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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Carrer de Sueca 41 · Russafa · Extramurs · Valencia
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.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 12 | STR | 42 | 124 € | — |
| 1-bed · short-let × 12 | STR | 58 | 152 € | — |
| 2-bed · short-let × 8 | STR | 74 | 190 € | — |
| 1-bed · mid-term × 8 | MTR | 56 | — | 890 € |
| 2-bed · mid-term × 4 | MTR | 72 | — | 1.120 € |
| Ground-floor local | Local | 240 | — | 4.200 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 7.635.596 € | 10,86 % | 1,84× |
| 50% LTVheadline | 50 % | 4.820.944 € | 3.945.819 € | 14,84 % | 2,33× |
| 65% LTV | 65 % | 6.267.227 € | 2.812.511 € | 17,52 % | 2,73× |
The headline row is the basis Marisol quotes. Returns at other leverage levels are shown so the effect of gearing is visible rather than assumed.
| LP IRR by case | No debt | 50% LTV |
|---|---|---|
| Base | 10,9 % · 1,84× | 14,8 % · 2,33× |
| Downside | 9,5 % · 1,69× | 13,0 % · 2,09× |
| Upside | 11,7 % · 1,92× | 15,9 % · 2,47× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€151 → €140), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€151 → €162), cap rate −50 bp. Moves are relative to the plan's own figure; the rate step depends on its level (5% up to €120, 7.5% to €200, 10% above).
| Year | Revenue | GOP | NOI | Margin |
|---|---|---|---|---|
| 1 | 1441k | 985k | 703k | 49 % |
| 2 | 1555k | 1072k | 770k | 49 % |
| 3 | 1637k | 1130k | 813k | 50 % |
| 4 | 1668k | 1151k | 827k | 50 % |
| 5 | 1698k | 1172k | 842k | 50 % |
| 6 | 1730k | 1193k | 857k | 50 % |
| 7 | 1762k | 1215k | 873k | 50 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 1441k | 1555k | 1637k | 1668k | 1698k | 1730k | 1762k |
| GOP | 985k | 1072k | 1130k | 1151k | 1172k | 1193k | 1215k |
| NOI | 703k | 770k | 813k | 827k | 842k | 857k | 873k |
| NOI margin | 49 % | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Figures in € thousands.