Most RV parks and campgrounds are valued on the income they produce. Appraisers and lenders take the park's net operating income (NOI) and divide it by a capitalization rate. Buyers use the same calculation. They then check the result against per-site sale prices of similar parks and the condition of roads and utilities. Septic condition also matters. An Idaho Board of Tax Appeals decision on a 129-pad campground put it plainly: commercial property "is typically traded in the marketplace based on its potential to produce income."

What a specific park is worth depends on records, site mix, season length, guest mix, and how much of the work the owner does without pay. An exploratory discussion about RV park valuation can start before any of that is settled, with what you already know about site count and season length. Roughly what the park took in last year also helps.

What RV park valuation includes

An RV park valuation covers the land and improvements plus the business running on them. For most independent parks the two are sold together. Appraisal literature, as summarized in CRE's Real Estate Issues, calls this a going concern, "the market value of all the tangible and intangible assets of an established and operating business... as if sold in aggregate." The trained seasonal crew and the guests who rebook the same site every winter sit inside that number. So does a 40-year-old name in the county, even though none of it is real estate. Owners often most want to protect those relationships, so a buyer's plan for staff and regulars belongs in the first conversation.

Four terms often get mixed up:

  • Asking price: The number a seller states. Under USPAP, the national standards appraisers follow, "once stated, price is a fact," but it may bear no relation to value.
  • Indication of value: It is an informal estimate built from whatever figures are available.
  • Appraisal: A written opinion of value by a licensed or certified appraiser who must be "independent, impartial, and objective."
  • Offer: It is what one buyer is willing to pay. It reflects that buyer's plan and financing.

The income approach: NOI and cap rates

NOI, by the Appraisal Institute's definition, is income after operating expenses are deducted from effective gross income "but before mortgage debt service and book depreciation are deducted." Appraisers and buyers use the cap rate to convert one year of income into a price; a lower rate means a higher value.

Take a hypothetical park:

  • Gross revenue: The park takes in $400,000 a year.
  • Operating expenses: Expenses run $200,000, assumed at 50% of revenue as a placeholder.
  • NOI: That leaves $200,000.
  • Cap rate: An 8% rate, assumed for illustration only, gives $200,000 ÷ 0.08 = $2,500,000.

Now suppose the owner runs the office and mows without a salary. The owner also answers the 11 p.m. sewer call. Appraisers and lenders still deduct a market management fee. Georgia's Department of Revenue income-approach manual treats 5% of effective gross income as an appropriate adjustment. At 5%, NOI drops to $180,000 and value at the same 8% falls to $2,250,000. Lenders also deduct replacement reserves "whether the escrow is funded or not," in Fannie Mae's phrasing. Owner-operator profit, which business brokers call seller's discretionary earnings, is therefore higher than the NOI anyone will capitalize.

The cap rate is the harder number. No authoritative national cap-rate schedule for RV parks turned up in our research, and national averages rarely transfer to a specific local market. In that single Idaho case, sales suggested 5.21%–10.74% and an investor survey suggested 7.04%–16.24%. Market participants suggested 6.00%–8.00%. The appraisal concluded 7.25% and $6,280,000.

Comparable sales, site mix and the property's condition

Price per site is a loose check on the income approach. Broker Landan Dory of North Star Brokerage said on Modern Campground's August 19, 2026 fireside chat that comps are "so different that putting any of them in too tight of a box is kind of a fool's errand." Feasibility firm UnionMetric cites a 273-site Wisconsin resort that sold at about $54,700 per site in 2024 against roughly $16,800 for basic rural parks.

Site count misses what sites earn:

  • Utilities: Insider Perks reported in its 2026 pricing study that full-hookup sites were posted at $70.31 a night versus $44.73 for dry camping, so two 60-site parks can earn very different income if one is mostly dry camping.
  • Season: OHI's buying guidance contrasts an Arizona park on annual leases ("a pretty stable source of income") with a Maine campground earning a year's income in four months, where "one big storm could change that."
  • Owner labor: Two parks with equal site counts can differ in value if one depends on an unpaid owner doing a manager's work, which is why the management-fee deduction above lowers NOI.
  • Permits and zoning: A legal nonconforming park can keep operating but generally cannot expand. In Burnett County, Wisconsin, growing from 21 to 44 units required a conditional use permit.
  • Condition: Jeff Hoffman of Camp Strategy said on the same chat that if a buyer must spend heavily, "I'm gonna want a higher cap rate because I'm putting more money in."

How incomplete financial records affect confidence in value

Randy Isaacson told Woodall's that tax returns are "kind of the Bible for the bank," and lenders and buyers weigh an indication of value by the records behind it. Incomplete books needn't prevent a first conversation; third-party records and a CPA's reconstruction can help establish income.

What if I don't have clean financial records? Is that a dealbreaker?

  1. Informal books lower confidence in the number, and the conversation can still start. These records can help verify income:
  • Reservation-system exports with dates and site types
  • Bank deposits
  • Utility bills (one due-diligence checklist notes "electric often tells the truth on occupancy")
  • Sales or occupancy tax filings

When records conflict, buyers and lenders give them less weight. As broker Michael Shea put it, "if it's not on the books, it doesn't exist in the eyes of a buyer or a lender."

The practical path is to bring what you have. A CPA who knows campground operations can reconstruct income and identify add-backs such as personal expenses run through the business. That work can wait until after a first conversation. Documented income is the income a buyer or lender can credit.

How septic and deferred maintenance enter the discussion

Repairs don't have to precede a sale conversation. Whether they must precede the sale itself depends on actual condition and local rules. Buyers and sellers decide the path based on condition and closing requirements:

  • Severity: A system that limits usable sites depresses current NOI. A buyer may underwrite to what the park could earn once fixed, then discount for the cost and risk of getting there. UnionMetric puts septic costs from about $100,000 for small parks to $1 million and up for treatment plants.
  • Transfer rules: Massachusetts Title 5 requires a septic inspection within two years before a sale and applies to businesses as well as homes. Washington's statewide property-transfer inspection takes effect February 1, 2027. Minnesota has no statewide pre-sale inspection but requires written seller disclosure, and several counties add their own rule. Other states, such as Oregon, have no statewide requirement. What the contract assigns: The parties negotiate cure, price reduction, credit or post-closing responsibility. Lender escrows can let work follow closing.

What information helps with an initial value discussion?

A few details are enough to start:

  • Sites: Share your total count, including full-hookup and water/electric sites. Include dry sites too, plus any cabins or park models.
  • Location and season: Tell us the state and what draws guests nearby. Include which months you're open.
  • Income information: Say which records exist and roughly what the last full year brought in.
  • Known issues: Mention septic capacity or electrical age concerns you already know about. Include any known permit gaps.
  • Your priorities: Describe your timing and what you want for staff and regular guests. Say whether you'd stay through a season; an owner who stays through a season can help a buyer read the income and keep regulars and staff in place.

A formal offer or letter of intent (a buyer's written outline of terms) will later need two to three years of returns, monthly reservation exports, a year of utility bills, property tax and insurance records, and existing leases or permits.

When an appraisal or other professional review is useful

A formal appraisal is useful when a lender or court needs an independent opinion rather than a buyer's offer. A family may need one too. For loans from federally regulated lenders, commercial real estate transactions above $500,000 generally require a state-certified appraiser. Estate planning or a sibling disagreement over timing are other reasons to commission one early. A 1031 exchange deadline (a tax-deferred property swap) is another.

Dirt Ventures doesn't provide appraisals. Any offer we make reflects our own analysis of the park's income and condition, as every direct buyer's does. Other professionals can help:

  • A CPA who knows campgrounds can rebuild income from deposits and reservation data.
  • A licensed septic inspector reports on current function; an inspection is "a snapshot in time of system function."
  • A property condition assessment prices road and electrical repairs by urgency. It covers other repairs too.
  • SBA flags a Phase I environmental site assessment (a contamination review) for parks with fuel tanks or vehicle repair onsite.

FAQ and next step

These answers cover how campground valuation differs and how to begin a conversation before deciding to sell. They also explain what to bring when books are informal or the park needs work.

How does campground valuation differ from RV park valuation?

The income method is the same. Campgrounds tend to carry more tent and rustic sites and more transient, weather-exposed revenue. OHI's 2023 benchmarking survey of 282 parks found tent and rustic sites ran 25% occupancy in operating months versus 68% for full hookup. UnionMetric says cabins are usually treated as real property and park models and tents often as personal property, but tax rulings differ by state and assessor.

Can I talk before deciding to sell?

Yes. Our process is A Conversation, in Three Steps. We learn about the park and discuss what matters to you. Then we explore whether there's a fit. No timeline or decision is required. A broker isn't required either, and you don't need a formal valuation or complete records first.

What if the books are informal?

Bring approximate figures and any third-party records; documentation comes later if interest develops.

What if the park needs work?

Tell us what you know. Condition affects value and sometimes the path to closing, but it rarely prevents a first conversation.

If you are beginning to think about what comes next for your park, start a conversation. You do not need to have the timing or structure figured out. If email is easier, write to George at george@dirt.ventures and tell us a little about your park.