Rental Cabin Valuation Help

[Kevin Smith]

I own a lakefront resort with 6 rental cabins + the innkeeper's house + boat dock on 10 acres in a popular vacation area. It is in it's 28th year of operation and has about a 62% occupancy rate.  On-line brand recognition is high, resulting in 67% direct reservations, 17% via Air BnB @ 3% commission and 16% via Booking.com and Expedia @ 15% commission.  Hence my average commission cost is under 3%.  The 6 cabins average $54,600 per year each in gross revenue ($327,000 total).  The cabins are not typical rustic log cabins, but rather more in the luxury category and very well maintained. They sleep two adults each, not large groups and  were designed by a well-known firm that specializes in energy efficient homes.  Each cabin has a year round, unobstructed, stunning lake view, with access to the water and dock.  Online reviews are close to 5 stars on all sites and the host is an Air BnB Super host.

I am considering selling the rental cabins individually and retaining the house.  I will act as the new owners' property manager if they desire.  My issue is this: the cabins are no more than 500 square feet each and will include 1 acre of land.  I'm still working on the net income under this approach, but will assume for this discussion that it is $20,000.  If I use an 8% cap rate, the cabins are valued at $250,000 each; however the same money could also buy a 2,500 sq ft 3 BR/2 Bath home in the area.  I in-fact have such a lake house next door that sleeps up to 15 guests that coincidentally has grossed $54,000 via VRBO in the past 12 months. The house appraised for $518,000 one year ago.  

So, can my 500 sq ft cabin with $54,000 revenue sell for $250,000 when my 3,200 sq ft vacation home with $54,000 revenue appraised for $518,000?

Thanks,

Kevin