RV Park Underwriting Calculator
Convert RV park site count, average monthly site revenue, and occupancy into revenue, NOI, value per site, maximum loan proceeds, and equity.
Request a financing review when you are ready to share the property, requested proceeds, and timeline.
How RV Park Per Site Underwriting Works
The calculator multiplies total sites by average monthly site revenue to estimate gross potential rent, then applies economic occupancy and adds other park revenue. The operating expense ratio is deducted to estimate stabilized net operating income.
Gross Potential Rent = Sites × Average Monthly Site Revenue × 12
Effective Rental Revenue = Gross Potential Rent × Economic Occupancy
Stabilized NOI = Total Revenue × (1 - Operating Expense Ratio)
RV Park Value and Loan Sizing
Indicated value is calculated from stabilized NOI and the selected capitalization rate. Maximum loan proceeds use the lower of the DSCR limit and loan to value limit. Seasonal occupancy, daily and weekly rates, utility income, amenity revenue, payroll, and transient lodging taxes may require more detailed underwriting.
RV Park Underwriting Worked Example
A 120 site RV park averaging $900 in monthly site revenue at 75 percent economic occupancy produces $972,000 of effective site revenue. Adding $180,000 from cabins, storage, laundry, and other recurring sources and applying a 48 percent operating expense ratio produces $599,040 of stabilized NOI, or $4,992 per site before loan sizing.
Choosing RV Park Inputs and Reading the Result
Convert the actual mix of daily, weekly, monthly, and seasonal stays into an average monthly revenue per available site. Use a trailing 12 month occupancy pattern when seasonality is material and include amenity revenue only when supported by operating statements. Read value per site and maximum proceeds in context because cabins, marinas, camp stores, transient taxes, payroll, and utility costs can make one park materially different from another.
Frequently Asked Questions
How should seasonal occupancy be entered for an RV park?
Use a trailing 12 month economic occupancy rate or build a separate monthly forecast and convert it to an annual average. Using only peak season occupancy will usually overstate revenue and NOI.
Can cabin and amenity income be included?
Include recurring cabin, storage, laundry, store, marina, or other amenity income as other revenue when operating history supports it. Include the related payroll, utilities, supplies, and maintenance in expenses.
Why can RV park expenses be higher than mobile home park expenses?
RV parks often have more transient guests, reservations, marketing, payroll, amenities, utilities, cleaning, and lodging taxes. The appropriate expense ratio depends on the operating model and services offered.