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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Calle Mendizábal 27 · Vegueta · Vegueta-Cono Sur-Tafira · Las Palmas de Gran Canaria
24 apartments in Vegueta, the old town, a 1920s block with a patio the tourist office photographs. Why it is available: the owner is a construction company that took it in payment and wants cash (The seller needs out). What we do: light refurbishment, run as an aparthotel for the winter-sun trade — twelve weeks at a time by the month, the rest by the night — and hold. What has to be true: · A year-round 112 EUR ADR, because the Canaries have no low season. · The Cabildo's aparthotel licence transfers with the building. · The patio can take a breakfast room without a change of use.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · aparthotel × 14 | STR | 36 | 112 € | — |
| 1-bed · aparthotel × 10 | STR | 54 | 142 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 3.840.040 € | 10,88 % | 1,84× |
| 55% LTVheadline | 55 % | 2.666.967 € | 1.794.989 € | 15,60 % | 2,44× |
| 65% LTV | 65 % | 3.151.870 € | 1.415.019 € | 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 | 55% LTV |
|---|---|---|
| Base | 10,9 % · 1,84× | 15,6 % · 2,44× |
| Downside | 6,4 % · 1,44× | 8,8 % · 1,70× |
| Upside | 14,2 % · 2,17× | 20,8 % · 3,11× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€125 → €115), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€125 → €134), 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 | 780k | 499k | 346k | 44 % |
| 2 | 850k | 550k | 385k | 45 % |
| 3 | 898k | 584k | 410k | 46 % |
| 4 | 915k | 595k | 417k | 46 % |
| 5 | 932k | 606k | 425k | 46 % |
| 6 | 949k | 617k | 433k | 46 % |
| 7 | 967k | 628k | 440k | 46 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 780k | 850k | 898k | 915k | 932k | 949k | 967k |
| GOP | 499k | 550k | 584k | 595k | 606k | 617k | 628k |
| NOI | 346k | 385k | 410k | 417k | 425k | 433k | 440k |
| NOI margin | 44 % | 45 % | 46 % | 46 % | 46 % | 46 % | 46 % |
Figures in € thousands.