RV Park Valuation: RevPAR, Seasonality, and the Numbers Lenders Actually Believe

RV parks and campgrounds sit awkwardly between hotels and apartments, and lenders price them accordingly. The cap-rate range is wide (8–11% is typical, but tier-1 destination parks trade at 6.5%) and the inputs are unusual: RevPAR by site type, peak-season occupancy, ancillary revenue mix, and the all-important question of whether the park has any long-term residents shoring up off-season cash flow.

A defensible RV park valuation builds three views in parallel. First, normalize the TTM into peak / shoulder / off-season — most parks earn 60–75% of revenue in 5 months. Second, segment revenue by site type (transient RV, long-term RV, tent, cabin, glamping) because each has its own occupancy curve and expense ratio. Third, isolate ancillary income (store, propane, laundry, activities) from site revenue — ancillary is high-margin but not always financeable as core NOI.

The valuation reconciles the income approach to a sales-comp approach. Sales comps are sparse for RV parks, especially outside coastal/destination markets, so the income approach almost always governs. Lenders apply a discount to one-summer wonders — parks where last year's revenue spike isn't supported by 3-year trend data.

Full guide coming soon. Want a RevPAR-segmented RV park valuation today? Run a free screening — the report normalizes seasonality and stress-tests peak occupancy automatically.