115 805.00 €
Type: Buy to Let
Interest payment schedule: Monthly
Min. amount of investment - € 100
Update from the originator:
The originator has very good news!
The originator managed to sell the “San Telmo” project in just 71 days.
In the next few days, the originator will liquidate the opportunity, and the originator will pay back the principal and capital gains to all investors.
|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
With a discount of 40 thousand euros.
With 2 double bedrooms and a private terrace.
Both for long, medium stay or as a vacation rental.
Earn interest while the project is funding:
Start investing now and earn 5% APR until the project becomes fully funded.
We are back! After many months of uncertainty due to the COVID crisis, at Brickstarter we return with a new opportunity. We must take advantage of the current uncertainty to buy cheap and we could not miss this opportunity.
It is a property that we were already interested in and we had selected at the beginning of the year and that we are now preparing to purchase with a 30% discount compared to the price of just a few months. We have negotiated a discount of 40,000 euros compared to February 2020!
For this, we are going to adapt the property, reform it, furnish it, obtain all the vacation licenses, but we are going to rent it for half a stay, at least until the end of May, June 2021, or until we consider it appropriate. This is what we are doing with our current properties, achieving a good average return for our investors.
Starting in June 2021, we will rent it as a holiday apartment, to take advantage of the excellent returns that Cádiz offers in the summer season, and by the end of 2021, we will decide whether to continue with the holiday apartment or return to the rental for the half stay.
It is a property that we acquired brand new from an investment fund with a strong discount on the initial sale price.
It is located on the first floor, which will avoid possible restrictions on vacation rentals in the future. It has 49 square meters very well distributed, in two double rooms, a kitchen integrated into the dining room, a bathroom and a large private terrace.
The master bedroom has a large custom built-in closet and is naturally ventilated. The other room and the living room have direct access to the private patio, which gives a lot of ventilation and light to the apartment.
The distribution is perfect both to welcome guests in the middle of the stay (students, civil servants ...), as well as for the holiday season, as we have defended in each of our opportunities of this same type.
It is a very versatile property, with capacity for up to 4 people, perfect for couples, small families,
And the best thing about this apartment is the location. Just 100 meters from the university, the vice-chancellor's office and the Gran Teatro de Falla, and just 8 minutes from both La Caleta Beach, as well as the different clinics and hospitals.
The location is perfect since the historic center is the neighborhood most in demand by tourists, students and officials. The walking distance to the main points of interest, according to Google Maps, is:
|Purchase price of the property (including reform)||€ 95,370.00|
|Cost of initial works||€ 11,000.00|
|Taxes, paperwork and other initial legal costs||€ 0.00|
|Company Constitution and Registration||€ 0.00|
|Other costs of Acquisition of the property||€ 2,262.70|
|Minimum safe box||€ 600.00|
|Brickstarter Fees (Purchase Only)||€ 6,572.28|
|Annual rental income||€ 10,665.00|
|Amount to receive for the sale||€ 133,175.73|
|Gross Margin (Sale price - Buy price)||15 %|
The data shown in this section is a forecast for one year after the purchase of the property
|Total accrued dividends||€ 0.00|
|Dividends paid||€ 0.00|
|Dividends in portfolio||€ 0.00|
|Rental income||€ 10,665.00|
|Brickstarter Commission||€ 65.25|
|Total expenses||€ 3,290.75|
|Result of exploitation||€ 7,262.05|
|Financial results||€ 0.00|
|Profit before tax (Operating profit + Financial profit)||€ 7,262.05|
|Result of the exercise||€ 6,172.75|
|Revaluation of the property||15.00%|
|The current value of the property||€ 117,305.00|
|Number of reservations||89|
|Degree of occupation||80.60%|
|Average rate per day||€ 36.27|
|Annual revenue estimate||€ 10,665.00|
|Customer satisfaction rating||90.00%|
|Number of invites||88|
To carry out our business plan, we have assumed that, throughout the life of the project, it will be rented on a half-stay basis during the periods of October to May, and on a holiday rental basis during the summer months from June to September (included). The model that we are currently using and is working.
In other words, we start from the premise that the vacation rental will not be recovered at any time. A conservative assumption since, if we can rent the apartment on a holiday basis throughout the year at least in 2023 and 2024, the income and profitability of the project would increase considerably. (The month with the highest vacation income in Cádiz is February, due to carnivals).
It is also important to take into account the characteristics of the real estate market in Cádiz, where the land is geographically limited (it is a peninsula), and there is a high demand due to the presence of universities, hospitals and other public bodies (City Council, etc..).
Finally, add that the historic center of Cádiz is the main tourist attraction in the city, since it is there where the main tourist attractions are located, the Cathedral, La Torre Tavira, the Gran Teatro Falla.
To estimate the half-stay income, we have taken as a reference the income at which we have rented our current apartments, specifically our opportunity at “La Caleta” (smaller apartment without terrace), rented for 530 euros per month.
Only the presence of the University of Cádiz, with more than 20 thousand students and almost 5 thousand employees among professors and other service professionals, causes a high organic and stable demand, which absorbs all the supply. If we did a quick search on Idealista (the leading portal in Spain), and we looked for furnished apartments in the historic center, we found only 109 properties.
Even this year, with the COVID crisis, vacation rentals this year have worked very well in Cádiz (in Brickstarter in terms of income it has suffered a drop of only 5% compared to 2019), and even in low season, we are having occupancy rates much higher than those we have in other areas such as Valencia, Seville, Malaga or even Alicante.
To estimate the income of the vacation months, we have taken as a reference the income obtained in the vacation regime in 2020, the year of the COVID-19 crisis.
|28.01.2021||Paid||No||21 January 2021, 12:54|
|28.02.2021||Paid||No||09 February 2021, 17:11|
|28.03.2021||Paid||No||11 March 2021, 15:23|
|28.04.2021||Paid||No||02 April 2021, 16:11|