Malpais offers a different side of Costa Rica's southern Pacific coast. While nearby Santa Teresa is known for its energetic surf culture, restaurants and international appeal, Malpais combines a more relaxed atmosphere with easy access to the wider Nicoya Peninsula.
For buyers searching for turnkey villas for sale in Malpais, the opportunity is not limited to a traditional vacation home. Multi-unit properties can provide greater flexibility, particularly for buyers interested in vacation rentals, long-term rentals, hospitality or a combination of personal use and investment.
This 11-bedroom property in Malpais is currently listed at $1,200,000 and consists of four individual turnkey villas, a manager's apartment and a shared laundry area. Built in 2019, the property also features a pool, six parking spaces, AyA water, a large backup water tank and additional space that may offer future possibilities, subject to approvals and feasibility.
Why This Malpais Property Is Different
The defining feature of this opportunity is its multi-villa configuration.
Instead of purchasing one large residence, the buyer acquires four separate villa units within the same property. The villas include a combination of two-bedroom and three-bedroom layouts, providing a total of 11 bedrooms and nine bathrooms across the property.
That structure creates flexibility that a conventional single-family home may not offer.
The property could appeal to an investor looking for a vacation rental operation, a buyer interested in long-term rental income, an owner-operator seeking a small hospitality business or someone who wants a coastal property that can combine personal use with rental accommodation.
The current listing identifies the property as commercial, income producing, multi-family, long-term rental, vacation rental and an investment opportunity.
Property Details
The property is located in Malpais, Puntarenas, on Costa Rica's Nicoya Peninsula.
It is currently offered at $1,200,000 and has an active published status. The property is classified as Hotel / Leisure and includes 11 bedrooms and nine bathrooms.
The lot measures 1,532 m², approximately 0.38 acres, with a listed floor area of 5,382 sq ft. The property was built in 2019 and includes six parking spaces. The current listing identifies the view as a pool view.
Additional features include air conditioning, appliances, a BBQ area, internet, a swimming pool, full furnishings, on-site management and laundry facilities.
Four Turnkey Villas in One Property
The four individual villas form the core of the investment proposition.
The configuration includes both two-bedroom and three-bedroom villas, allowing the property to accommodate different guest groups and rental requirements.
Each villa has access to the shared pool and deck area, creating a communal outdoor space that can be used for relaxing, socialising, yoga, exercise or BBQ gatherings.
For an investor, having several accommodation units under one ownership structure can provide greater operational flexibility than relying on a single rental home.
It also creates the possibility of tailoring different units to different guest profiles, subject to the owner's preferred strategy and local requirements.
A Manager's Apartment Adds Operational Flexibility
The property includes an apartment for the manager as well as a communal laundry area.
These features can be particularly useful for a buyer considering the property as a hospitality or vacation rental business.
Having dedicated space for management can support on-site operations and potentially make day-to-day property oversight more practical.
The buyer should nevertheless establish how the current management arrangement operates, what staffing is required and which operational costs would continue after completion.
Built in 2019
The property was constructed in 2019 and the current listing describes the villas as having a strong concrete base structure.
For buyers comparing hospitality properties in Malpais, construction age can be an important consideration alongside maintenance history, building condition and future capital requirements.
A relatively recent construction date does not remove the need for a professional inspection.
Before purchasing, buyers should assess the condition of the buildings, pool, electrical systems, plumbing, roofs, air conditioning, appliances and other infrastructure.
The Water Situation in Malpais
Water should be one of the first infrastructure questions buyers ask when evaluating property on the Nicoya Peninsula.
This property is connected to city water through AyA and has a large water tank for backup, according to the current listing.
For a property containing four separate villas, water infrastructure is particularly important because multiple units can place greater demands on the system than a conventional single-family home.
Buyers should independently verify the AyA connection, documentation, capacity, current service arrangements and backup storage as part of their due diligence.
Water should be assessed alongside electricity, wastewater, internet connectivity and road access before completing a purchase.
Is the Property Walking Distance to the Beach?
The current listing describes the property as a beach property and highlights its location within Malpais, but it does not provide a specific walking distance or walking time to the beach.
For that reason, this article does not describe the property as steps from the beach or claim a specific walking time.
That distinction matters for buyers.
Beach proximity can influence both lifestyle appeal and rental positioning, but the actual distance, route, terrain and accessibility should be verified during a property visit.
Close to Restaurants, Stores and the Main Road
Location is one of the property's practical advantages.
The current listing states that the villas are close to the main road, restaurants and stores, with Santa Teresa just minutes away.
For vacation-rental guests, this can make everyday activities more convenient.
For an owner, proximity to local amenities can also make property management easier and reduce the isolation sometimes associated with larger coastal properties.
Buyers should still inspect the surrounding area personally and consider road conditions, transportation, seasonal accessibility and the distance to the amenities most important to their intended guests.
Malpais and the Santa Teresa Lifestyle
Malpais sits within one of Costa Rica's most recognisable coastal lifestyle destinations.
The wider area attracts visitors interested in surfing, beaches, outdoor activities, wellness, dining and the slower pace of Pacific coast living.
The property listing specifically highlights access to sunsets, tide pools, local fresh fish markets and the Cabo Blanco Natural Reserve.
This creates an opportunity to market the accommodation around the wider experience of the Nicoya Peninsula rather than simply the physical features of the villas.
For a hospitality investor, that can be an important part of developing a compelling guest proposition.
Surfing and Outdoor Living
Surf culture is an important part of the identity of Malpais and neighbouring Santa Teresa.
The property itself is identified as a "Surfers Pick" in the current listing, making it particularly relevant to buyers considering the area's established surf tourism appeal.
Guests can potentially combine surfing with beach days, hiking, nature excursions, wellness activities and visits to nearby attractions.
For an investment property, understanding the type of traveller attracted to the area is just as important as understanding the physical property.
A buyer should consider whether the four villas, shared pool and communal areas are well suited to the guest demographic they intend to target.
Restaurants and Local Experiences
Malpais and nearby Santa Teresa offer a range of dining and lifestyle experiences that contribute to the area's international appeal.
The property's location close to restaurants and stores gives guests convenient access to everyday amenities while allowing them to explore the wider area.
The property's proximity to local fresh fish markets is also highlighted in the listing, adding another element to the coastal lifestyle proposition.
For an investor, these lifestyle factors can be relevant when positioning the property for visitors looking for an authentic Costa Rican coastal experience.
What About Ocean Views?
Ocean views can be a significant feature in the Malpais and Santa Teresa property market, but this property should not be marketed as an ocean-view villa.
The current listing identifies the property's view as a pool view.
Its strongest documented advantages are different: four turnkey villas, 11 bedrooms, nine bathrooms, a pool, AyA water, backup water storage, on-site management and proximity to local amenities.
This is an important distinction for buyers comparing investment opportunities.
If an ocean view is a priority, Coldwell Banker Sunset Reef Realty can help buyers compare this property with listings where ocean views are specifically confirmed.
Why a Four-Villa Configuration Can Appeal to Investors
A multi-unit property offers a different operating model from a single vacation home.
With four separate villas, the owner has multiple accommodation units within one property.
This can provide flexibility when managing bookings, maintenance and occupancy.
For example, maintenance work affecting one villa does not necessarily mean the entire property has to stop operating.
However, multiple units also create additional management responsibilities. Cleaning, maintenance, utilities, guest communication, marketing and property management need to be considered across the entire operation.
The investment should therefore be assessed as a business operation as well as a real estate purchase.
Income-Producing Potential
The current listing identifies the property as income producing, an investment opportunity and suitable for both vacation and long-term rental use.
That makes it particularly relevant to buyers who want their Costa Rica property to have an investment component.
However, the right way to assess income potential is through actual financial information.
Prospective buyers should request available rental records and examine occupancy, average rates, seasonal performance, operating costs, utilities, maintenance, management expenses, taxes, insurance and other business costs.
Historical performance can help establish a realistic picture of the property's operation, but it should never be treated as a guarantee of future returns.
Vacation Rental or Long-Term Rental?
The property is identified as suitable for both vacation rental and long-term rental use.
That gives the buyer potential flexibility when considering the best operating strategy.
A vacation rental model could focus on international visitors attracted by surfing, beaches, nature and the wider Santa Teresa and Malpais lifestyle.
A long-term rental model could provide a different approach to occupancy and management.
There may also be potential to use a combination of strategies across the individual units, subject to local regulations, demand and the owner's objectives.
The best strategy should be determined after reviewing the property's financial performance and the applicable legal and commercial requirements.
Could This Work as a Boutique Hospitality Business?
The property's existing layout makes it particularly relevant to buyers considering a small hospitality operation.
The four villas, manager's apartment, shared laundry, pool, deck and parking infrastructure create an established multi-unit configuration.
Rather than starting with an empty plot or converting a single residence, the buyer is acquiring an existing property designed around separate accommodation units.
This can potentially shorten the path between acquisition and operation, although buyers should confirm all permits, registrations and operating requirements before assuming the business can continue under the same structure.
Space for Future Possibilities
The property includes ample parking and additional space that the current listing says could provide options for expansion, creating a social area, landscaping or agriculture.
This could be attractive to buyers with a longer-term vision for the property.
However, potential future development should never be treated as guaranteed value.
Any expansion would need to be evaluated against zoning, permits, environmental considerations, infrastructure capacity and other applicable requirements.
For investment analysis, buyers should first value the property based on what is already built and documented.
Is $1.2 Million the Current Asking Price?
Yes. The current live property page lists the property at $1,200,000.
At this price, buyers should evaluate the complete investment proposition rather than focusing only on the headline figure.
The relevant factors include the 1,532 m² lot, four villa units, 11 bedrooms, nine bathrooms, 5,382 sq ft of listed floor area, 2019 construction, pool, parking, water infrastructure and income-producing positioning.
A comparative market analysis can then help establish how the property compares with other multi-unit, hospitality and vacation-rental opportunities in Malpais and the surrounding area.
Are There Price Reductions in the Malpais Market?
Price reductions are an important consideration for buyers currently monitoring Costa Rica's coastal property market.
The current Malpais inventory includes properties across a wide range of price points and property types, including hotels, villas, homes, development land and income-producing opportunities.
That gives buyers more scope to compare properties and negotiate from an informed position.
However, a price reduction should not automatically be interpreted as evidence that a property is undervalued.
Buyers should investigate the reason for a reduction, how long the property has been listed, how it compares with similar properties and whether the revised asking price reflects its actual condition and investment potential.
For an income-producing property, the most important question is whether the numbers make sense at the current acquisition price.
What About Hotels and Income-Producing Properties?
Hotels and multi-unit properties require a different approach from traditional residential purchases.
The buyer is not simply purchasing bedrooms and land. They are potentially acquiring an operating business model that may involve guests, employees, management, permits, utilities, maintenance, marketing and ongoing operating expenses.
This property is classified as Hotel / Leisure and is identified as commercial, income producing, multi-family, long-term rental and vacation rental.
That makes professional due diligence especially important.
A buyer should understand exactly what is included in the transaction, how the property has been operated and what would be required to continue or change the existing business model.
Private Lending and Financing Options
Private lending may be one financing route that buyers investigate when purchasing Costa Rica investment property.
However, private financing is not automatically available for every property or buyer.
Terms can depend on the buyer's financial position, the property, the lender and the structure of the transaction.
For a $1.2 million acquisition, buyers should calculate the complete capital requirement rather than looking only at the purchase price.
This can include legal fees, transaction costs, financing costs, insurance, taxes, maintenance, management and any planned improvements.
Professional financial and legal advice should be obtained before relying on a particular financing structure.
Who Is This Property Best For?
This Malpais property could appeal to several buyer profiles.
An experienced hospitality investor may be attracted to the four-villa configuration and established infrastructure.
An international investor may see an opportunity to acquire a multi-unit Costa Rica property that can potentially generate rental income.
An owner-operator may value the manager's apartment and on-site management features.
A buyer seeking a lifestyle investment could potentially use selected units personally while operating the others as rentals, subject to the appropriate structure and regulations.
The most suitable buyer will ultimately be someone whose investment objectives align with the property's existing configuration and operating potential.
What Buyers Should Verify Before Purchasing
Even a turnkey property requires thorough due diligence.Before making an offer, buyers should verify:
- Property title and ownership
- Property boundaries and land measurements
- Building permits and construction documentation
- Commercial status and applicable permits
- AyA water connection and documentation
- Backup water tank capacity
- Electrical infrastructure
- Wastewater arrangements
- Internet connectivity
- Pool condition
- Building maintenance history
- Rental and financial records
- Insurance requirements
- Property taxes and ongoing ownership costs
- Management arrangements
- Staff requirements
- Furniture and appliances included in the sale
- Any restrictions affecting future expansion
Independent legal, financial and technical professionals should be involved as appropriate.
Why Choose Coldwell Banker Sunset Reef Realty?
Buying an investment property in Malpais requires more than finding an attractive listing online.
The property needs to be assessed within the context of the local market, infrastructure, rental demand, location, legal requirements and the buyer's long-term objectives.
Coldwell Banker Sunset Reef Realty provides access to property opportunities throughout Malpais, Santa Teresa and the wider Nicoya Peninsula, including homes, villas, hotels, land and income-producing properties.
For international buyers, local market knowledge can be particularly valuable when evaluating water infrastructure, property documentation, rental potential, location and the practical realities of owning and operating property in Costa Rica.
The team can help buyers compare available opportunities, understand the property's documented features, request additional information and arrange a private viewing.
The objective is not simply to find a property that looks attractive online. It is to help buyers understand the opportunity, identify the questions that need answering and determine whether the property fits their investment strategy.
A Rare Multi-Villa Opportunity in Malpais
This $1.2 million property offers a different proposition from a conventional Costa Rica vacation home.
The property includes four individual turnkey villas, 11 bedrooms, nine bathrooms, a manager's apartment, shared laundry, a swimming pool, six parking spaces and 1,532 m² of land. It was
built in 2019
and has AyA water supported by a large backup water tank.
Its location in Malpais places it close to restaurants, stores and the main road, while Santa Teresa is just minutes away. The listing also highlights access to sunsets, tide pools, fresh fish markets and the Cabo Blanco Natural Reserve.
For buyers searching specifically for turnkey villas for sale in Malpais, the combination of four accommodation units, established infrastructure and flexible rental potential makes this property worthy of a closer look.
The next step is to review the property's documentation, evaluate the financial opportunity and arrange a private viewing.
Frequently Asked Questions
How much are the turnkey villas in Malpais?
The current live listing shows an asking price of $1,200,000.
How many villas are included?
The property includes four individual villa units, with a combination of two-bedroom and three-bedroom configurations.
How many bedrooms and bathrooms does the property have?
The property has 11 bedrooms and nine bathrooms in total.
What is the size of the property?
Does the property have a swimming pool?
Yes. The four villas share access to a pool and deck area.
Does the property have water?
Yes. The current listing states that the property is connected to city water through AyA and has a large water tank for backup.
Is the property walking distance to the beach?
The current listing does not provide a specific walking distance or walking time to the beach. Buyers should verify the exact route and distance during their due diligence and property visit.
Is the property suitable for vacation rentals?
Yes. The current listing identifies vacation rental as one of the property's features and also identifies it as income producing and an investment opportunity.
Can the villas be used for long-term rentals?
Yes. Long-term rental is also identified as a feature of the property. Buyers should confirm the applicable requirements and determine which rental strategy best suits their objectives.
Does the property have a manager's apartment?
Yes. There is an apartment for the manager as well as a shared laundry area.
When were the villas built?
The property was constructed in 2019.
Does the property have ocean views?
The current listing identifies the view as a pool view, so the property should not be marketed as an ocean-view property.
Is there potential for expansion?
The current listing states that there is additional space that could potentially be used for expansion, a social area, landscaping or agriculture. Any future development would need to be independently assessed for permits and feasibility.
Can I arrange a private viewing?
Yes. Interested buyers can contact Coldwell Banker Sunset Reef Realty to request further property information and arrange a private viewing.