Where this data comes from
None of this came off a subscription. Our AI works the sources nobody indexes — county and assessor records, ownership filings, operator conversations, and the rent rolls and closing figures that move through our own brokerage — then reconciles them into one dataset. Most of what follows is not published anywhere, because nobody else is holding both sides of these deals.
- 9.7%
- National average cap rate
- 11.3%
- Parks under 25 sites
- 6.4%
- Parks over 250 sites
- 40–55%
- Operating expense ratio
Across 9,614 parks with financials
4,108 parks — the highest-yielding tier
798 parks — where institutions compete
Share of revenue, reconstructed
The market runs in two tiers, and the gap is the whole strategy
Of the 9,614 parks we priced, 2,736 sit in the 10–12% cap band. That is the single largest cluster in the dataset, and almost all of it is small, owner-operated, and never broker-marketed. Another 2,130 parks sit at 6–8%, where institutional capital competes on income multiples.
The spread is not a quality judgment. A park holding an 11% cap while charging $20 a night in a market that supports $45 has a pricing problem, not an asset problem — and it reprices without anyone touching the infrastructure. 865 parks price below 6%, and 208 sit above 15%, which is usually distress or a broken rent roll.
Size compresses yield, almost linearly
Every step up in site count takes roughly 1.5 to 2 points off the cap rate. The operating quality does not change that much between brackets; who else is bidding does.
| Size bracket | Parks | Avg cap rate | Avg est. value | Avg annual NOI |
|---|---|---|---|---|
| Under 25 sites | 4,108 | 11.3% | $666,771 | $75,600 |
| 25 – 99 sites | 3,172 | 9.3% | $3,790,050 | $357,436 |
| 100 – 249 sites | 1,536 | 7.8% | $14,766,215 | $1,162,175 |
| 250+ sites | 798 | 6.4% | $62,223,729 | $3,999,636 |
Across 9,614 parks with financial data, 2026.
Where a seller’s cap rate breaks
Asking cap rates are almost always built on an owner’s expense load rather than a market one. Once third-party management, reserves and deferred maintenance are priced in, operating expenses land between 40% and 55% of revenue. Reconstructing NOI is where most RV park deals gain or lose a full point of yield before a single term is negotiated.
Seasonality is the second adjustment. A trailing twelve that includes one strong summer and one soft shoulder season reads very differently from a normalized year, and a park with a 12-month operating window carries a structurally different cap rate from one running May to October.
Cap rates by state
Every state with at least five parks in the dataset. Ordered by average cap rate.
| State | Parks | Avg cap rate | Range | Avg value |
|---|---|---|---|---|
| Washington | 72 | 14.6% | 3.5% – 23.2% | $6,521,000 |
| Delaware | 5 | 10.9% | 5.4% – 17.8% | $26,956,800 |
| Maryland | 22 | 10.6% | 2.7% – 16.7% | $11,037,818 |
| Florida | 4,719 | 10.2% | 2.0% – 22.3% | $12,171,090 |
| New York | 2,543 | 10.0% | 3.8% – 15.8% | $3,653,070 |
The comps are the report.
Everything above is the summary. The full report carries the market-level comps, the tier breakdowns, and the figures that never reach a listing. Verified, dated, and not available anywhere else.
All 47 states, park by park
Cap rate, dispersion and average value for every state in the dataset, plus the individual parks behind each average.
Per-site pricing bands by park type
Destination resort, motorcoach, workforce and seasonal transient — what each actually trades for per site, and where EBITDA multiples replace cap rates.
The 10–12% band: 2,736 parks and where they cluster
The value-add concentration by state and site count, filtered to owners who have held long enough to be under market on rate.
Expense benchmarks and NOI reconstruction
Line-item expense ratios by park type, and the adjustments we make to a seller’s statement before it reaches a buyer.
Seasonality adjustments by region
Operating-window length by market and the cap rate effect it carries, from year-round Gulf Coast to a 90-day Alaska season.
Tell us what you buy and we send the report for your markets, plus the properties in it that are actually available.