What is a typical cap rate for an RV park in 2026?

Stabilized full-hookup parks often trade roughly 7%–10% cap depending on market, seasonality, and occupancy — higher than multifamily in many Sunbelt markets because of operational intensity.

How do you value an RV park with seasonal occupancy?

Use trailing 12-month NOI — never annualize peak month alone. Apply market cap rate to T-12 NOI, then stress-test debt service through the worst month.

What debt yield do RV park lenders require?

Conduit and many bank lenders target 9%–10% debt yield (NOI ÷ loan amount) on outdoor hospitality — often binding before cap-rate-implied value.

How does occupancy affect RV park value?

Each 5% occupancy lift on fixed pad count flows almost entirely to NOI before refi — bridge sponsors underwrite fill-up as primary value creation lever.

Blog

RV Park Cap Rates and Valuation — 2026 Investor Math

Published July 16, 2026

By Jason Taken · Principal, Jaken Finance Group

RV park cap rates and valuation in 2026 — NOI methods, seasonality adjustments, debt yield gates, and what lenders pay for outdoor hospitality.

RV park cap rates in 2026 reflect outdoor hospitality risk — seasonality, insurance, utility CapEx, and operator dependence — not apartment NOI with trees.

Investors who mis-price parks annualize summer and lose deals at refi when winter DSCR fails.

Hub: RV park and campground financing · Acquisition: how to buy an RV park

Core valuation formula

Value = NOI ÷ Cap Rate

Input	Source
Gross income	Pad rent + store + laundry + propane + fees
Vacancy & collection loss	T-12 actual — not broker pro forma
Operating expenses	35%–45% of EGI typical
NOI	Trailing 12 months stabilized

Cap rate bands (illustrative 2026)

Park type	Cap range	Driver
Sunbelt snowbird	7%–9%	Strong winter NOI
Mountain seasonal	8%–10%	Summer peak only
Travel stop / interstate	9%–11%	Lower ADR, higher turnover
Turnaround / value-add	Buyer-specific	Discount to as-is NOI
Glamping hybrid	8%–11%	Operator-dependent — glamping guide

Worked example — stabilized Sunbelt park

T-12 NOI: $420,000 · Market cap: 8.5%

Calculation	Result
Value = $420K ÷ 0.085	~$4.94M
Bank loan 70% LTV	~$3.46M
Equity required	~$1.48M

Debt yield gate — often binding

CMBS and conduit lenders underwrite debt yield = NOI ÷ loan amount:

Debt yield target	Max loan on $400K NOI
9%	~$4.44M
10%	~$4.00M

Debt yield can cap leverage below what cap-rate value suggests — model both.

Seasonality adjustment — common mistakes

Mistake	Fix
July gross × 12	Use T-12 P&L
Broker pro forma opex	Actual utility and insurance bills
Ignore bad debt	Trailing collection rate
Skip insurance renewal	Current quote in opex — critical FL/coastal

Financing stress: SBA vs bridge — model worst-month DSCR for bridge refi.

When cap rate compresses (value up)

Municipal utilities on every pad
75%+ T-12 occupancy
Below-market ADR with credible lift — bridge thesis
Expandable pad count — zoning allows growth
Clean environmental — no septic overcapacity

As-is: 62% occupancy, $310K NOI → buyer cap 9.5% → ~$3.26M purchase basis

Stabilized pro forma: 78% occupancy, $485K NOI → refi cap 8% → ~$6.06M — if execution hits

Bridge underwrites path, not day-one stabilized value.

State illustrations

RV park loans Florida — insurance and hurricane diligence
Georgia outdoor hospitality
RV park loans Illinois — seasonal Midwest model

Cap rate vs. debt yield — quick test

On any park LOI, run both:

Value = NOI ÷ cap rate (market sale approach)
Max loan = NOI ÷ debt yield (lender approach)

Whichever produces lower max loan binds your refi — especially on seasonal Illinois and Florida parks.

Submit T-12 with commercial scenario form for bridge pricing.

Nationwide RV park bridge: rv park campground financing guide.

Submit scenario · (833) 264-7776

Run cap rate and debt yield on every park LOI — the lower max loan binds refi, especially on seasonal assets.