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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 Verdi 31 · Vila de Gràcia · Barcelona
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.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 6 | STR | 40 | 94 € | — |
| 1-bed · short-let × 8 | STR | 58 | 116 € | — |
| 2-bed · short-let × 4 | STR | 76 | 146 € | — |
| 1-bed · annual × 4 | MTR | 56 | — | 760 € |
| 2-bed · annual × 2 | MTR | 74 | — | 960 € |
| Ground-floor local | Local | 140 | — | 2.400 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 4.978.828 € | -12,23 % | 0,32× |
| 55% LTVheadline | 55 % | 3.457.872 € | 2.325.644 € | — | -0,73× |
| 65% LTV | 65 % | 4.086.577 € | 1.832.991 € | — | -1,26× |
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 | 55% LTV |
|---|---|---|
| Base | -12,2 % · 0,32× | — · -0,73× |
| Downside | -13,9 % · 0,27× | — · -0,84× |
| Upside | -10,9 % · 0,36× | — · -0,64× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −5% (€115 → €110), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +5% (€115 → €121), 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 | 143k | 103k | 68k | 48 % |
| 2 | 151k | 109k | 73k | 48 % |
| 3 | 158k | 114k | 76k | 48 % |
| 4 | 161k | 116k | 77k | 48 % |
| 5 | 164k | 118k | 79k | 48 % |
| 6 | 167k | 120k | 80k | 48 % |
| 7 | 170k | 123k | 82k | 48 % |
| 8 | 174k | 125k | 83k | 48 % |
| 9 | 177k | 127k | 85k | 48 % |
| 10 | 180k | 130k | 86k | 48 % |
| 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 | 143k | 151k | 158k | 161k | 164k | 167k | 170k | 174k | 177k | 180k |
| GOP | 103k | 109k | 114k | 116k | 118k | 120k | 123k | 125k | 127k | 130k |
| NOI | 68k | 73k | 76k | 77k | 79k | 80k | 82k | 83k | 85k | 86k |
| NOI margin | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % |
Figures in € thousands.