Yerevan · Kentron · Republic of Armenia
Kentron · Yerevan · Republic of Armenia
Investment case · 2025 → 2032

Arami 38 a mixed-use building in central Yerevan

Boutique mixed-use development on Aram Street 38 — restaurant on the basement & ground floor, residential / serviced apartments above, on a 333 m² infill plot in Yerevan's Kentron district.

$5.2Mtotal investment · 2025–2027 build
2028start of operations
1,622 m²gross building area
$35.6 / m²monthly rent
IRR (with TV)
19.6%
internal rate of return
NPV (with TV)
898K USD
at 15% discount rate
Payback
11years
undiscounted incl. terminal value
Total investment
5,243K USD
Land 1,688K · Construction 3,555K
Arami 38 building structure
Boutique mixed-use building

Arami 38an infill block in Kentron, designed for hospitality & rental income

Reinforced concrete frame, 7 above-ground floors, 1 below-grade. Restaurant on the lower levels, serviced apartments above. Permitted, structural design complete.

Investment metrics by partner

Returns split project-wide vs. per investor

All metrics include
terminal value · 15% discount
Project total
  • IRR19.6%
  • NPV898 K
  • Payback11.0 y
  • Total CAPEX5,243 K
Investor 1 · senior land partner
  • Share35.5%
  • IRR15.2%
  • NPV16 K
  • Investment1,863 K
Investor 2 · construction partner
  • Share64.5%
  • IRR23.5%
  • NPV868 K
  • Investment3,379 K
Free cash flow profile

Cash trajectory 2025 → 2032 (incl. terminal value)

Annual FCFF K USD

Cumulative FCFF K USD

P&L build-up

Operating economics revenue, OPEX, EBIT (K USD)

Revenue & EBIT

CAPEX deployment 2025-2027

Project facts

At a glance building, land, & programme

Land plot
333 m²
Aram Street 38, Kentron
Total building area
1,622 m²
8 floors incl. basement
Usable / rentable
1,324 m²
~82% efficiency ratio
Common space
299 m²
Stairs, lift, lobbies
Editable model inputs

Assumptions change a value, the model recalculates

Every cell below is bound to the underlying Google Sheet. Edit any value and click Save to Google Sheet — the workbook re-runs all formulas and the dashboard refreshes its KPIs in place.

01 · General & macro

Cells: Control!E89-E93
AMD / USD exchange rate
x
CPI (annual inflation)
%
VAT
%
Discount rate (WACC)
%
Terminal value growth multiple
x
Maintenance CAPEX
% of rev.

02 · Revenue drivers

Cells: Control!E99-E101
Rentable area
Rent / m² / month
K USD
Project operations start

03 · Operating costs

Cells: Control!E108-E124
Electricity consumption
kWh / m² / mo
Water consumption
m³ / m² / mo
Electricity / kWh
K USD
Water / m³
K USD
Number of cleaners
ppl.
Cleaners payroll / month
K USD
Cleaning materials / month
K USD
Property insurance
% of cost
Other expenses
% of rev.

04 · Land & building

Cells: Control!E36-E83
Land plot area
Cost of land / m²
K USD
CAPEX VAT refund
%
Total building area
Common space
Usable area
Local mode — connect a Google Sheet to persist changes. Last sync:
Cap table — equity & investment

Ownership edit shares and contributions, the model recalculates

Investor 1 contributes the land & permits (FACT CAPEX). Investor 2 funds construction (PLAN CAPEX). Edit the share or the investment amount and click save — IRR and NPV are recomputed for both partners.

Equity split
Total CAPEX
5,243
K USD
Investors
Land partner — FACT CAPEX
Investment
K USD
Share
% of equity
IRR (with TV)
15.2%
NPV (with TV)
16 K
Construction partner — PLAN CAPEX
Investment
K USD
Share
% of equity
IRR (with TV)
23.5%
NPV (with TV)
868 K
Sum of shares: 100.0% · Sum of investments: 5,243 K
Cumulative cash to investors

Cash to partners FCF including terminal value, K USD

Annual FCF to each investor

Cumulative payout per investor

Local mode — connect a Google Sheet to persist changes. Last sync:
Project location

Aram Street 38 Kentron, Yerevan · Republic of Armenia

An infill plot at the corner of Aram Street and the side street. The animated boundary marks the cadastral plot 01-006-0426-0055; the building footprint runs along the SE edge of the parcel.

Cadastral plot
01-006-0426-0055
Aram Street 38 · 333 m² infill parcel · permits issued.
40°10′50.0″N · 44°30′45.6″E
Plot boundary · cadastral 0426-0055
Coordinate marker · 40°10′50″N 44°30′45.6″E
Building footprint · ~333 m²
Architecture & documentation

The building cadastral, plans, sections, structure

Source · Arami 38
architecture set
Site plan
Situational plan · 1:2000
Cadastral plot
Cadastral · plot 0426-0055
3D structural model
Structural frame · LIRA-SAPR

Ground floor plan B0 · 332 m²

Ground floor

Restaurant floor basement & ground level interior

Basement & ground level

Upper floors +6.0 to +13.5 · serviced apartments

Upper floors

Building section cross-section 1-1, 2-2 · 1:150

Section