — | — | 4.200 € |
Counterparties
Listing brokerJordi Escrivà — Escrivà & Puig Inmobiliaria
Buyer lawyerLucía Ferrándiz — Ferrándiz Abogados
ArchitectPau Benlloch — Benlloch Arquitectura
From price to total project cost
What it costs to own the building, ready to trade.
Purchase price7.900.000 €
ITP (transfer tax)474.000 €
AJD (stamp duty)59.250 €
Broker commission237.000 €
Due diligence39.500 €
Notary, registry, SPV, tax advisory8.700 €
Total acquisition costs818.450 €
Renovation and fit-out193.000 €
FF&E, IT and locks397.600 €
Permits, licensing, architect140.000 €
Cost base9.449.050 €
GP setup fee192.838 €
Total project cost9.641.888 €
Per unit219.134 €
The GP's structuring fee (1 %) sits in every cost base; its financing fee (1 %) only where the deal is financed, so an all-equity structure carries the first and not the second.
Exit
Capitalised at the exit-year NOI.
Exit-year NOI (year 7)872.837 €
Exit cap rate7,00 %
Gross exit price12.469.098 €
Selling costs-249.382 €
Net exit proceeds12.219.716 €
The ramp
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
Profit and loss, 7 years
Figures in € thousands; margins on total operating revenue. Stabilised from operating year 3. USALI order: revenue, departmental and undistributed expenses, GOP before any management fee, the fees, the owner's charges, EBITDA, the reserve, NOI.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Total |
|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 143 | 151 | 154 | 157 | 160 | 163 | 167 | — |
| Blended ADR ex-IVA | 130 | 137 | 140 | 143 | 146 | 149 | 152 | — |
| Accommodation | 1158k | 1267k | 1341k | 1368k | 1395k | 1423k | 1452k | 9403k |
| Cleaning fees | 117k | 122k | 126k | 126k | 126k | 126k | 126k | 870k |
| Mid-term rent | 116k | 116k | 119k | 121k | 124k | 126k | 129k | 851k |
| Ancillary income | 50k | 50k | 51k | 52k | 53k | 55k | 56k | 368k |
| Total operating revenue | 1441k | 1555k | 1637k | 1668k | 1698k | 1730k | 1762k | 11492k |
| Platform commission | -217k | -236k | -249k | -254k | -259k | -263k | -268k | -1746k |
| Cleaning | -96k | -102k | -108k | -110k | -112k | -114k | -116k | -758k |
| Linen | -18k | -19k | -20k | -20k | -21k | -21k | -22k | -140k |
| Amenities | -11k | -11k | -12k | -12k | -12k | -13k | -13k | -84k |
| Departmental expenses | -341k | -368k | -389k | -396k | -404k | -411k | -419k | -2728k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -18k |
| Utilities + community | -54k | -55k | -57k | -58k | -59k | -60k | -61k | -404k |
| Maintenance | -17k | -19k | -20k | -20k | -20k | -21k | -21k | -138k |
| IT / tech | -21k | -22k | -22k | -22k | -23k | -23k | -24k | -157k |
| Ground-floor licence transfer | -3k | 0k | 0k | 0k | 0k | 0k | 0k | -3k |
| Building manager | -15k | -15k | -16k | -16k | -16k | -17k | -17k | -112k |
| Extended appliance warranty | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -16k |
| Undistributed expenses | -116k | -116k | -118k | -121k | -123k | -126k | -128k | -847k |
| GOP | 985k | 1072k | 1130k | 1151k | 1172k | 1193k | 1215k | 7916k |
| GOP margin | 68 % | 69 % | 69 % | 69 % | 69 % | 69 % | 69 % | 69 % |
| Management fee — 15,5 % of total operating revenue | -223k | -241k | -254k | -258k | -263k | -268k | -273k | -1781k |
| Management fees | -223k | -241k | -254k | -258k | -263k | -268k | -273k | -1781k |
| Income before non-operating | 761k | 831k | 876k | 892k | 908k | 925k | 942k | 6135k |
| Property tax (IBI) | -14k | -14k | -15k | -15k | -15k | -15k | -16k | -104k |
| Insurance | -8k | -8k | -8k | -8k | -9k | -9k | -9k | -59k |
| Non-operating | -22k | -22k | -23k | -23k | -24k | -24k | -25k | -163k |
| EBITDA | 739k | 808k | 853k | 869k | 885k | 901k | 917k | 5972k |
| FF&E reserve | -36k | -39k | -41k | -42k | -42k | -43k | -44k | -287k |
| NOI | 703k | 770k | 813k | 827k | 842k | 857k | 873k | 5685k |
| NOI margin | 49 % | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Financing scenarios
The highlighted row is the basis Marisol quotes.
| Scenario | LTV | Senior debt | All-in rate | Debt service | DSCR | Total equity | LP equity | LP IRR | LP × |
|---|---|---|---|---|---|---|---|---|---|
| No debt | 0 % | 0 € | — | — | — | 9.544.495 € | 7.635.596 € | 10,86 % | 1,84× |
| 50% LTV | 50 % | 4.820.944 € | 2,75 % | 392.592 € | 2,07 | 4.932.273 € | 3.945.819 € | 14,84 % | 2,33× |
| 65% LTV | 65 % | 6.267.227 € | 2,75 % | 510.369 € | 1,59 | 3.515.639 € | 2.812.511 € | 17,52 % | 2,73× |
From NOI to cash
On the 50% LTV basis. What the lender is owed before anything reaches equity. Coverage is year by year, so it opens below the stabilised figure above and climbs as the building fills. Figures in € thousands.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Total |
|---|---|---|---|---|---|---|---|---|
| NOI | 703k | 770k | 813k | 827k | 842k | 857k | 873k | 5685k |
| Loan interest | -129k | -122k | -114k | -107k | -99k | -91k | -82k | -744k |
| Principal repaid | -263k | -271k | -278k | -286k | -294k | -302k | -310k | -2005k |
| Cash after debt service | 311k | 377k | 420k | 435k | 449k | 465k | 480k | 2937k |
| DSCR | 1,79 | 1,96 | 2,07 | 2,11 | 2,14 | 2,18 | 2,22 | — |
| Cumulative cash | 311k | 688k | 1108k | 1542k | 1992k | 2456k | 2937k | — |
Waterfall, 50% LTV
At 50 % LTV. The distributable column is the cash line from the page before. Figures in € thousands, except yield.
| Year | Distributable | Tier A | Tier B | Tier C | LP | GP | LP yield |
|---|---|---|---|---|---|---|---|
| Y1 | 311k | 311k | 0k | 0k | 249k | 62k | 6,3 % |
| Y2 | 377k | 377k | 0k | 0k | 302k | 75k | 7,6 % |
| Y3 | 420k | 420k | 0k | 0k | 336k | 84k | 8,5 % |
| Y4 | 435k | 435k | 0k | 0k | 348k | 87k | 8,8 % |
| Y5 | 449k | 449k | 0k | 0k | 360k | 90k | 9,1 % |
| Y6 | 465k | 465k | 0k | 0k | 372k | 93k | 9,4 % |
| Y7 | 480k | 480k | 0k | 0k | 384k | 96k | 9,7 % |
When the money comes back
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
On exit
Loan balance repaid-2.816.369 €
Net proceeds after debt9.403.346 €
Tier A, pro rata to capital4.781.012 €
Tier B, to the hurdle2.296.284 €
Tier C, above the hurdle2.326.050 €
LP receives on exit6.827.839 €
GP receives on exit2.575.508 €
Over the hold
LP equity in3.945.819 €
LP from operations2.349.252 €
LP on exit6.827.839 €
LP total received9.177.091 €
LP multiple2,33×
LP IRR14,84 %
LP average yield on equity8,51 %
GP equity in986.455 €
GP total received3.162.821 €
GP multiple3,21×
Stabilised occupancy against ADR
LP IRR at the reporting basis, on the two levers that stay open after the price is agreed. The outlined cell is the base case.
| ADR | 76% | 79% | 82% | 85% | 88% |
|---|---|---|---|---|---|
| 136 € | 14,8 % | 14,8 % | 14,8 % | 14,8 % | 14,8 % |
| 143 € | 14,8 % | 14,8 % | 14,8 % | 14,8 % | 14,8 % |
| 151 € | 14,8 % | 14,8 % | 14,8 % | 14,8 % | 14,8 % |
| 159 € | 14,8 % | 14,8 % | 14,8 % | 14,8 % | 14,8 % |
| 166 € | 14,8 % | 14,8 % | 14,8 % | 14,8 % | 14,8 % |
Exit year against exit cap rate
LP IRR again. A shorter hold raises the rate and lowers the money: the equity multiple beside it falls as this table rises.
| Exit cap rate | Year 2-5 | Year 3-4 | Year 4-3 | Year 5-2 | Year 7 |
|---|---|---|---|---|---|
| 6.00% | 29,8 % | 25,2 % | 21,6 % | 19,5 % | 17,0 % |
| 6.50% | 23,9 % | 21,6 % | 19,1 % | 17,7 % | 15,9 % |
| 7.00% | 18,5 % | 18,4 % | 16,9 % | 16,0 % | 14,8 % |
| 7.50% | 13,7 % | 15,4 % | 14,9 % | 14,5 % | 13,9 % |
| 8.00% | 8,8 % | 12,6 % | 13,0 % | 13,1 % | 13,0 % |
Prepared 20 September 2026 from the current business plan against assumptions template MASTER v2. Every figure in this document is computed from the assumptions printed in the appendix; none is entered by hand.
Projections are not forecasts or guarantees. Returns depend on assumptions that will not all prove correct, and property investment carries the risk of loss including of capital. Prepared for discussion among Marisol and its investors; not an offer, a solicitation, or investment advice.
© 2026 Marisol. All rights reserved.
marks a value set for this deal. Everything else is inherited from the house template, so a change to firm policy carries through.
Revenue
Stabilised occupancy82 %
Year 1 occupancy ramp92,7 %
Year 2 occupancy ramp96,3 %
Year 1 ADR ramp95 %
ADR inflation2 %
Average length of stay2.5 nights
IVA rate10 %
Operating costs
Platform commission17 %
Management fee15,5 %
Community, per unit / month12 €
Maintenance1,2 %
IT, per unit / month40 €
Insurance, per unit / month15 €
Admin, monthly200 €
Utilities, per unit / month125 €
IBI, annual14.000 €
FF&E reserve2,5 %
Cost inflation2 %
Acquisition
Tax regimeITP / AJD
Broker commission3 %
Notary fee1.800 €
Registry fee900 €
Due diligence0,5 %
SPV setup3.500 €
Tax advisory2.500 €
GP setup fee2 %
Works and capex
Renovation levelUplift
Renovation, per unit0 €
Appliances, per unit2.000 €
Common areas70.000 €
Permits and licensing60.000 €
Architect and technical62.000 €
Interior design and procurement—
Contingency0 %
Exit
Exit cap rate7 %
Selling costs2 %
Waterfall terms
GP equity share20 %
Preferred return (LP IRR)8 %
Hurdle (LP IRR)12 %
LP split, pref to hurdle70 %
LP split, above the hurdle60 %