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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
Calle Tomás Heredia 8 · Soho · Centro · Málaga
Fifty-two flats in Soho, Málaga's arts quarter between the port and the Alameda, priced as one building. Why it is available: an operator retiring, selling whole rather than flat by flat, unwilling to wait for fifty-two separate sales (The seller needs out). What we do: refurbish to one standard, run thirty-eight by the night and fourteen by the month, refinance in year four against the stabilised NOI. What has to be true: · The structural report on Friday comes back clean. · The hospedaje position for Málaga centro does not tighten before escritura. · The nightly units hold 61% occupancy at the rates two streets from the Pompidou carry.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 14 | STR | 44 | 98 € | — |
| 1-bed · short-let × 16 | STR | 66 | 118 € | — |
| 2-bed · short-let × 8 | STR | 82 | 146 € | — |
| 1-bed · mid-term × 8 | MTR | 64 | — | 760 € |
| 2-bed · mid-term × 6 | MTR | 80 | — | 950 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 9.981.010 € | -23,42 % | 0,09× |
| 50% LTVheadline | 50 % | 6.301.786 € | 5.156.538 € | — | -0,99× |
| 65% LTV | 65 % | 8.192.321 € | 3.675.114 € | — | -1,88× |
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 | -23,4 % · 0,09× | — · -0,99× |
| Downside | -25,5 % · 0,07× | — · -1,03× |
| Upside | -21,8 % · 0,11× | — · -0,96× |
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 → €122), 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 | 114k | 75k | 36k | 32 % |
| 2 | 123k | 81k | 40k | 33 % |
| 3 | 129k | 85k | 43k | 33 % |
| 4 | 132k | 87k | 44k | 33 % |
| 5 | 134k | 88k | 45k | 33 % |
| 6 | 137k | 90k | 46k | 33 % |
| 7 | 139k | 92k | 46k | 33 % |
| 8 | 142k | 93k | 47k | 33 % |
| 9 | 144k | 95k | 48k | 33 % |
| 10 | 147k | 97k | 49k | 33 % |
| 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 | 114k | 123k | 129k | 132k | 134k | 137k | 139k | 142k | 144k | 147k |
| GOP | 75k | 81k | 85k | 87k | 88k | 90k | 92k | 93k | 95k | 97k |
| NOI | 36k | 40k | 43k | 44k | 45k | 46k | 46k | 47k | 48k | 49k |
| NOI margin | 32 % | 33 % | 33 % | 33 % | 33 % | 33 % | 33 % | 33 % | 33 % | 33 % |
Figures in € thousands.