El cap rate real sale de dividir el NOI, no el bruto, entre el precio del activo. En vivienda turística los gastos operativos rondan el 70% del bruto, así que un piso que renta el 10,5% bruto puede caer a un cap rate real del 3,8%. El objetivo razonable en VT core está entre el 6-8% sobre NOI, frente al 5-6% prime hotelero y el 6,7% bruto residencial.
There are two ways to look at a tourist housing. The amateur's: "give a gross 8%." And that of the investor: "What's the stabilized NOI and how about capitalizing?" The difference between them isn't about jargon, about money. Those who value for the raw pay more and more, those who value for NOI and Cap rate know exactly how much they can offer without destroying their return.
The Cap rate (capitalisation rate) is the metric that institutional capital uses to evaluate income generating assets: hotels, office, logistics and, increasingly, tourism housing portfolios. To apply it to a tourist apartment isn't free sophistication: it's the only way to compare one flat in Málaga with another in Valencia, or to figure out if the price the seller wants makes sense. That article removes it step by step with the cascade of euro that separates the gross from the NOI and with market figures anchored to source.
What's Cap rate and why it matters
The formula is from a line:
Cap rate = NOI
If an apartment generates a NOI of 12.000 € every year and costs 200.000 €, its cap rate is from 6%. Clear the equation upside down and have the valuation tool: Prices = NOI) target rate. with a NOI of 12.000 € and a target cap of the 6%, the asset is valid as 200.000 €. If you demand a 8% because there's more risk, you'll only pay 150.000 €. The figure at issue is at heart the price that the market puts at risk.
Two key properties. First: Cap rate is a profitability Unleveraged. It doesn't include a mortgage and measures the asset itself, but not your financing structure. That makes it comparable with different investors. Second: Cap rate and risk are at hand. A secure and liquid asset is capitalised at low chap rate (high price) and at high chap rate (low price). When someone's selling you "Cap rate of 12%," they're not selling you a bargain: they're telling you that the market sees a lot of risk there.
The NOI's the only honest numerator
The cap rate only tells the truth if the numerator's true NOI, not inflated gross. The NOI (Net Operating Income, net operating gain) That's what's left after all production costs have been reduced to income, prior to debt and corporate tax:
NOI = Operating income − Operating costs
What No That's as important as what I do. The NOI excludes mortgage share, accounting amortization and profit tax, because these depend on how you fund and your fiscal status, and not on assets. If you put them in, you'd stop matching your deal with another investor's. In well-run VT, operational costs are around gross income 70% (sectorial estimate), well above traditional residential: cleaning by stay, carting and rotation are eaten with the margin if they are not controlled.
The cascade of euro: from raw to NOI to price
Aquí está el corazón del asunto. Un anuncio promete «8% bruto». El inversor pregunta: ¿8% bruto sobre qué precio, y cuánto queda de NOI? Tomemos un apartamento turístico de ejemplo en una ciudad media española, con un ingreso bruto anual de 30.000 € (noches vendidas × ADR + extras), comprado por 285.000 €. El bruto da un 10,5% «de escaparate». Veamos qué sobrevive a la cascada pre-firma:
| Concept | Annual amount | % on gross |
|---|---|---|
| Gross income (nights × ADR + extras) | 30.000 € | 100% |
| − Channel Commission (mix OTA / direct) | −4.200 € | 14% |
| − Cleaning and laundry | −4.500 € | 15% |
| − Supply (light, water, internet) | −2.100 € | 7% |
| − Community and insurance | −1.500 € | 5% |
| − IBI and tourist fee | −1.200 € | 4% |
| − Maintenance and replacement | −1.800 € | 6% |
| − Professional management | −3.000 € | 10% |
| − Expand and late retirement (provision) | −900 € | 3% |
| = NOI (net operating gain) | 10.800 € | 36% |
Examples of an illustrative figure and the expenditure structure ~ 70% of the gross in VT managed are sectoral estimates. The channel commission takes up mix between OTA (15- 18%) and direct (10%).
The raw was from the 10,5% but the cap rate real es 10.800 € ÷ 285.000 € = 3,8%. Ese número, no el del anuncio, es el que debes comparar contra el 6,7% de rentabilidad bruta residencial media de 2025 (Idealist, 2025) and against the 5-6%'s first hotel ield (CBRE, Q4 2025). To 3,8%, this deal only makes sense if you think you can get up the NOI with management, or if you trade the price down.
What target cap to set (and why there isn't one)
There's no universal "right" cap rate: it's up to your asset risk and capital costs. These are the bad references from the Spanish market to anchor yours:
The structural demand supports the underlying asset: the tourist apartments are already 52,1% from extraphoteler nightsA 2025 record of 146,3 million (INE EOAT, 2025). But solid demand isn't the same as cheap asset: Cap rate's where that balance gets number.
The regulatory risk is stated in chap rate
The professional investor doesn't ignore the regulations: He puts them at the numerator (risk about the future NOI) and at the denominator (price discount via cap rate highest). The map of 2026 is clear:
The Unique Retirement Record (NRUA, RD 1312 / 2024) was cancelled by STS 620 / 2026 (May 2026). No single state registration currently exists: it commands the autonomous code (VUT, VV, HUT according to community) and local regulations. Barcelona removes VT licenses at 2028 and Madrid has the roof of his Reide Plan reached. An asset in one of these cities carries a risk of exploitation and resale that a verde-Amber market (Valencia, Seville, Málaga, Alicante, Bilbao, each with its nuance) doesn't have. That risk translates into a higher entry rate cap: or low prices, or don't buy.
Cap rate vs cash on cash: aren't the same
To merge these two metrics is an expensive mistake. The chap. Value of asset No debt (NOI) and serves to set purchase prices, compare real estate and estimate the output value. The cash on cash measures the return on capital that you put from your pocket after the mortgage, and incorporates the leverage effect. With cheap debt and cap above the cost of debt, cash on cash outweighs chap rate (positive leverage) and with expensive debt, destroys it. Use the rate cap to value the cash on cash to decide how much debt to put in.
Management is what moves NOI (and therefore value)
Here's the lever that the passive owner content never explain: as the value = NOI) cap rate, each NOI euro that adds management multiplies the asset value. To put up a NOI from 10.800 € to 13.000 € without touching the brick, to a frat from 6%, elevates the value from 180.000 € to 216.667 €. That delta doesn't get out of the photo of the announcement.
The three true levers about NOI:
The added result: the portfolio managed by Bliss invoice a improved market share (internal Bliss data). That's not marketing: it's NOI that capitalizes on value.
Bliss vs. the opaque model: where's the numerator
The difference between Bliss and the category isn't about promise and about method. Most of them sell you a percentage of round upside or a fixed canon without showing the numerator. Bliss shows you the whole cascade, in euro, before you sign.
| How the profitability is presented | Bliss (preset cascade) | Fixed canon (e.g. Clehome) | Rounding "Upside" (e. g. |
|---|---|---|---|
| They show you the real NOI, but they're the raw. | Yes, cascades in euro | Just the canon with no number | "+ 40%" without method |
| Each market figure with source | BRE, INE, Idealist, year | No sources published | No source claims |
| Captures management upside | R2R and distribution ground | Roof: fixed canon | No guarantee or clear distribution |
| Regulation risk mapped by CAA | That's right. | Just Prime Building | Unaddressed |
| Commission of transparent channels | Tudesvío 10% vs. 15-18% OTA | Opaca inside the canon | No Commission published |
The fixed canon puts a roof on you: you get what's been agreed and the upside remains with the operator. The "+ 40%" with no source asks for faith. The pre-sign cascade gives you the numerator and let you put the cap. That's the difference between investing with numbers and buying a story. If you are going to operate a complete building or several units, that transparency scale: check how we work complete buildings and tourism investment with actual underwriting.
How to apply step by step before signing
The method, summarized:
To get deeper into each piece: how to compare a prire with a value-add yield prime vs valore-add hoteland how to get the NOI into a complete form with debt and scenarios at financial model of an investment VT. If you invest from outside Spain, capital costs and taxation change the target figure: we have developed this in the guide to Non-resident foreign investor.
FAQ
What's the cap of a tourist housing
The figure (capitalization rate) is the annual NOI divided by the asset price. It measures the net and unleveraged profitability: how much the property rents with respect to what you pay for it. A ratio of 6% means that NOI equals the price 6%. It's the valuation metric that the institutional investor uses because it normalizes assets of different sizes and allows to compare apples with apples.
How to calculate the NOI of a tourist apartment
NOI = operational income less operational expenditure. Annual gross income parts (nights sold × ADR + extra income) and retention of channel, cleaning, supplies, community, IBI, insurance, maintenance, tourist fees and management. Do NOT give up debt and amortised: NOI measures the asset, and not your financing structure. At well-managed VT the operational costs are around the raw 70% (sectorally estimated), although the channel and cleanup are the lever that moves the figure most.
What target cap should I set
Depende del riesgo. Como ancla, el prime yield hotelero español está en 5% en Madrid y Barcelona y 6% en islas (CBRE, Q4 2025); la rentabilidad bruta residencial media fue 6,7% en 2025 (Idealista). Para un piso turístico bien ubicado con gestión profesional, un cap rate objetivo del 6–8% sobre NOI real es razonable; en activos value-add o destinos secundarios se exige más (8–10%) para compensar riesgo y liquidez. El cap rate sube con el riesgo: a más incertidumbre regulatoria o de ocupación, mayor cap rate exiges y menos pagas.
Why shouldn't I be valued by the gross jield they're announcing?
Because the gross jield ignores all expenses. A bid that promises 6-10% gross remains at 3-7% net after charging, cleaning, taxes and gaps (sector estimate). Capitalizing on the raw overvalues the asset and destroys your return before signing. Always value NOI: real income less real expenditure. The chap rate only tells the truth if the numerator's NOI, not raw.
How regulatory risk affects chap rate
The regulatory risk is stated as a higher cap rate: at more uncertainty, less pay the market. The Unified State Registry (NRUA, RD 1312 / 2024) was cancelled by the STS 620 / 2026, so it commands the autonomous code (VUT / VV / HUT) and local regulations. Barcelona removes VT licenses at 2028 and Madrid has a roof in its RESIDE Plan. A restrictive town asset requires a higher entry rate (price discount) for the risk that it cannot be exploited or resold as easily.
Cap rate or cash on cash, which use
They measure different things. The Cap rate values the debt-free asset (NOI / price) and serves to compare properties and fix purchase or export prices. The cash on cash measures the return on the capital you put out of your pocket after the mortgage, and includes the effect of leverage. Use the cap rate to evaluate and compare, cash on cash to decide how much debt they put and how it affects your profitability about their own funds.
How Professional Management Reels The NOI and Looses The Purchase Cap
The cap depends on NOI and NOI depends on management. Upgrading, improving ADR with dynamic priming and divert reserves to direct channel (Tudesvío: 10% commission versus 15-18% from the OTAs) elevates the NOI without touching the brick. More NOI about the same price = highest figure figure for you. Bliss's portfolio operates at the 87% of occupation and improved income about the mean (internal data Bliss): that management delta is value that's captured at NOI, not at the photo of the announcement.
Value your asset for your NOI, not photo
We set up the pre-signed euro cascade with your apartment or portfolio with your ADR, your occupation and your area and we tell you what Cap's got to buy or sell. No round promise: only number with source.