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Demonstration. Marisol Patrimonio SL does not exist and every figure here is invented. The software is the real thing — every screen, every model, every document — and nothing can be saved.
Demonstration. One building: the record, the model, the documents, and who has been shown it. Walk the ninety seconds →
The firmThe investor
Carrer de Sueca 41 · Russafa · Extramurs · Valencia
44 flats across two adjoining fincas over a closed print shop, two streets from Mercado de Russafa. Why it is available: the family that owns it is dividing an inheritance and wants one buyer for the whole building (The seller needs out). What we do: refurbish, run six short-let and three on annual tenancies, refinance in year four. What has to be true: · Studios hold 62% occupancy at 96 € ADR. · The ground floor lets as a local at 3.600 € within six months. · The licence transfers with the building.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 12 | STR | 42 | 96 € | — |
| 1-bed · short-let × 12 | STR | 58 | 118 € | — |
| 2-bed · short-let × 8 | STR | 74 | 148 € | — |
| 1-bed · mid-term × 8 | MTR | 56 | — | 780 € |
| 2-bed · mid-term × 4 | MTR | 72 | — | 980 € |
| Ground-floor local | Local | 240 | — | 3.600 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 7.635.596 € | -15,44 % | 0,23× |
| 50% LTVheadline | 50 % | 4.820.944 € | 3.945.819 € | — | -0,73× |
| 65% LTV | 65 % | 6.267.227 € | 2.812.511 € | — | -1,51× |
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 | -15,4 % · 0,23× | — · -0,73× |
| Downside | -17,0 % · 0,20× | — · -0,79× |
| Upside | -14,3 % · 0,26× | — · -0,67× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −5% (€117 → €111), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +5% (€117 → €123), 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 | 159k | 118k | 75k | 47 % |
| 2 | 167k | 125k | 79k | 47 % |
| 3 | 175k | 130k | 83k | 47 % |
| 4 | 178k | 132k | 84k | 47 % |
| 5 | 181k | 135k | 86k | 47 % |
| 6 | 184k | 137k | 87k | 47 % |
| 7 | 188k | 140k | 89k | 47 % |
| 8 | 191k | 142k | 91k | 47 % |
| 9 | 195k | 145k | 92k | 47 % |
| 10 | 199k | 148k | 94k | 47 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 159k | 167k | 175k | 178k | 181k | 184k | 188k | 191k | 195k | 199k |
| GOP | 118k | 125k | 130k | 132k | 135k | 137k | 140k | 142k | 145k | 148k |
| NOI | 75k | 79k | 83k | 84k | 86k | 87k | 89k | 91k | 92k | 94k |
| NOI margin | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % |
Figures in € thousands.