Schoutenstraat 34
Alkmaar
approximately 40 m² gross (BVO) · Sales brochure of 31 July 2026
At asking price
€179,500 excl. buyer's costs
- Total acquisition investment
- €202,168
- Equity required
- €94,468
- Year-one cash-on-cash
- 3.09%
- Annual equity IRR
- -8.43%
Anvest view · 10% target IRR
€134,259 excl. buyer's costs
- Total acquisition investment
- €152,222
- Equity required
- €71,667
- Year-one cash-on-cash
- 6.53%
- Annual equity IRR
- 10.00%
- Levered, per year, including the sale
Gap versus asking price: -€45,241 (-25.20%)
Both columns use the same Anvest base-case assumptions: 4-year hold, 60.00% LTV, 5.00% interest, 6.75% exit yield. The 10% figure is an annual levered equity IRR target, not a year-one cash yield. Editing your scenario below never changes these two columns.
- Total acquisition investment
- The purchase price plus acquisition costs, any allowance for initial works and the financing fee. Later capital expenditure is not included here; it appears in the cash flows of the year it falls.
- Year-one cash-on-cash
- The first year's cash left over after interest and scheduled principal repayments, divided by the equity put in at completion.
Anvest base case · draft, and your scenario
The base case is frozen and does not change when you edit anything. Your scenario is temporary: it is not saved and disappears when you leave the page. Assumed completion: 30 September 2026.
Maximum purchase price at a 10.00% target return
€134,259
Purchase price excluding buyer's costs. Including transfer tax and other acquisition costs the total investment is €152,222.
Difference from the asking price: -€45,241
This is the purchase price at which the chosen target return is met exactly. It is not a recommended bid.
Comparison
| Metric | Anvest base case | Your scenario |
|---|---|---|
| Total acquisition investmentPurchase price, transfer tax, other costs and any financing fee | €202,168 | €202,168 |
| Financing feeOne-off, funded at completion | €0 | €0 |
| Loan | €107,700 | €107,700 |
| Equity required | €94,468 | €94,468 |
| Year-one NOIRent less owner costs, before financing | €9,885.22 | €9,885.22 |
| Year-one net property yieldNOI over the asset acquisition cost, before any financing fee | 4.89% | 4.89% |
| Year-one cash-on-cashCash flow after interest and scheduled principal, over equity | 3.09% | 3.09% |
| Annual equity IRRPer year, including the sale | -8.43% | -8.43% |
| Unlevered IRRExcludes the loan and the financing fee | -0.72% | -0.72% |
| Sale value at exit | €159,343 | €159,343 |
Year-one cash flow build-up
- Rent collected€11,233.20
- Fixed owner costs-€673.99
- Variable costs-€673.99
- NOI€9,885.22
- Interest-€5,347.98
- Principal-€1,615.50
- Equity cash flow€2,921.74
Amounts for year one. Negative items are outgoings; the bars show relative size.
Cash flow by year
Scroll sideways to see every column.
| Year | NOI | Interest | Principal | Refurbishment | Letting fee | Operating | Sale | Total | Closing loan |
|---|---|---|---|---|---|---|---|---|---|
| 1 | €9,885.22 | -€5,347.98 | -€1,615.50 | — | — | €2,921.74 | — | €2,921.74 | €106,085 |
| 2 | €10,096.40 | -€5,267.20 | -€1,615.50 | — | — | €3,213.70 | — | €3,213.70 | €104,469 |
| 3 | €10,311.81 | -€5,186.43 | -€1,615.50 | — | — | €3,509.88 | — | €3,509.88 | €102,854 |
| 4 | €10,531.52 | -€5,105.65 | -€1,615.50 | — | — | €3,810.37 | €54,917.88 | €58,728.25 | €101,238 |
Sale proceeds appear only in the final year and are net of selling costs and repayment of the outstanding loan.
Assumptions and method
The model works in monthly cash flows at month end. Rent is indexed on each acquisition anniversary and stops when the lease ends. Reletting is only included when that scenario is switched on; one-off refurbishment and letting fees are excluded from NOI but included in the cash flow. The sale value is the sum of the twelve modelled months of NOI after the sale date, divided by the exit yield, less selling costs and the outstanding loan. Returns (IRR) are annual and use actual dates. A financing fee, where modelled, is part of the equity funded at completion and is not deducted from cash flow again.
- Completion date
- Model assumption: completion assumed on 30 September 2026.
- Hold period
- Model assumption: four years, so the lease expiry does not fall within the twelve months after the sale date.
- Annual rent (excl. VAT)
- Source: brochure of 31 July 2026, annual rent excluding VAT.
- Rent indexation per year
- Model assumption: 2% indexation per lease year, on the acquisition anniversary.
- Fixed owner costs per year
- Model assumption: 6% of the initial rent as a fixed owner cost. An illustrative split of a 12% total used earlier, not an actual cost statement. Continues during vacancy.
- Variable costs (% of collected rent)
- Model assumption: 6% of collected rent. An illustrative split of a 12% total used earlier.
- Transfer tax
- Model assumption, tax treatment still to be tested. Taken from the source model (10.4%).
- Other acquisition costs
- Model assumption: other acquisition costs.
- Financing fee (% of the loan)
- Model assumption: no separate arrangement fee modelled for this case.
- Financing (LTV)
- Model assumption: financing at 60% of the purchase price.
- Interest rate
- Model assumption: 5% nominal per year, charged monthly on the opening balance. The model assumes the loan runs to the modelled sale; refinancing or loan maturity is not derived from a source.
- Amortisation per year (% of the original loan)
- Model assumption: straight-line 1.5% of the original loan per year.
- Exit yield
- Model assumption: exit yield 6.75%.
- Selling costs
- Model assumption: 2% selling costs.
- Target equity return
- Model assumption: target equity return of 10% per year.
- Purchase price
- Source: asking price costs for buyer per the brochure of 31 July 2026.
- Reletting after the lease ends
- Model assumption, off by default: the reletting scenario is entirely hypothetical. There is no new lease, no tenant and no source; vacancy, new rent, refurbishment and letting fee are freely editable assumptions.
Investment verdict
Opportunity
A small city-centre retail unit in a through-shopping street in Alkmaar, at an entry ticket that is reachable without institutional capital.
Pricing driver
Acquisition costs and the modelled exit value reduce the return at asking; a lower purchase price is needed to meet the 10% equity target.
Principal risk
No executed lease, no owner's-association or maintenance figures, and an energy label F that will need capital at some point.
Sensitivity of the price at a 10% equity target
Every cell is calculated with the same model, changing only the interest rate and the exit yield by half a percentage point either way. All other Anvest assumptions are held fixed. The centre cell matches the Anvest view above.
| Interest \ exit yield | 6.25% | 6.75% | 7.25% |
|---|---|---|---|
| 4.50% | €144,029 | €135,549 | €128,238 |
| 5.00% | €142,659 | €134,259 | €127,018 |
| 5.50% | €141,314 | €132,993 | €125,821 |
Lease and hold timeline
Completion30 September 2026
Assumed date · Assumed completion date.
Modelled sale30 September 2030
Assumed date · End of the 4-year hold period.
Current lease ends31 May 2032
Sourced date · Lease end date stated in the brochure.
Illustration
Facts · Sales brochure of 31 July 2026
- Asking priceSource
- €179,500 excl. costs
- Asking price, costs for buyer, per the brochure of 31 July 2026.
- Annual rent (excl. VAT)Source
- €11,233
- Annual rent excluding VAT per the brochure.
- Floor areaSource
- approximately 40 m² gross (BVO)
- The brochure states approximately 40 m² BVO. Not measured, not further specified.
- UseSource
- Ground-floor retail unit
- Per the brochure.
- Lettable unitsSource
- 1
- One lettable unit per the brochure.
- Year builtSource
- 1927
- Year of construction per the brochure.
- Energy labelSource
- F
- Energy label F per the brochure.
- Lease endSource
- 2032-05-31
- Lease end date per the brochure. No executed lease has been supplied.
- OccupancySource
- The brochure states the unit is fully let
- No executed lease was supplied. Current availability and price have not been re-verified.
- TenantAssumption
- Kledingreparatie en Stomerij Jacob
- The name comes from an earlier analysis, not from the brochure. Not verified.
Source: Agent's sales brochure, Sales brochure of 31 July 2026 (agent Bregman). Link to the source document. The brochure sits in a restricted Drive folder. The link may ask for access; the folder is not made public and the source file is not published or offered for download here.
Location
Schoutenstraat 34, Alkmaar · 1811 HD
Location based on BAG address data.
Source and evidence status
Draft record. Facts are taken from one brochure and have not been re-verified with the agent. No review date recorded.
Sales brochurereceived
Dated 31 July 2026.
Executed leasemissing
Not supplied; terms unverified.
Tenant identityunverified
Trading name from an earlier analysis only.
Owner's association / owner costsmissing
No figures supplied; modelled as an allowance.
Current availabilityunverified
Not re-checked with the agent.
Editorial analysis
Thesis
- A small retail lot in a through-shopping street in the centre of Alkmaar, at an entry amount that is reachable without institutional capital.
- The brochure states a running lease to 31 May 2032. That gives a clear horizon within which the cash flow does not depend on reletting.
- The return here sits in the cash flow and the purchase price, not in an assumed capital-growth story.
Potential
- Market rent: how does the contract rent compare with recent letting transactions for similar sizes in this street? That has not been researched.
- Reletting demand: which occupiers look for small city-centre retail space in Alkmaar, and how long does comparable supply stay vacant? Still to be evidenced.
- A purchase price below the asking price translates directly into return; the calculator shows by how much.
Open questions
- Lease terms and tenant: what exactly does the executed lease say, which indexation, which break options, and who is the contractual tenant?
- Owner's association and owner costs: is there an association, what is the contribution, what is in the long-term maintenance plan, and which costs are for the owner?
- Maintenance and energy label F: which works are needed, what do they cost, and what does the label mean for lettability over time?
Scenario outcomes, not a guarantee of value. Source information and assumptions must be reviewed before publication. Status: draft, version 0.1, not reviewed, not published. Source moment 31 July 2026.