| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | AA | AG | |
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1 | ||||||||||||||||||||||||||||
2 | Year 0 | Year 1 | Year 2 | Year 3 | Rest | Year N+1 | TOTAL | |||||||||||||||||||||
3 | Buy | License | Construction | 50% | RR | Exit | ||||||||||||||||||||||
4 | Inputs | INVESTMENT | Acquisition | -495,000 € | -495,000 € | 0 € | 0 € | 0 € | 0 € | 0 € | -495,000 € | |||||||||||||||||
5 | Term of investment | 8 | Reform and 10% proy & license | -824,000 € | 0 € | -82,400 € | -741,600 € | 0 € | 0 € | 0 € | -824,000 € | |||||||||||||||||
6 | ADR | 104 € | 125 € | Furniture | -120,000 € | 0 € | 0 € | -120,000 € | 0 € | 0 € | 0 € | -120,000 € | ||||||||||||||||
7 | Occupancy | 85% | ITP (Propery Transfer Tax) | -34,650 € | 7% | -34,650 € | 0 € | 0 € | 0 € | 0 € | 0 € | -34,650 € | ||||||||||||||||
8 | Asset appreciation after refurbishment | 30% | Initial Fee | 5% | -73,683 € | 0 € | 0 € | 0 € | 0 € | 0 € | -73,683 € | |||||||||||||||||
9 | Yearly asset appreciation* | 3.0% | Discount rate | |||||||||||||||||||||||||
10 | Refurbishment investment (€/sqm) | 2,000 € | EXIT | Sale | Asset app. | 10.00% | 6587.204423 | 0 € | 0 € | 0 € | 0 € | 0 € | 2,713,928 € | 2,713,928 € | ||||||||||||||
11 | Amount invested (min. 80.000 €) | 200,000 € | Agency Fees | 3.00% | 0 € | 0 € | 0 € | 0 € | 0 € | -81,418 € | -81,418 € | |||||||||||||||||
12 | Exit Capex | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | -120,000 € | -120,000 € | |||||||||||||||||||
13 | ASSET VALUE | Total | Per unit | € / m² | ||||||||||||||||||||||||
14 | Invested (no tax or fees). | 1,439,000 € | 130,818 € | 3,493 € | GROSS BUY / SELL | -603,333 € | -82,400 € | -861,600 € | 0 € | 0 € | 2,512,510 € | 965,178 € | ||||||||||||||||
15 | After refurbishment and op. permits. | 1,870,700 € | 170,064 € | 4,541 € | ||||||||||||||||||||||||
16 | Sale value after 8 years. | 2,713,928 € | 246,721 € | 6,587 € | REVENUE | Days of the year | 1 | 365 | 365 | 365 | 1,825 | 1 | 2,922 | |||||||||||||||
17 | Occupancy | 43% | 85% | 128% | ||||||||||||||||||||||||
18 | Yearly yield at Run Rate | 232,962 € | 15.0% | ADR | 125 € | 125 € | 250 € | |||||||||||||||||||||
19 | Units | 11 | 11 | 22 | ||||||||||||||||||||||||
20 | TOTAL | If you invest 200.000 € | STR Income | 213,245 € | 2,132,448 € | 2,345,693 € | ||||||||||||||||||||||
21 | Total earned in valuation and apprec. | 475,422 € | 29% | 3.6% | 57,627 € | 29% | 3.6% | Number of stays | 427 | 4,265 | 4,692 | |||||||||||||||||
22 | Total earned from rents | 1,222,837 € | 74% | 9.3% | 148,223 € | 74% | 9.3% | Cleaning fee income | 12,795 € | 127,950 € | 140,745 € | |||||||||||||||||
23 | Total Earnings | 1,698,259 € | 103% | 12.9% | 205,850 € | 103% | 12.9% | Additional cleaning and laundry | 0 € | 0 € | 0 € | |||||||||||||||||
24 | Total STR income | 226,040 € | 2,260,398 € | 2,486,438 € | ||||||||||||||||||||||||
25 | * Average market price growth in the centre of Malaga over the last 5 years = 6,8%. | Cashflow if you invest 200.000 € | Income from other rents | 0 € | 0 € | 0 € | ||||||||||||||||||||||
26 | * Average market price growth in the centre of Malaga over the last 2 years = 13,4%. | Year 0 | -80,000 € | TOTAL REVENUE | 0 € | 0 € | 0 € | 226,040 € | 2,260,398 € | 0 € | 2,486,438 € | |||||||||||||||||
27 | Year 1 | 0 € | ||||||||||||||||||||||||||
28 | Total Acquisition Cost | 1,547,333 € | Year 2 | -120,000 € | PROPERTY MANAGEMENT FEES | Short Term Rental | 20% | 0 € | 0 € | 0 € | -39,150 € | -391,501 € | 0 € | -430,651 € | ||||||||||||||
29 | Equity | 1,650,000 € | Year 3 | 13,417 € | Other Rents | 6% | 0 € | |||||||||||||||||||||
30 | Debt | 0 € | Year 4 | 28,238 € | 0 € | |||||||||||||||||||||||
31 | Total Yield | 12.9% | Year 5 | 28,238 € | PLATFORM FEES | Own Channel | 3% | 20% | 0 € | 0 € | 0 € | -1,356 € | -13,562 € | 0 € | -14,919 € | |||||||||||||
32 | Mean operational yield | 9.3% | Year 6 | 28,238 € | Airbnb | 17% | 40% | 0 € | 0 € | 0 € | -15,371 € | -153,707 € | 0 € | -169,078 € | ||||||||||||||
33 | Yield from asset appreciation | 3.6% | Year 7 | 28,238 € | Booking | 15% | 40% | 0 € | 0 € | 0 € | -13,562 € | -135,624 € | 0 € | -149,186 € | ||||||||||||||
34 | Yield at run rate | 15.0% | Year 8 | 279,481 € | Vrbo | 10% | 0% | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | ||||||||||||||
35 | TOTAL Payout | 1,698,259 € | ||||||||||||||||||||||||||
36 | IRR | 12.8% | Amount | Payment | Month | |||||||||||||||||||||||
37 | Multiplier | 2.03 | FIXED COSTS | IBI (Property Tax) (X% of the cadastral value) | -297 € | Annual | 12 | 0 € | -297 € | -297 € | -297 € | -1,931 € | 0 € | -2,822 € | ||||||||||||||
38 | Term (years) | 8 | Urban waste fee | -30 € | Annual | 12 | 0 € | -30 € | -30 € | -30 € | -193 € | 0 € | -282 € | |||||||||||||||
39 | Annual appraisal | -1,000 € | Annual | 10 | 0 € | -1,000 € | -1,000 € | -1,000 € | -5,000 € | 0 € | -8,000 € | |||||||||||||||||
40 | Property insurance | -1,400 € | Annual | 8 | 0 € | 0 € | 0 € | -1,400 € | -7,000 € | 0 € | -8,400 € | |||||||||||||||||
41 | Internet: 600 MB/s fiber | -44 € | Monthly | 0 € | 0 € | 0 € | -264 € | -2,640 € | 0 € | -2,904 € | ||||||||||||||||||
42 | Power term (Electricity) | -35 € | Monthly | 0 € | 0 € | 0 € | -210 € | -2,100 € | 0 € | -2,310 € | ||||||||||||||||||
43 | Minimum water consumption | -10 € | Monthly | 0 € | 0 € | 0 € | -60 € | -600 € | 0 € | -660 € | ||||||||||||||||||
44 | Facility maintenance | -600 € | Annual | 6 | 0 € | 0 € | 0 € | 0 € | -3,000 € | 0 € | -3,000 € | |||||||||||||||||
45 | Annual property painting | -400 € | Annual | 12 | 0 € | 0 € | 0 € | 0 € | -2,000 € | 0 € | -2,000 € | |||||||||||||||||
46 | 0 € | |||||||||||||||||||||||||||
47 | VARIABLE COSTS | Electricity consumption | 95 €/month/unit | Monthly | 0 € | 0 € | 0 € | -5,330 € | -53,295 € | 0 € | -58,625 € | |||||||||||||||||
48 | Water consumption | 15 €/month/unit | Monthly | 0 € | 0 € | 0 € | -842 € | -8,415 € | 0 € | -9,257 € | ||||||||||||||||||
49 | Cleaning attributed to costumers | Monthly | 0 € | 0 € | 0 € | -12,795 € | -127,950 € | 0 € | -140,745 € | |||||||||||||||||||
50 | Sheets and towels | Monthly | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | |||||||||||||||||||
51 | Additional cleaning and laundry | 0 €/month | Monthly | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | ||||||||||||||||||
52 | Additional personnel | 0 €/month | Monthly | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | ||||||||||||||||||
53 | ||||||||||||||||||||||||||||
54 | RUN RATE NET INCOME | 0 € | -1,327 € | -1,327 € | 134,374 € | 1,351,880 € | 0 € | 1,483,601 € | ||||||||||||||||||||
55 | ||||||||||||||||||||||||||||
56 | ASSET GROSS INCOME | -603,333 € | -83,727 € | -862,927 € | 134,374 € | 1,351,880 € | 2,512,510 € | 2,448,779 € | ||||||||||||||||||||
57 | ||||||||||||||||||||||||||||
58 | Interest | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | ||||||||||||||||||||
59 | ||||||||||||||||||||||||||||
60 | ASSET NET INCOME | -603,333 € | -83,727 € | -862,927 € | 134,374 € | 1,351,880 € | 2,512,510 € | 2,448,779 € | ||||||||||||||||||||
61 | ||||||||||||||||||||||||||||
62 | Asset Management Fee | 2.00% | Yearly | 12 | 0 € | -9,900 € | -26,380 € | -37,414 € | -187,070 € | 0 € | -260,764 € | |||||||||||||||||
63 | Success Fee | 20.00% | Onetime | 0 € | 0 € | 0 € | 0 € | 0 € | -489,756 € | -489,756 € | ||||||||||||||||||
64 | ||||||||||||||||||||||||||||
65 | EARNINGS BEFORE TAX | -603,333 € | -93,627 € | -889,307 € | 96,960 € | 1,164,810 € | 2,022,755 € | 1,698,259 € | ||||||||||||||||||||
66 | ||||||||||||||||||||||||||||
67 | Total final tax | 0% | Yearly | 6 | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | |||||||||||||||||
68 | Tax from Buy / Sell | 0% | Onetime | 6 | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | |||||||||||||||||
69 | ||||||||||||||||||||||||||||
70 | NET INCOME | -603,333 € | -93,627 € | -889,307 € | 96,960 € | 1,164,810 € | 2,022,755 € | 1,698,259 € | ||||||||||||||||||||
71 | ||||||||||||||||||||||||||||
72 | CASHFLOW | Business CF | -603,333 € | -93,627 € | -889,307 € | 96,960 € | 1,164,810 € | 2,022,755 € | 1,698,259 € | |||||||||||||||||||
73 | Bank CF | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | 0 € | |||||||||||||||||||
74 | Investors CF | 7 | 660,000 € | 0 € | 990,000 € | -110,694 € | -1,164,810 € | -2,072,755 € | -1,698,259 € | |||||||||||||||||||
75 | TOTAL CF | 56,668 € | -93,627 € | 100,693 € | -13,734 € | 0 € | -50,000 € | -0 € | ||||||||||||||||||||
76 | Year 0 | 104 € | ACCUMULATED CF | 56,668 € | -36,959 € | 63,734 € | 50,000 € | 50,000 € | -0 € | |||||||||||||||||||
77 | Year 1 | 107 € | Min cash | 50,000 € | 49,632 € | |||||||||||||||||||||||
78 | Year 2 | 110 € | ||||||||||||||||||||||||||
79 | Year 3 | 114 € | ||||||||||||||||||||||||||
80 | Year 4 | 117 € | ||||||||||||||||||||||||||
81 | Year 5 | 121 € | 110,694 € | 1,164,810 € | 2,072,755 € | |||||||||||||||||||||||
82 | Year 6 | 124 € | IRR | -660,000 € | 0 € | -990,000 € | 110,694 € | 232,962 € | 232,962 € | 232,962 € | 232,962 € | 2,305,717 € | ||||||||||||||||
83 | Year 7 | 128 € | ||||||||||||||||||||||||||
84 | Year 8 | 132 € | ||||||||||||||||||||||||||
85 | Average | 119 € | ||||||||||||||||||||||||||
86 | ||||||||||||||||||||||||||||
87 | Days | Occ | Price for curve | |||||||||||||||||||||||||
88 | January | 31 | 59% | 74 € | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Average for specific investment | ||||||||||||||
89 | February | 28 | 72% | 77 € | January | 67% | 81 € | 84 € | 86 € | 89 € | 91 € | 94 € | 97 € | 100 € | 103 € | 77 € | ||||||||||||
90 | March | 31 | 72% | 87 € | February | 81% | 84 € | 87 € | 89 € | 92 € | 95 € | 98 € | 101 € | 104 € | 107 € | 96 € | ||||||||||||
91 | April | 30 | 82% | 97 € | March | 82% | 95 € | 98 € | 101 € | 104 € | 107 € | 111 € | 114 € | 117 € | 121 € | 110 € | ||||||||||||
92 | May | 31 | 80% | 97 € | April | 93% | 107 € | 110 € | 113 € | 116 € | 120 € | 124 € | 127 € | 131 € | 135 € | 139 € | ||||||||||||
93 | June | 30 | 77% | 103 € | May | 91% | 106 € | 110 € | 113 € | 116 € | 120 € | 123 € | 127 € | 131 € | 135 € | 136 € | ||||||||||||
94 | July | 31 | 78% | 118 € | June | 87% | 112 € | 116 € | 119 € | 123 € | 127 € | 130 € | 134 € | 138 € | 142 € | 137 € | ||||||||||||
95 | August | 31 | 81% | 136 € | July | 88% | 129 € | 133 € | 137 € | 141 € | 145 € | 150 € | 154 € | 159 € | 164 € | 158 € | ||||||||||||
96 | September | 30 | 83% | 104 € | August | 92% | 149 € | 154 € | 158 € | 163 € | 168 € | 173 € | 178 € | 183 € | 189 € | 191 € | ||||||||||||
97 | October | 31 | 79% | 87 € | September | 94% | 114 € | 117 € | 121 € | 124 € | 128 € | 132 € | 136 € | 140 € | 144 € | 147 € | ||||||||||||
98 | November | 30 | 71% | 79 € | October | 90% | 95 € | 98 € | 101 € | 104 € | 107 € | 110 € | 113 € | 117 € | 120 € | 118 € | ||||||||||||
99 | December | 31 | 63% | 87 € | November | 80% | 87 € | 89 € | 92 € | 95 € | 98 € | 101 € | 104 € | 107 € | 110 € | 96 € | ||||||||||||
100 | 75% | December | 71% | 95 € | 98 € | 101 € | 104 € | 107 € | 111 € | 114 € | 117 € | 121 € | 94 € |