A rare free-and-clear income compound on Culebra — four separate apartments, each with its own private entrance, on an 827 m² lot (≈8,902 sq ft · ≈989 sq yd · ≈0.20 acres) a flat 12-minute walk from the ferry terminal and downtown Dewey.
Two units are actively producing Airbnb income today; a third is turnkey-ready, and the fourth — the 3-bedroom Grande — is the value-add: currently owner-occupied, it returns to the rental pool the moment the next owner is ready. The property has a documented multi-year operating history and, critically, is zoned RI — short-term rental is a permitted use by right, not a gray area.
No mortgage. No liens. Sold as-is. Bring your own inspection.
Standalone 1-bedroom cottage. Full kitchen, bathroom with shower & hot water. Privacy of a detached structure — the most independent of the four units.
1-bedroom, full kitchen, bathroom with shower & hot water. Actively booking on Airbnb through 2026.
1-bedroom, full kitchen, bathroom with shower & hot water — same configuration as Casita and Pelicano. Rentable and ready to re-list; historically one of the property's strongest 1-bedroom performers.
3 bedrooms, 2 bathrooms, full kitchen — the largest and historically highest-earning unit (top ADR on the property). Currently the owner's residence; needs light work, then easily commands $200+/night. This is the upside lever the next owner controls.
Casa Pana isn't a pro-forma fantasy — it has years of actual Airbnb bookings behind it. Figures for 2021–2023 come from a single continuous Airbnb earnings export (one source, verifiable against 1099s). 2024–2026 were reduced-operation years by the owner's choice, not demand — those figures are available on request and in due diligence.
| Year | Gross | Notes |
|---|---|---|
| 2019 | $58,912 | First full year · all 4 units (operating records) |
| 2020 | $27,470 | COVID — not representative |
| 2021 | $85,255 | Full year · all 4 units |
| 2022 | $96,494 | Full year · all 4 units |
| 2023 | $115,492 | 🏆 Peak year · all 4 units · every unit's best year |
| 2024–26 | on request | Reduced operation by the owner's choice (owner moved into Grande; only 2 units kept active — both kept booking). Figures available on request — ask the owner. |
All four apartments hit their best year simultaneously in 2023 — one export, one year, one verifiable total.
| Grande (3BR/2BA) | $35,593 | Flagship · highest ADR |
| Pelicano (1BR) | $30,187 | Still producing today |
| Carey (1BR) | $26,503 | Turnkey — ready to re-list |
| Casita (1BR) | $23,209 | Still producing today |
| Total | $115,492 |
Full-activation potential with all four units back on Airbnb at current market pricing and a 65% occupancy target (range $120K–$140K) — just ~13% above the proven 2023 actual. This is the value-add thesis: the property has already demonstrated $115K; reactivate Carey and Grande and you're back at peak with today's higher nightly rates as tailwind. Underwrite to the historical figures; treat full activation as the upside you control.
2021–2023 figures are gross Airbnb earnings (include guest-paid cleaning fees, net of Airbnb host service fees) from a single continuous Airbnb earnings export for this property's four apartments; 2019–2020 from the owner's operating records. 2024–2026 reduced-operation figures available on request. Non-Airbnb channel revenue (long-term renters, HomeAway) excluded — figures are conservative. Buyer should reconcile against bank deposits and 1099s during due diligence. Self-managed — no property-management fee in these figures.
A normal operating year with all four units back on Airbnb at current (2026) pricing, built line-by-line from this property's own 2018–2024 transaction ledger. Tap any row group to expand the math.
Across the Caribbean, the single biggest risk to a vacation-rental investment is zoning uncertainty. Casa Pana's classification (RI) explicitly permits Short-Term Supplementary Accommodation and Apartment Building as uses by regulation. The four-unit Airbnb operation conforms to zoning by right.
Cadastre 476-002-003-26. Permitted-use list per the property's CRIM zoning record. Buyer to verify current zoning status independently.
Transparent operating cost picture from the owner's records. Compute your own NOI — figures below assume self-management (no PM fee).
Context: ~$96K invested in renovations 2019–2022 (bathrooms, AC, water heater, tile, doors). A buyer who outsources management should add ~15–25% of revenue. Insurance and current CRIM bill to be confirmed in due diligence.
Downtown Dewey, Culebra — walkable to the ferry terminal, restaurants, and the dinghy dock. Guests arrive by ferry and walk to the door; no car required.
Approximate location. Cadastre 476-002-003-26 · 18.3096, -65.3039. Walk time is approximate.
Serious inquiries — send a note and I'll get back to you with the full diligence package (income detail, photos, and a showing).