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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Carrer de Verdi 31 · Vila de Gràcia · Barcelona
A 24-apartment aparthotel over a shuttered pharmacy, four minutes from Fontana. Why it is available: two brothers inherited it, neither lives in Barcelona, and the building has been half empty for three years. What we do: refurbish to the house spec, run eighteen by the night and six by the month under one reception, refinance in year three. What has to be true: · The pharmacy licence lapses cleanly and the ground floor lets as a local. · Short-let permits transfer — the building already holds two. · The cédula arrives before the notary date.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 6 | STR | 40 | 138 € | — |
| 1-bed · short-let × 8 | STR | 58 | 170 € | — |
| 2-bed · short-let × 4 | STR | 76 | 215 € | — |
| 1-bed · mid-term × 4 | MTR | 56 | — | 950 € |
| 2-bed · mid-term × 2 | MTR | 74 | — | 1.200 € |
| Ground-floor local | Local | 140 | — | 2.900 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 4.978.828 € | 9,98 % | 2,11× |
| 55% LTVheadline | 55 % | 3.457.872 € | 2.325.644 € | 13,79 % | 2,96× |
| 65% LTV | 65 % | 4.086.577 € | 1.832.991 € | 15,21 % | 3,36× |
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 | 55% LTV |
|---|---|---|
| Base | 10,0 % · 2,11× | 13,8 % · 2,96× |
| Downside | 9,1 % · 1,97× | 12,7 % · 2,69× |
| Upside | 10,5 % · 2,20× | 14,4 % · 3,12× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€169 → €157), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€169 → €182), 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 | 895k | 614k | 440k | 49 % |
| 2 | 966k | 671k | 485k | 50 % |
| 3 | 1018k | 708k | 512k | 50 % |
| 4 | 1037k | 721k | 521k | 50 % |
| 5 | 1056k | 734k | 531k | 50 % |
| 6 | 1076k | 748k | 540k | 50 % |
| 7 | 1096k | 762k | 550k | 50 % |
| 8 | 1116k | 776k | 560k | 50 % |
| 9 | 1137k | 790k | 571k | 50 % |
| 10 | 1158k | 805k | 581k | 50 % |
| 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 | 895k | 966k | 1018k | 1037k | 1056k | 1076k | 1096k | 1116k | 1137k | 1158k |
| GOP | 614k | 671k | 708k | 721k | 734k | 748k | 762k | 776k | 790k | 805k |
| NOI | 440k | 485k | 512k | 521k | 531k | 540k | 550k | 560k | 571k | 581k |
| NOI margin | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Figures in € thousands.