How to Value a Campground or RV Park in 2026

Campgrounds and RV parks sit at the intersection of real estate, hospitality, and outdoor recreation — and valuing them requires borrowing from all three disciplines. I've seen too many buyers apply hotel-style revenue multiples and too many sellers price their park based on replacement cost of the land. Neither approach captures what's actually being sold: a cash-flowing real estate asset with an operating business attached to it.

The outdoor hospitality sector has seen enormous capital inflows since 2020. Institutional investors, REITs like Equity LifeStyle Properties and Sun Communities, and private equity-backed platforms like Kampgrounds of America (KOA) and Harvest Hosts have pushed valuations higher than at any point in history. Understanding how these buyers think — and whether your park appeals to them — is the key to pricing your asset correctly.

The Core Metric: 7-10x Net Operating Income

Campgrounds and RV parks are valued like commercial real estate — on net operating income (NOI) — because the underlying land and improvements are a core part of what's being acquired. The standard range is 7-10x NOI, equivalent to a 10-14% capitalization rate.

NOI is calculated as total revenue minus operating expenses, before debt service, depreciation, and owner compensation adjustments. For a well-run park, NOI margins typically range from 35-55% of gross revenue, depending on the level of amenities and staffing. A 100-site park generating $1.2M in revenue with a 45% NOI margin produces $540K in NOI, yielding a valuation of $3.8M-$5.4M at 7-10x.

Why the wide range? It comes down to four factors: location quality, operational seasonality, site mix, and the condition of infrastructure. A year-round park on a lake in the Southeast with 200 full-hookup sites and modern amenities commands 9-10x. A seasonal-only park in the rural Midwest with 60 primitive sites and aging utilities trades at 7-8x.

Site Count and Mix

The number and type of sites directly drives revenue capacity and buyer interest. Most institutional buyers have minimum thresholds — typically 100+ sites — below which they won't even look at a property.

Full-hookup RV sites(electric, water, sewer) are the highest-value sites. Nightly rates of $50-$100+ depending on location, and they attract the long-term and seasonal renters who provide the most predictable revenue. A park with 80% full-hookup sites is worth materially more per site than one that's 80% primitive tent sites.

Pull-through sites versus back-in sites matters more than most sellers realize. Modern RVs are 35-45 feet long, and towing them requires pull-through access. Parks with predominantly pull-through, full-hookup sites can charge 15-25% more per night and attract the growing Class A motorhome and fifth-wheel demographic.

Cabins and glamping units have transformed the revenue potential of many parks. A park cabin generating $150-$250 per night at 60-70% occupancy produces $33K-$64K annually per unit. At a 50% NOI margin, each cabin adds $16K-$32K to NOI — and at an 8x multiple, each cabin effectively adds $130K-$256K to property value. The ROI on cabin development is why every institutional buyer models it into their pro forma.

Long-term and seasonal sites (monthly or seasonal rentals) provide the revenue floor. Parks where 30-50% of sites are occupied by seasonal or annual renters have predictable base revenue regardless of weather or travel trends. The trade-off is lower per-site revenue — monthly rates of $500-$1,200 versus $50-$100 per night for transient — but the occupancy guarantee is valuable. Buyers model long-term revenue at a lower cap rate (higher value) because it behaves more like recurring revenue.

Seasonal vs. Year-Round Operations

This is the single biggest valuation differentiator in the campground sector.

Year-round parks in the Sun Belt, along major Interstate corridors, or in areas with winter sports appeal generate 12 months of revenue and attract institutional capital. Institutional buyers apply 8-10x NOI multiples to year-round parks because they model consistent cash flow with manageable seasonality (a summer peak and winter trough, but never zero).

Seasonal parks — open May through October in northern climates — compress all their revenue into 5-6 months and carry fixed costs (property taxes, insurance, loan payments, property maintenance) across all 12. Buyers apply lower multiples (7-8x NOI) to seasonal parks and sometimes use a different framework entirely: price per site. Seasonal parks in desirable markets trade for $25K-$60K per site, depending on improvements and location.

The strategic opportunity for seasonal park owners is extending the season. Adding winterized cabins, hosting fall festival events, or partnering with nearby ski resorts can convert a 5-month park into a 7-8 month operation. Even 60 additional days of revenue can shift the property from the seasonal to the shoulder-season category and add 1-2x to the NOI multiple.

The KOA Franchise Factor

Kampgrounds of America is the dominant brand in the sector, with 500+ locations and a reservation system that drives significant booking volume. Whether a KOA franchise adds or subtracts value depends on the situation.

The upside: KOA franchise parks benefit from a national reservation system, brand recognition, a loyalty program (KOA Rewards with 2M+ members), and marketing support that independent parks can't match. KOA parks typically achieve 10-20% higher occupancy rates than comparable independent parks, and the franchise attracts a consistent, quality-conscious customer base willing to pay premium rates.

The downside: KOA franchise fees (8-10% of site revenue plus marketing contributions), mandatory capital improvement requirements, and brand standards reduce flexibility. The franchise agreement must be assignable, and KOA has approval rights over transfers.

In practice, KOA parks trade at a modest premium — roughly 0.5-1x higher NOI multiple — primarily because of booking volume. For parks under 100 sites that struggle with occupancy, the franchise often adds more value than it costs. For established 200+ site parks with strong independent brands, it may be constraining.

Infrastructure: The Buried Value (and Risk)

Unlike most businesses where physical assets are a secondary concern, campground infrastructure is central to valuation. Deferred maintenance on underground utilities can turn what looks like a profitable park into a money pit.

Water and sewer systems are the biggest infrastructure risk. Parks with private well and septic systems face regulatory compliance requirements, capacity limitations, and potential replacement costs of $500K-$2M+ for a major system. Buyers conduct Phase I environmental assessments and utility condition reports as standard diligence. Parks connected to municipal water and sewer are worth more simply because the infrastructure risk is transferred to the municipality.

Electrical infrastructure is the second major consideration. Older parks wired for 30-amp service face a problem: modern RVs with air conditioning, residential refrigerators, and entertainment systems need 50-amp service. Upgrading an entire park from 30-amp to 50-amp can cost $3K-$8K per site. Buyers model this as a capital expenditure and deduct it from their offer.

Roads, pads, and drainage. Paved roads and concrete pads signal a well-maintained park. Gravel roads with drainage problems signal deferred maintenance. In a due diligence inspection, every pothole and standing water issue becomes a line item on the buyer's capital expenditure estimate.

What Kills Campground Value

Environmental contamination. Old fuel storage tanks, historic pesticide use, or proximity to contaminated sites can trigger remediation requirements that exceed the property's value. Phase I environmental assessments are mandatory in this sector, and any findings will either kill the deal or require significant escrow holdbacks.

Zoning and permitting risk. Campgrounds operate under specific zoning classifications that can be difficult to obtain and easy to lose. A park that's operated under a non-conforming use or conditional permit faces the risk that expansion, ownership change, or even a lapse in operations could trigger a loss of the use permit. Buyers verify zoning compliance rigorously.

Declining occupancy trends. Two consecutive years of declining occupancy is a red flag that overrides everything else. Buyers want to see stable or growing occupancy — ideally 55%+ annual average for year-round parks and 70%+ during the operating season for seasonal parks. Below these thresholds, the math starts breaking down.

Maximizing Your Exit

Add cabins. If you have unused acreage, investing in 4-8 cabins 18-24 months before selling demonstrates revenue growth, increases NOI, and appeals to every buyer type. The capital investment pays for itself at sale through the NOI multiple.

Upgrade utilities. Converting sites to full hookup with 50-amp service directly increases nightly rates and eliminates the biggest capital expenditure concern buyers have. Do this 12+ months before selling so the revenue uplift shows in your trailing financials.

Extend the season. Add winterized facilities, host shoulder-season events, or target the growing work-from-anywhere segment with WiFi-equipped long-term sites. Every additional month of operations increases NOI and shifts your park toward year-round multiples.

Invest in your online presence. Institutional buyers analyze your Google reviews, booking engine conversion rates, and social media following. A park with 500+ Google reviews averaging 4.5 stars is worth more than one with 50 reviews averaging 3.8 stars — because the reviews signal demand and customer satisfaction that directly correlates with future occupancy.

The Bottom Line

Campgrounds and RV parks are real estate assets valued on NOI, typically at 7-10x depending on location, seasonality, site mix, and infrastructure condition. The sector has attracted more institutional capital in the last five years than in the previous twenty combined, which has lifted valuations across the board. If your park has 100+ sites, year-round operations, modern infrastructure, and growing occupancy, you're positioned for the best market conditions this sector has ever seen. The owners who prepare their properties — upgrading utilities, adding cabins, extending their season — are the ones capturing those premium multiples.