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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Kalea Zabaleta 12 · Gros · San Sebastián
Sixteen apartments in Gros, a block from Zurriola beach, over a surf shop. Why it is available: a family selling after the grandmother's death; two of the three want the money now (The seller needs out). What we do: run as serviced apartments for the surf and the film festival, by the night in season and by the month from October. What has to be true: · 185 EUR ADR at 68 % — Gros runs there in season and nowhere near it in February. · Donostia's tourist-use rules allow a whole building, which is being checked. · The price comes down: at 5.600.000 the model does not clear.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · serviced × 8 | STR | 40 | 185 € | — |
| 1-bed · serviced × 8 | STR | 58 | 235 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 5.271.192 € | 9,16 % | 1,68× |
| 50% LTVheadline | 50 % | 3.328.112 € | 2.720.911 € | 12,50 % | 2,08× |
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 | 9,2 % · 1,68× | 12,5 % · 2,08× |
| Downside | 4,3 % · 1,29× | 5,0 % · 1,36× |
| Upside | 12,7 % · 2,03× | 17,5 % · 2,67× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −10% (€210 → €189), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +10% (€210 → €231), 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 | 848k | 597k | 432k | 51 % |
| 2 | 926k | 657k | 477k | 52 % |
| 3 | 979k | 697k | 507k | 52 % |
| 4 | 998k | 710k | 517k | 52 % |
| 5 | 1017k | 723k | 527k | 52 % |
| 6 | 1037k | 737k | 536k | 52 % |
| 7 | 1056k | 751k | 547k | 52 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 848k | 926k | 979k | 998k | 1017k | 1037k | 1056k |
| GOP | 597k | 657k | 697k | 710k | 723k | 737k | 751k |
| NOI | 432k | 477k | 507k | 517k | 527k | 536k | 547k |
| NOI margin | 51 % | 52 % | 52 % | 52 % | 52 % | 52 % | 52 % |
Figures in € thousands.