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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Calle del Ave María 18 · Lavapiés · Centro · Madrid
28 serviced apartments in Lavapiés, a corner building that was a pension until 2019 and is empty now. Why it is available: the operator went under in 2020 and the owner, a bank, has held it on the books since (The seller needs out). What we do: fit out as studios and one-beds with a desk and a laundry, run by the night and by the month, sell in year five to a hotel group. What has to be true: · Madrid's centre keeps issuing aparthotel licences for buildings that already held a hospitality use. · Studios hold 128 EUR at 72 % across the year. · The corner local lets as a café at 4.200 EUR.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · serviced × 16 | STR | 34 | 128 € | — |
| 1-bed · serviced × 10 | STR | 52 | 158 € | — |
| 2-bed · serviced × 2 | STR | 70 | 196 € | — |
| Corner local | Local | 110 | — | 4.200 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 6.118.505 € | 10,06 % | 1,53× |
| 50% LTVheadline | 50 % | 3.863.087 € | 3.160.304 € | 13,99 % | 1,82× |
| 60% LTV | 60 % | 4.635.704 € | 2.554.881 € | 15,63 % | 1,96× |
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 | 10,1 % · 1,53× | 14,0 % · 1,82× |
| Downside | 4,2 % · 1,20× | 4,6 % · 1,23× |
| Upside | 14,1 % · 1,80× | 20,2 % · 2,30× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€144 → €133), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€144 → €154), 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 | 1082k | 738k | 524k | 48 % |
| 2 | 1175k | 808k | 577k | 49 % |
| 3 | 1241k | 856k | 612k | 49 % |
| 4 | 1264k | 872k | 623k | 49 % |
| 5 | 1288k | 888k | 635k | 49 % |
| Operating year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % |
| Total operating revenue | 1082k | 1175k | 1241k | 1264k | 1288k |
| GOP | 738k | 808k | 856k | 872k | 888k |
| NOI | 524k | 577k | 612k | 623k | 635k |
| NOI margin | 48 % | 49 % | 49 % | 49 % | 49 % |
Figures in € thousands.