Valuation of unconventional and profitable STR property

[Derek Stevens]

I have an 8+ac parcel in Dripping Springs, TX (outside of Austin) that has two small STRs built on it. Both units are approximately 400 sqft, "yurt-style" cabins with large decks.

We have 2 full years of revenue history, grossing just over 100k in 2024. After some investments in amenities (primarily hot tubs), our last 3 months have averaged 12k/m.

This property is owned outright, and due to the size of the property, the small square footage of the units, and the lack of comps in the area we have found it difficult to lock down any refinancing. We have spent approximately 500k in improvements on the land in the structures and the infrastructure. We also have infrastructure in place at a build site for a 3rd unit on property.

With it being a difficult property for an investor to find traditional financing for, how would I go about assigning a realistic valuation for the property if we were to entertain a sale? From what I've been reading, cap rate is not a reliable metric for STRs.

Any insight is greatly appreciated!