17-Unit Airbnb Portfolio in TX Available

Got a $4.25M Airbnb Portfolio down in South Padre Island TX Available. Check out the terms below and/or let me know if you have a buyer we can JV.

Property Details:

Address: 106 W Corral St, South Padre Island, TX 78597.
Units: 17 purpose-built STR studios.
Year Built: 2024.
Status: Active STR operations with Airbnb-integration. The listings have strong reviews and high booking volume.
Zoning: Legal Commercial STR with no caps or overlay risk.

Financial Highlights:

Price: $4,224,857.
Price/Unit: $248,521.
Cap Rate: 7.00% (T-7 Actual + T-5 Projected Blended).
Gross Income (2025 Projected): $343,134.
NOI: $295,740. The NOI is modeled using trailing Airbnb payout data through July 2025 and forward projections.

Key Investment Merits

Below Replacement Cost: The price is below the estimated replacement cost of land plus construction. The per-unit price of $248,521 is also below coastal STR comps, which are typically $275K-$375K per unit.
High Margin: The NOI is 86% of the gross income due to efficient STR operations, with a stable 13.8% OPEX margin.
Day 1 NOI: The blended actual and forward income provides Day 1 NOI with minimal ramp.
Rare Entry Cap: The 7.00% entry cap is rare for a submarket that typically trades between 5.5%-6.0%.

Exit Strategy:

The flexible exit strategy includes a potential resale to an STR fund or REIT at a 5.5%-6.0% cap rate.
Resale scenarios based on NOI growth support a resale value between $4.73M and $5.14M.

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