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Thesis
24 flats over a shuttered pharmacy, four minutes from Fontana. Why it is available: two brothers inherited it, neither lives in Barcelona, and the building has been half empty for three years. What we do: refurbish to the house spec, run eighteen short-let and six on annual tenancies, refinance in year three. What has to be true: · The pharmacy licence lapses cleanly and the ground floor lets as a local. · Short-let permits transfer — the building already holds two. · The cédula arrives before the notary date.
The ask
LP equity sought
2.325.644 €
at 55 % LTV
Target LP IRR
—
projected, not promised
LP equity multiple
-0,73×
over 10 years
First capital call
Not modelled
the plan carries no dates
At a glance
Asking price
5.900.000 €
Total project cost
6.287.041 €
Cost per unit
261.960 €
Units
24
Stabilised NOI
76.025 €
NOI margin
48 %
Yield on cost
1,21 %
LP IRR
—
Hold period
10 years
Key dates
Reserva
—
DD deadline
—
Arras
—
Escritura
—
Works complete
—
Opening
—
Assumptions template MASTER v2. Figures are projections rather than forecasts or guarantees, and follow from the assumptions set out in this document. Prepared for discussion among Marisol and its investors; not an offer or a solicitation.
Property
FormatResidential
Deal type—
Units24
Gross m²1.790
Net m²1.520
AreaVila de Gràcia · Barcelona
Regulatory
Licence type—
Licence status—
Expediente—
Unit mix and pricing
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| Studio · short-let | STR | 40 | 94 € | 35 € | — |
| 1-bed · short-let | STR | 58 | 116 € | 35 € | — |
| 2-bed · short-let | STR | 76 | 146 € | 40 € | — |
| 1-bed · annual | MTR | 56 | — | — | 760 € |
| 2-bed · annual | MTR | 74 | — | — | 960 € |
| Ground-floor local | Local | 140 | — | — | 2.400 € |
From price to total project cost
What it costs to own the building, ready to trade.
Purchase price5.200.000 €
ITP (transfer tax)312.000 €
AJD (stamp duty)39.000 €
Broker commission156.000 €
Due diligence26.000 €
Notary, registry, SPV, tax advisory8.700 €
Total acquisition costs541.700 €
Renovation and fit-out113.000 €
FF&E, IT and locks216.600 €
Permits, licensing, architect90.000 €
Cost base6.161.300 €
GP setup fee125.741 €
Total project cost6.287.041 €
Per unit261.960 €
The GP's structuring fee (1 %) sits in every cost base; its financing fee (1 %) only where the deal is financed, so an all-equity structure carries the first and not the second.
Exit
Capitalised at the exit-year NOI.
Exit-year NOI (year 10)86.194 €
Exit cap rate7,00 %
Gross exit price1.231.339 €
Selling costs-24.627 €
Net exit proceeds1.206.712 €
The ramp
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
Profit and loss, 10 years
Figures in € thousands; margins on total operating revenue. Stabilised from operating year 3. USALI order: revenue, departmental and undistributed expenses, GOP before any management fee, the fees, the owner's charges, EBITDA, the reserve, NOI.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 113 | 119 | 121 | 123 | 126 | 128 | 131 | 134 | 136 | 139 | — |
| Blended ADR ex-IVA | 102 | 108 | 110 | 112 | 114 | 117 | 119 | 121 | 124 | 126 | — |
| Accommodation | 85k | 93k | 99k | 101k | 103k | 105k | 107k | 109k | 111k | 113k | 1027k |
| Cleaning fees | 11k | 12k | 12k | 12k | 12k | 12k | 12k | 12k | 12k | 12k | 118k |
| Mid-term rent | 18k | 18k | 18k | 19k | 19k | 19k | 20k | 20k | 20k | 21k | 192k |
| Ancillary income | 29k | 29k | 29k | 30k | 31k | 31k | 32k | 32k | 33k | 34k | 310k |
| Total operating revenue | 143k | 151k | 158k | 161k | 164k | 167k | 170k | 174k | 177k | 180k | 1646k |
| Platform commission | -16k | -18k | -19k | -19k | -20k | -20k | -20k | -21k | -21k | -21k | -195k |
| Cleaning | -9k | -10k | -10k | -10k | -10k | -11k | -11k | -11k | -11k | -12k | -105k |
| Linen | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -19k |
| Amenities | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -12k |
| Departmental expenses | -28k | -30k | -32k | -33k | -33k | -34k | -34k | -35k | -36k | -36k | -331k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -3k | -3k | -3k | -26k |
| Utilities + community | -5k | -5k | -5k | -6k | -6k | -6k | -6k | -6k | -6k | -6k | -57k |
| Maintenance | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -2k | -20k |
| IT / tech | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -3k | -3k | -3k | -26k |
| Undistributed expenses | -12k | -12k | -12k | -13k | -13k | -13k | -13k | -14k | -14k | -14k | -129k |
| GOP | 103k | 109k | 114k | 116k | 118k | 120k | 123k | 125k | 127k | 130k | 1186k |
| GOP margin | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % | 72 % |
| Management fee — 15,5 % of total operating revenue | -22k | -23k | -25k | -25k | -25k | -26k | -26k | -27k | -27k | -28k | -255k |
| Management fees | -22k | -23k | -25k | -25k | -25k | -26k | -26k | -27k | -27k | -28k | -255k |
| Income before non-operating | 81k | 86k | 90k | 91k | 93k | 95k | 96k | 98k | 100k | 102k | 931k |
| Property tax (IBI) | -8k | -8k | -9k | -9k | -9k | -9k | -9k | -10k | -10k | -10k | -91k |
| Insurance | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -10k |
| Non-operating | -9k | -9k | -10k | -10k | -10k | -10k | -10k | -11k | -11k | -11k | -101k |
| EBITDA | 72k | 76k | 80k | 81k | 83k | 84k | 86k | 87k | 89k | 91k | 830k |
| FF&E reserve | -4k | -4k | -4k | -4k | -4k | -4k | -4k | -4k | -4k | -5k | -41k |
| NOI | 68k | 73k | 76k | 77k | 79k | 80k | 82k | 83k | 85k | 86k | 789k |
| NOI margin | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % |
Financing scenarios
The highlighted row is the basis Marisol quotes.
| Scenario | LTV | Senior debt | All-in rate | Debt service | DSCR | Total equity | LP equity | LP IRR | LP × |
|---|---|---|---|---|---|---|---|---|---|
| No debt | 0 % | 0 € | — | — | — | 6.223.535 € | 4.978.828 € | -12,23 % | 0,32× |
| 55% LTV | 55 % | 3.457.872 € | 2,75 % | 281.590 € | 0,27 | 2.907.055 € | 2.325.644 € | — | -0,73× |
| 65% LTV | 65 % | 4.086.577 € | 2,75 % | 332.789 € | 0,23 | 2.291.239 € | 1.832.991 € | — | -1,26× |
From NOI to cash
On the 55% LTV basis. What the lender is owed before anything reaches equity. Coverage is year by year, so it opens below the stabilised figure above and climbs as the building fills. Figures in € thousands.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOI | 68k | 73k | 76k | 77k | 79k | 80k | 82k | 83k | 85k | 86k | 789k |
| Loan interest | -93k | -87k | -82k | -76k | -71k | -65k | -59k | -53k | -46k | -40k | -672k |
| Principal repaid | -189k | -194k | -200k | -205k | -211k | -217k | -223k | -229k | -235k | -242k | -2144k |
| Cash after debt service | -213k | -209k | -206k | -204k | -203k | -201k | -200k | -198k | -197k | -195k | -2027k |
| DSCR | 0,24 | 0,26 | 0,27 | 0,27 | 0,28 | 0,28 | 0,29 | 0,30 | 0,30 | 0,31 | — |
| Cumulative cash | -213k | -422k | -628k | -832k | -1035k | -1236k | -1436k | -1635k | -1832k | -2027k | — |
Waterfall, 55% LTV
At 55 % LTV. The distributable column is the cash line from the page before. Figures in € thousands, except yield.
| Year | Distributable | Tier A | Tier B | Tier C | LP | GP | LP yield |
|---|---|---|---|---|---|---|---|
| Y1 | -213k | 0k | 0k | 0k | -171k | -43k | -7,3 % |
| Y2 | -209k | 0k | 0k | 0k | -167k | -42k | -7,2 % |
| Y3 | -206k | 0k | 0k | 0k | -164k | -41k | -7,1 % |
| Y4 | -204k | 0k | 0k | 0k | -163k | -41k | -7,0 % |
| Y5 | -203k | 0k | 0k | 0k | -162k | -41k | -7,0 % |
| Y6 | -201k | 0k | 0k | 0k | -161k | -40k | -6,9 % |
| Y7 | -200k | 0k | 0k | 0k | -160k | -40k | -6,9 % |
| Y8 | -198k | 0k | 0k | 0k | -159k | -40k | -6,8 % |
| Y9 | -197k | 0k | 0k | 0k | -158k | -39k | -6,8 % |
| Y10 | -195k | 0k | 0k | 0k | -156k | -39k | -6,7 % |
When the money comes back
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
On exit
Loan balance repaid-1.314.040 €
Net proceeds after debt-107.328 €
Tier A, pro rata to capital0 €
Tier B, to the hurdle0 €
Tier C, above the hurdle0 €
LP receives on exit-85.862 €
GP receives on exit-21.466 €
Over the hold
LP equity in2.325.644 €
LP from operations-1.621.539 €
LP on exit-85.862 €
LP total received-1.707.402 €
LP multiple-0,73×
LP IRR—
LP average yield on equity-6,97 %
GP equity in581.411 €
GP total received-426.850 €
GP multiple-0,73×
Stabilised occupancy against ADR
LP IRR at the reporting basis, on the two levers that stay open after the price is agreed. The outlined cell is the base case.
| ADR | 76% | 79% | 82% | 85% | 88% |
|---|---|---|---|---|---|
| 104 € | — | — | — | — | — |
| 110 € | — | — | — | — | — |
| 115 € | — | — | — | — | — |
| 121 € | — | — | — | — | — |
| 127 € | — | — | — | — | — |
Exit year against exit cap rate
LP IRR again. A shorter hold raises the rate and lowers the money: the equity multiple beside it falls as this table rises.
| Exit cap rate | Year 5-5 | Year 6-4 | Year 7-3 | Year 8-2 | Year 10 |
|---|---|---|---|---|---|
| 6.00% | — | — | — | — | — |
| 6.50% | — | — | — | — | — |
| 7.00% | — | — | — | — | — |
| 7.50% | — | — | — | — | — |
| 8.00% | — | — | — | — | — |
Prepared 8 September 2026 from the current business plan against assumptions template MASTER v2. Every figure in this document is computed from the assumptions printed in the appendix; none is entered by hand.
Projections are not forecasts or guarantees. Returns depend on assumptions that will not all prove correct, and property investment carries the risk of loss including of capital. Prepared for discussion among Marisol and its investors; not an offer, a solicitation, or investment advice.
© 2026 Marisol. All rights reserved.
marks a value set for this deal. Everything else is inherited from the house template, so a change to firm policy carries through.
Revenue
Stabilised occupancy82 %
Year 1 occupancy ramp92,7 %
Year 2 occupancy ramp96,3 %
Year 1 ADR ramp95 %
ADR inflation2 %
Average length of stay2.5 nights
IVA rate10 %
Operating costs
Platform commission17 %
Management fee15,5 %
Community, per unit / month12 €
Maintenance1,2 %
IT, per unit / month40 €
Insurance, per unit / month15 €
Admin, monthly200 €
Utilities, per unit / month125 €
IBI, annual8.300 €
FF&E reserve2,5 %
Cost inflation2 %
Acquisition
Tax regimeITP / AJD
Broker commission3 %
Notary fee1.800 €
Registry fee900 €
Due diligence0,5 %
SPV setup3.500 €
Tax advisory2.500 €
GP setup fee2 %
Works and capex
Renovation levelUplift
Renovation, per unit0 €
Appliances, per unit2.000 €
Common areas65.000 €
Permits and licensing52.000 €
Architect and technical38.000 €
Interior design and procurement—
Contingency0 %
Exit
Exit cap rate7 %
Selling costs2 %
Waterfall terms
GP equity share20 %
Preferred return (LP IRR)8 %
Hurdle (LP IRR)12 %
LP split, pref to hurdle70 %
LP split, above the hurdle60 %