Groensvoorde 14
Waddinxveen
143.82 m² lettable (VVO), 159.36 m² gross (BVO) · User-compiled listing of 30 July 2026; analysis 1 August 2026
At asking price
€395,000 excl. buyer's costs
- Total acquisition investment
- €447,080
- Equity required
- €210,080
- Year-one cash-on-cash
- 4.84%
- Annual equity IRR
- 5.25%
Anvest view · 10% target IRR
€325,683 excl. buyer's costs
- Total acquisition investment
- €370,554
- Equity required
- €175,144
- Year-one cash-on-cash
- 7.63%
- Annual equity IRR
- 10.00%
- Levered, per year, including the sale
Gap versus asking price: -€69,317 (-17.55%)
Both columns use the same Anvest base-case assumptions: 10-year hold, 60.00% LTV, 5.25% interest, 7.25% 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.
Assumed reletting scenario
A hypothetical assumption. No new lease has been agreed or supplied.
- Current lease runs to
- 31 December 2030
- Modelled vacancy
- 1 January 2031 to 30 June 2031
- New lease
- 1 July 2031 to 30 June 2041
- New annual rent
- €34,421.34
- Refurbishment (one-off)
- €36,000.00
- Letting fee (one-off)
- €0.00
Maximum purchase price at a 10.00% target return
€325,683
Purchase price excluding buyer's costs. Including transfer tax and other acquisition costs the total investment is €370,554.
Difference from the asking price: -€69,317
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 | €447,080 | €447,080 |
| Financing feeOne-off, funded at completion | €0 | €0 |
| Loan | €237,000 | €237,000 |
| Equity required | €210,080 | €210,080 |
| Year-one NOIRent less owner costs, before financing | €28,384.90 | €28,384.90 |
| Year-one net property yieldNOI over the asset acquisition cost, before any financing fee | 6.35% | 6.35% |
| Year-one cash-on-cashCash flow after interest and scheduled principal, over equity | 4.84% | 4.84% |
| Annual equity IRRPer year, including the sale | 5.25% | 5.25% |
| Unlevered IRRExcludes the loan and the financing fee | 5.31% | 5.31% |
| Sale value at exit | €442,592 | €442,592 |
Year-one cash flow build-up
- Rent collected€33,394.00
- Fixed owner costs-€5,009.10
- Variable costs-€0.00
- NOI€28,384.90
- Interest-€12,299.93
- Principal-€5,925.00
- Equity cash flow€10,159.97
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 | €28,384.90 | -€12,299.93 | -€5,925.00 | — | — | €10,159.97 | — | €10,159.97 | €231,075 |
| 2 | €28,952.60 | -€11,988.87 | -€5,925.00 | — | — | €11,038.73 | — | €11,038.73 | €225,150 |
| 3 | €29,531.65 | -€11,677.80 | -€5,925.00 | — | — | €11,928.85 | — | €11,928.85 | €219,225 |
| 4 | €30,122.28 | -€11,366.74 | -€5,925.00 | — | — | €12,830.54 | — | €12,830.54 | €213,300 |
| 5 | €12,220.01 | -€11,055.68 | -€5,925.00 | -€36,000.00 | — | -€40,760.67 | — | -€40,760.67 | €207,375 |
| 6 | €29,063.00 | -€10,744.62 | -€5,925.00 | — | — | €12,393.38 | — | €12,393.38 | €201,450 |
| 7 | €29,644.26 | -€10,433.55 | -€5,925.00 | — | — | €13,285.70 | — | €13,285.70 | €195,525 |
| 8 | €30,237.14 | -€10,122.49 | -€5,925.00 | — | — | €14,189.65 | — | €14,189.65 | €189,600 |
| 9 | €30,841.89 | -€9,811.43 | -€5,925.00 | — | — | €15,105.46 | — | €15,105.46 | €183,675 |
| 10 | €31,458.72 | -€9,500.37 | -€5,925.00 | — | — | €16,033.36 | €255,989.87 | €272,023.23 | €177,750 |
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: ten years, so the modelled sale falls inside the assumed replacement lease.
- Annual rent (excl. VAT)
- Source: listing of 30 July 2026, annual rent excluding VAT and service charges.
- Rent indexation per year
- Model assumption: 2% indexation per lease year.
- Fixed owner costs per year
- Model assumption: €5,009.10 per year (15% of the initial rent), indexed at 2%, continuing during vacancy. A deliberately conservative allowance pending owner's-association figures; it replaces the purely variable 15% used in the earlier memo.
- Indexation of fixed owner costs
- Model assumption: fixed owner costs indexed at 2% per year.
- Variable costs (% of collected rent)
- Model assumption: no separate variable cost; owner costs are modelled as the fixed allowance above.
- Transfer tax
- Model assumption taken from the source model (10.4%); tax treatment still to be tested.
- Other acquisition costs
- Model assumption: €11,000 covering due diligence and initial works as an aggregate, without a verified split.
- 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
- Source-derived assumption: 5.25% nominal per year (the exact source rate, not the rounded 5% in the earlier memo), charged monthly on the opening balance.
- Amortisation per year (% of the original loan)
- Model assumption: straight-line 2.5% of the original loan per year. The source states 1.5% of the price, which equals 2.5% of the original loan at 60% LTV; the site keeps the original-debt convention when a visitor changes the LTV.
- Exit yield
- Model assumption: exit yield 7.25%.
- Selling costs
- Model assumption: 2% selling costs.
- Target equity return
- Model assumption: target equity return of 10% per year.
- Purchase price
- Source: asking price of €395,000 costs for buyer per the listing (not rounded to €400,000).
- Lease end date
- Source: 31 December 2030 per the listing; the executed lease has not been reviewed.
- Reletting after the lease ends
- Model assumption: six months of vacancy after the lease end, a new lease from 1 July 2031 at €34,421.34 (a current-money assumption of €31,800 indexed at 2% for four years), a hypothetical ten-year term, and €36,000 of reletting costs once at the first vacant month. No separate letting fee is added.
Investment verdict
Opportunity
A neighbourhood shop with visible frontage and contracted income.
Pricing driver
The income is attractive; the 2030 lease event sets the price, allowing six months of vacancy and €36,000 of reletting costs.
Principal risk
Tenant covenant, lease extension options and owner's-association liabilities all remain unverified.
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 | 6.75% | 7.25% | 7.75% |
|---|---|---|---|
| 4.75% | €344,878 | €331,675 | €320,176 |
| 5.25% | €338,647 | €325,683 | €314,392 |
| 5.75% | €332,638 | €319,904 | €308,813 |
Lease and hold timeline
Completion30 September 2026
Assumed date · Assumed completion date.
Current lease ends31 December 2030
Sourced date · Lease end date stated in the listing; the executed lease has not been reviewed.
Modelled vacancy1 January 2031 – 30 June 2031
Assumed date · Hypothetical void period; fixed owner costs and debt service continue.
Assumed new lease starts1 July 2031
Assumed date · Hypothetical 10-year lease, ending 30 June 2041.
Modelled sale30 September 2036
Assumed date · End of the 10-year hold period.
Illustration
Facts · User-compiled listing of 30 July 2026; analysis 1 August 2026
- Asking priceSource
- €395,000 excl. costs
- Asking price of €395,000 costs for buyer per the listing. Availability and price have not been re-checked.
- Annual rent (excl. VAT)Source
- €33,394
- Annual rent excluding VAT and service charges per the listing.
- Floor areaSource
- 143.82 m² lettable (VVO), 159.36 m² gross (BVO)
- Both areas are stated in the listing; the lettable area is used as the headline figure.
- UseSource
- Ground-floor retail unit
- Per the listing.
- Lettable unitsSource
- 1
- One lettable retail unit per the listing.
- Year builtSource
- 1969
- Year of construction per the listing.
- Energy labelSource
- A
- Energy label A per the listing; not separately verified.
- Lease endSource
- 2030-12-31
- The listing states 31 December 2030. The executed lease has not been reviewed and successive five-year extension options are unverified.
- OccupancySource
- The listing states the unit is let
- No executed lease reviewed. Current availability has not been checked.
- TenantSource
- Glam Factory
- Trading presence only; there is no reviewed tenant covenant.
Source: User-compiled listing, not an official agent's brochure, User-compiled listing of 30 July 2026; analysis 1 August 2026 (agent Spring Real Estate). Link to the source document. The listing 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
Groensvoorde 14, Waddinxveen · 2742 DJ
Location based on BAG address data.
Source and evidence status
Draft record compiled from a user listing of 30 July 2026 and analysed on 1 August 2026. Not an official brochure and not reviewed for publication. Analysed on 1 August 2026.
Listingreceived
User-compiled, 30 July 2026.
Executed leasemissing
Stated end date 31 December 2030 not verified against a lease.
Extension optionsunverified
Successive five-year options mentioned only.
Tenant covenantunverified
Trading presence only.
Owner's association costsmissing
Unknown; a conservative fixed allowance is modelled.
Current availabilityunverified
Not re-checked.
Editorial analysis
Thesis
- The income is attractive; the 2030 lease event sets the price.
- A neighbourhood retail unit with a broad, visible frontage and contracted income to the end of 2030.
- The source here is a user-compiled listing rather than an agent's brochure, so every fact needs confirming before any decision.
Potential
- Market rent: how does the contract rent compare with recent lettings for comparable neighbourhood retail? Not researched.
- Lease extension: the listing mentions successive five-year options. Their existence and terms are unverified.
- A lower purchase price feeds straight into the return; the calculator shows how much.
Open questions
- Lease terms and tenant: what does the executed lease say, and what is the tenant's covenant?
- Owner's association and owner costs: no contribution is known; the model uses a conservative allowance instead.
- Reletting: what does the 2030 event realistically cost in vacancy, works and incentives?
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 30 July 2026.