354 m² commercial basement, Torre del Moro, Torrevieja

A single-title 354 m² commercial basement on floor −1 of a building in Torre del Moro, Torrevieja — between the centre and La Mata. One title, no horizontal division, 15 % participation coefficient, and the file comes free of charges, mortgages and embargoes with IBI and community fees up to date. Large underground volumes of this scale are structurally scarce in Torrevieja, which is most of the reason this asset is on the shortlist.

The asking price reflects the bare volume as it stands today. The investment case is the exploitation model you put on top of it — and there are three, each underwritten separately below. The figures are grounded in current Spanish market data (idealista, FEDESSA/CBRE, operator sources), not the headline numbers on the original brochure, which we’ve haircut where the market doesn’t support them.

Scenario 1 — Managed parking

The lowest-capex, fastest-to-income path: stripe the volume into spaces and let them. A basement this size supports roughly 20–30 spaces.

• Indicative rent: Torrevieja garage rents run €70–90 / monthon the typical band (the brochure’s €100 is top-of-market, not a 25-space blended average).
• Realistic gross at ~25–28 spaces and €75–100 / month across 90–100 % occupancy ≈ €23,000 – €30,000 / year → ≈ 5.7 – 7.4 % gross.
• Operating costs (IBI, community, insurance, lighting, access control, management across many tenants, vacancy) run ~30 % of gross → net pre-tax ≈ €16,000 – €21,000 → ≈ 4.0 – 5.2 % net.

Reality check: idealista puts the Alicante-province garage gross yield at ~4.9 % — the lowest asset class in the province — and Torrevieja spaces sell at €11,500–15,000 each, so the €16,200-per-space implied basis here is at the rich end. Stable, simple, but the lowest-yielding of the three.

Scenario 2 — Self-storage conversion

The top-yield model: sub-divide into 30–50 storage units. Self-storage is one of Spain’s fastest-growing real-estate classes (the country runs ~40× less storage per capita than the US — a structural growth runway).

• At ~40 units × €80 / month (≈ €9 / m² / month, within the Costa Blanca band): gross ≈ €38,400 / year at a stabilised, near-full basement → ≈ 9.5 % gross.
• Haircut to the Spanish ~77 % national occupancy and gross falls toward €31,000 → ≈ 7.7 % gross.
• Operating costs for an owned 354 m² basement at this scale (no platform scale to dilute fixed costs, plus a basement’s slower fill) run ~38 % of gross → net pre-tax ≈ €18,000 – €25,000 → ≈ 4.5 – 6.5 % net.

Note the fit-out capex (partitioning, access control, lighting, ventilation) is notin the asking price — it becomes a line in the model, recovered over the first 18–30 months. The “30 %+ net” figures circulating in the Spanish press are returns on that fit-out capex with a free building — they do not apply to a €405,000 acquisition basis.

Scenario 3 — Single-tenant commercial lease

The cleanest line: lease the whole volume to one operator — last-mile logistics, a maintenance or trade business, a tourism-supply hub, private infrastructure. Bulk basement comps in Torrevieja run €5.65–7 / m² / month — raw volume at the floor, access-controlled space toward the top.

• Realistic working rent ≈ €2,250 – €2,500 / month (€27,000 – €30,000 / year) → ≈ 6.7 – 7.4 % gross. The brochure’s €3,500 / month is an optimistic ceiling, only justifiable fitted-out or sub-divided.
• Spanish commercial leases are commonly triple-net — the tenant carries IBI, community and insurance — so landlord-retained opex is low (~6 % NNN, ~15 % gross-lite). Net pre-tax ≈ €24,300 – €26,700 → ≈ 6.0 – 6.6 % net.
• On these numbers this is the best risk-adjusted model — least management, lowest opex. The single risk that matters is vacancy: one tenant means binary 0 %/100 % occupancy, so the vacancy allowance is the line we stress hardest.

How the group runs the file

One coordinated file across the three brands: Costa Larga sourced and audited the asset, Sarah Katerina runs the legal, fiscal and acquisition side (due diligence, tax-efficient structuring, secure transmission, closing), and VITA Host operates the income model once it’s live. The asset’s clean legal status — free of charges, fees current — means it can transfer quickly.

What we still verify together

• Urban classification and the community-of-owners position on converting the basement to parking, storage or commercial use — non-negotiable before the arras.
• The fit-out and licensing path for Scenarios 1 and 2, and the capex line that goes with each — neither is in the asking price.
• Your acquisition vehicle (personal name vs. Spanish SL) and tax residence — non-resident income tax (24 % non-EU / 19 % EU on net) materially shifts the after-tax figure on every scenario above.