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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Carrer de Rodríguez de Cepeda 7 · Benimaclet · Valencia
A fourteen-room hostal in Benimaclet, four minutes from the tram and inside the student ring. Why it is available: the owner is a builder who took the building in part-payment for work and does not want to run it (The seller needs out). What we do: refurbish the fourteen rooms and the ground-floor breakfast room, run them by the night for the university's visitors and the tram's commuters, and hold. What has to be true: · 100-128 EUR a night at the house 82 % — the rate the two hostales on the tram line already take. · The technical survey comes back without structural work. · The hostal licence transfers with the building.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Room · hostal × 10 | STR | 22 | 100 € | — |
| Room · terrace × 4 | STR | 30 | 128 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 1.424.485 € | 10,35 % | 2,17× |
| 50% LTVheadline | 50 % | 899.388 € | 737.660 € | 13,66 % | 2,91× |
| 60% LTV | 60 % | 1.079.265 € | 596.708 € | 14,91 % | 3,25× |
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 | 10,3 % · 2,17× | 13,7 % · 2,91× |
| Downside | 9,4 % · 2,02× | 12,6 % · 2,65× |
| Upside | 10,8 % · 2,26× | 14,3 % · 3,06× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −5% (€108 → €103), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +5% (€108 → €113), 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 | 362k | 191k | 120k | 33 % |
| 2 | 396k | 218k | 140k | 35 % |
| 3 | 420k | 232k | 150k | 36 % |
| 4 | 428k | 237k | 153k | 36 % |
| 5 | 437k | 242k | 156k | 36 % |
| 6 | 445k | 247k | 159k | 36 % |
| 7 | 454k | 252k | 163k | 36 % |
| 8 | 463k | 257k | 166k | 36 % |
| 9 | 473k | 262k | 169k | 36 % |
| 10 | 482k | 267k | 173k | 36 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 362k | 396k | 420k | 428k | 437k | 445k | 454k | 463k | 473k | 482k |
| GOP | 191k | 218k | 232k | 237k | 242k | 247k | 252k | 257k | 262k | 267k |
| NOI | 120k | 140k | 150k | 153k | 156k | 159k | 163k | 166k | 169k | 173k |
| NOI margin | 33 % | 35 % | 36 % | 36 % | 36 % | 36 % | 36 % | 36 % | 36 % | 36 % |
Figures in € thousands.