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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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Orzán 19

8d in stage· 34 units
OverdueNext action19 Sept 20261d overdue·
Yield on cost
9,3 %

Cost and returns quoted on — change

Asking
TPC
6.118.929 €
179.968 € / unit
LP IRR
18,1 %
clears the 12,0 % bar
Yield on cost
9,3 %
clears the 7,0 % bar
Total cost
6.118.929 €
179.968 € a unit
LP equity
2.265.807 €
2,74× back
Stabilised NOI
567.198 €
on 1.170.078 € revenue
Exit
6.629.294 €
net of debt · year 7
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

34 units

WhatAmountSharePer unit
Purchase pricethe price on the plan4.900.000 €80,1 %144.118 €
Transfer tax (ITP)a rate on the price294.000 €4,8 %8.647 €
Stamp duty (AJD)a rate on the price36.750 €0,6 %1.081 €
Broker's commissiona rate on the price147.000 €2,4 %4.324 €
Due diligencea rate on the price24.500 €0,4 %

Still missing 3

Work the whole list →
  • Plan has 2 units, the deal says 34Per-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.
721 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %256 €
Renovationper unit × the units, plus common areas, plus contingency168.000 €2,7 %4.941 €
FF&E and ITper unit × the units325.600 €5,3 %9.576 €
Permits, architect, designfigures on the plan92.000 €1,5 %2.706 €
The firm's feea share of the total, including itself122.379 €2,0 %3.599 €
Total project cost6.118.929 €100 %179.968 €

Deliberately outside this total

IVA fronted on works and fees160.818 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.