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© 2026 Ittai Savran. All rights reserved.e38cf50 · 20 Sept, 22:07 Madrid
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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.

The firmThe investor
What this is|
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Bilbao La Vieja 4

8d in stage· 46 unitsHigh priority
Yield on cost
9,8 %

Cost and returns quoted on — change

Asking
TPC
9.506.735 €
206.668 € / unit
NextNext action20 Sept 20260d left·
LP IRR
17,6 %
clears the 12,0 % bar
Yield on cost
9,8 %
clears the 7,0 % bar
Total cost
9.506.735 €
206.668 € a unit
LP equity
3.518.615 €
3,65× back
Stabilised NOI
933.550 €
on 1.856.139 € revenue
Exit
13.025.995 €
net of debt · year 10
How safe is itany two assumptions as a gridChange an assumptionrevenue, operations, capex, financeThe structures side by sideloan, equity, cover, return

How the cost is built

46 units

WhatAmountSharePer unit
Purchase pricethe price on the plan7.800.000 €82,0 %169.565 €
Transfer tax (ITP)a rate on the price468.000 €4,9 %10.174 €
Stamp duty (AJD)a rate on the price58.500 €0,6 %1.272 €
Broker's commissiona rate on the price234.000 €2,5 %5.087 €
Due diligencea rate on the price39.000 €0,4 %

Still missing 3

Work the whole list →
  • Plan has 2 units, the deal says 46Per-unit figures divide by different numbers on the two screens.Assumptions
  • Interior design and procurementCounted as zero in total project cost, so the yield reads high.Assumptions
  • Cleaning fee on 2 unitsCheck-in revenue is missing from the P&L.Assumptions
Open this model in ExcelLive formulas, not a printout — change an input and the returns move. Every figure foots to the model above, to the euro.
848 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %189 €
Renovationper unit × the units, plus common areas, plus contingency202.000 €2,1 %4.391 €
FF&E and ITper unit × the units406.400 €4,3 %8.835 €
Permits, architect, designfigures on the plan100.000 €1,1 %2.174 €
The firm's feea share of the total, including itself190.135 €2,0 %4.133 €
Total project cost9.506.735 €100 %206.668 €

Deliberately outside this total

IVA fronted on works and fees207.921 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.