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 € | 4,52 % | 1,43× |
| 55% LTVheadline | 55 % | 3.457.872 € | 2.325.644 € | 5,43 % | 1,64× |
| 65% LTV | 65 % | 4.086.577 € | 1.832.991 € | 5,83 % | 1,76× |
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 | 4,5 % · 1,43× | 5,4 % · 1,64× |
| Downside | 2,1 % · 1,19× | 1,2 % · 1,12× |
| Upside | 6,4 % · 1,66× | 8,5 % · 2,12× |
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 | 643k | 425k | 297k | 46 % |
| 2 | 693k | 461k | 323k | 47 % |
| 3 | 729k | 485k | 341k | 47 % |
| 4 | 742k | 494k | 347k | 47 % |
| 5 | 755k | 503k | 353k | 47 % |
| 6 | 769k | 512k | 359k | 47 % |
| 7 | 783k | 521k | 365k | 47 % |
| 8 | 797k | 530k | 372k | 47 % |
| 9 | 812k | 539k | 378k | 47 % |
| 10 | 827k | 549k | 385k | 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 | 643k | 693k | 729k | 742k | 755k | 769k | 783k | 797k | 812k | 827k |
| GOP | 425k | 461k | 485k | 494k | 503k | 512k | 521k | 530k | 539k | 549k |
| NOI | 297k | 323k | 341k | 347k | 353k | 359k | 365k | 372k | 378k | 385k |
| NOI margin | 46 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % | 47 % |
Figures in € thousands.