The 5-Step RV Park Value Checklist

This checklist moves from the core financial calculation to the qualitative factors that adjust the final price.

Step 1: Calculate Stabilized Net Operating Income (NOI)

The Foundation of Value. NOI represents the property’s annual income after deducting all necessary operating expenses.

Key Financial Tasks

Goal/Adjustment

Verify Gross Revenue (3 Years)

Review P&L statements and Tax Returns to verify all revenue sources.
Normalize for Seasonality.

Determine Operating Expenses

Review 3 years of expenses.
Crucially, Add Back Owner Perks to create the trueAdjusted NOI.

Final Calculation

Calculate the annual Adjusted NOI.

Step 2: Apply the Market Capitalization Rate (Cap Rate)

The Value Formula. The Cap Rate is used to convert income into an asset’s market value.

Property Value=Market Cap RateAdjusted NOI

Key Financial Tasks

Goal/Adjustment

Determine Local Cap Rate

Research recent sales of comparable RV parks in the immediate region.

Adjust for Quality/Risk

Use a Lower Cap Rate = Higher Value for premium parks.
Use a Higher Cap Rate = Lower Value for parks with high risk or deferred maintenance.

Step 3: Analyze Comparable Sales (Comps)

The Market Reality Check. Benchmarks against what other similar parks have recently sold for.

Comparable Sales Checklist

Data Point to Compare

Site Count & Mix

Compare total sites, especially the mix of FHU vs. partial/tent sites.
Use Price Per Padas a key metric.

Location & Proximity

Compare distance to major tourist attractions and economic health.

Amenities

Compare the quality and presence of high-value amenities.

Operational History

Compare the Occupancy Rate and Average Daily Rate (ADR) to peers.

Step 4: Quantify Deferred Maintenance & CapEx

The Deduction. The estimated cost of immediate or near-term necessary repairs and upgrades.

Infrastructure Audit Checklist

Cost & Value Impact

Roads & Drainage

Condition of road surface and drainage systems.

Utilities

Condition of electrical pedestals and water/sewer lines.
High Deferred Maintenance can result in large price deductions.

Physical Assets

Condition of the bathhouse, laundry room, office, and mechanical systems.

Step 5: Assess Expansion and Value-Add Potential

The Upside Multiplier. Opportunities for significant income growth that lead to a premium price.

Growth Potential Checklist

Value-Add Strategy

Underutilized Land

Undeveloped land that is already zoned or easily re-zoned for additional sites.

Rate Optimization

Are current rates significantly below market comps?

New Revenue Streams

Space to add high-demand amenities (cabins, storage, EV charging).

Operational Improvement

Implementing modern management (online booking, better tech) to boost income.