Campground – the real estate plus an operating business

Buying a campground property looks, at first glance, like buying land with some RV pads and a bathhouse. In practice, it’s a hybrid asset: land plus infrastructure plus hospitality operations. For buyers scanning campgrounds for sale, campground investment returns hinge on seasonality, utilities, permitting, and guest experience-often more like running a small hotel than holding a simple rental.

A grounded truth that shows up again and again in campground due diligence: the prettiest property can be the worst deal if utilities and permits don’t support the business model. A lake view won’t fix an undersized septic field. A “charming” vintage electrical system won’t satisfy modern RV expectations. Before falling in love with the scenery, disciplined buyers verify the boring essentials.

The demand backdrop in 2024-2026: why camping can be resilient, but uneven

Macro tailwinds: outdoor participation and travel behavior

Camping demand trends have clear tailwinds. Outdoor participation has stayed broadly elevated compared to pre-2020 patterns, and U.S. public land visitation has been strong. The National Park Service reported record recreation visits in 2024, which signals a continued appetite for outdoor travel and accessible getaways.

That said, campground occupancy drivers still live at the local level. A park near a major metro with limited competing supply can stay busy while a similar park a few hours away struggles. Season length, weather patterns, access roads, and local attractions all shape demand. The smart underwriting posture is: demand is real, but it’s not evenly distributed and it isn’t “guaranteed occupancy” just because camping is popular.

Private park reality check: seasonality and shorter booking windows

Some private-park tracking in 2025 suggested a flatter feel in occupancy for many operators, along with shorter booking windows compared to peak post-pandemic behavior. That matters because shorter booking windows can make revenue feel jumpier, even in a solid market. It also changes how a new owner should plan cash and staffing.

This is where revenue management becomes a real skill, not a buzzword. Local comp sets matter-what nearby parks charge, how they package sites, and which amenities actually move the needle. Dynamic pricing discipline matters too: adjusting rates by day type, season, and demand signals, without pricing the park out of its core customer base.

What type of campground is being purchased

Property types: RV parks, tent campgrounds, mixed parks, glamping-focused

Not every “campground” behaves the same. An RV park is often infrastructure-heavy: pedestals, water, sewer/septic, roads, pads, and the kind of reliability RV guests expect. A tent campground is typically lower infrastructure cost per site but may be more sensitive to weather, seasonality, and guest expectations around showers, cleanliness, and safety.

Mixed parks sit in the middle, combining RV sites, tent areas, and sometimes cabins. A glamping business shifts the focus again. It tends to be unit-economics heavy: fewer “sites,” more per-unit revenue potential, more housekeeping, more guest communication, and often higher marketing expectations. A quick best-fit guide is simple: RV-heavy parks demand strong systems; glamping-focused parks demand strong operations.

Business models: nightly, seasonal, membership, long-term stays

Nightly stays usually allow higher peak-season rates but bring more turnover: more check-ins, more cleaning, more customer service, more “small fires” to put out. Seasonal RV sites and long-term RV stays can reduce volatility, smooth staffing needs, and create recurring revenue, but they also change the guest mix and the wear-and-tear profile.

Membership models can create repeat demand and a stronger customer list, but they require consistent delivery-good rules, clear communication, and a reservation system that doesn’t frustrate members. A recurring pitfall is mixing business models without the systems to support them, especially around rule enforcement and utilities billing. A park that can’t bill fairly or enforce policies ends up with unhappy guests and messy operations.

Financial underwriting: how professionals analyze a campground’s true earnings

The core metrics: occupancy, ADR, RevPAR per site, ancillary revenue

Campground underwriting starts with campground-specific KPIs. Occupancy rate is the percentage of available site-nights sold. ADR is average daily rate. Many operators also watch revenue per available site-night (a campground-flavored RevPAR), because it combines pricing and occupancy into one signal. Then there’s ancillary revenue: the extra income streams that can be meaningful when managed well.

A simple way to model revenue is:
Revenue≈(Sites×Nights×Occupancy×ADR)+Ancillary.
Seasonality is the catch. In many markets, “Nights” that are truly sellable are not evenly spread across the year. A realistic model uses peak, shoulder, and off-season assumptions rather than one flat average.

Ancillary revenue can include a camp store, firewood and ice, equipment rentals, activities, laundry, dump fees, premium site upgrades, late check-out fees, or small events. A common pitfall is mixing gross revenue with owner draws or ignoring the labor required to produce ancillary income. If it takes staff time, it has to be priced like a real product.

Financial statements and normalization: owner add-backs, cash handling, maintenance truth

Seller financials for campgrounds can be messy, especially when operations are owner-run and cash-heavy. Professionals validate P&Ls with supporting trails: reservation system exports, point-of-sale reports, merchant statements, bank deposits, and occupancy logs. If the business can’t show a clean trail, the buyer should assume more risk-not less.

Normalized NOI requires separating true operating expenses from discretionary items. Owner add-backs should be treated carefully: some are legitimate (one-time legal fees), while others hide reality (underfunded maintenance, unpaid management labor). There’s also the capex question: what is truly recurring replacement versus a one-time upgrade?

A common misconception deserves saying plainly: high cash revenue does not equal high profit. A park can feel “busy” and still be under-earning if rates are too low, expenses are uncontrolled, or deferred maintenance is quietly compounding.

Infrastructure and utilities diligence: where campground deals quietly fail

Water: municipal vs well, testing, capacity, and maintenance

Water is foundational. Municipal water can be simpler, but buyers still confirm capacity, pressure, and billing structure. A campground well system requires deeper diligence: well yield, water testing, permits, storage, pressure systems, and who maintains the equipment. In some areas, drought conditions and local rules can also affect operations.

The company’s approach is to ask boring questions early: Can the system support full occupancy during peak weekends? What happens during seasonal spikes? Is there redundancy or a contingency plan if a pump fails? Water issues don’t just create repairs-they create reputational damage fast, because guests talk.

Sewer/septic: permits, inspections, and replacement risk

A campground septic system is one of the most common sources of “surprise” risk. Buyers look at capacity, age, pumping history, inspection results, and compliance. They also verify what the park is legally allowed to handle, not just what it has been handling. “It’s worked fine” is not the same as “it’s permitted and sized correctly.”

Expansions often trigger wastewater upgrades. Adding sites, adding cabins, or converting seasonal use to heavier nightly use can push the system beyond its permitted design. That can require engineering, permitting, and construction that takes time and attention-right when a new owner wants momentum. This is where budget shock happens: not because costs are mysterious, but because buyers didn’t ask the question early enough.

Power, roads, pads, and connectivity: guest experience is infrastructure

For RV park investment, power is a guest experience feature. Electrical pedestals, 30/50 amp service, panel capacity, and transformer capacity all matter. If guests trip breakers, reviews suffer. If the park can’t reliably support modern rigs, the customer base narrows.

Internal roads and drainage matter too. Poor drainage can wash out roads, create muddy sites, and turn routine maintenance into constant repair. Pad condition affects ease of use and safety. Connectivity is now part of the baseline: campground Wi‑Fi and cell coverage don’t have to be perfect, but they should be understood and managed honestly. Better infrastructure tends to show up in rebookings, not just in fewer repair tickets.

Legal, zoning, and permitting: confirm the business is actually allowed

Zoning confirmation and nonconforming use risk

Campground zoning is not a formality. Some parks operate as legal nonconforming (grandfathered) uses, which can be fine-until a buyer tries to change something. Expansions, new structures, or shifting the use (for example, more cabins or more long-term stays) can trigger land use approval issues.

An operator-minded checklist helps: verify the permitted site count, cabin counts, and whether events are allowed. Confirm setbacks, signage rules, and any conditions tied to prior approvals. A buyer should know what can be improved “by right” and what requires a public process, because those timelines and outcomes are not the same.

Licenses and compliance: health, fire, ADA, pools, propane, food service

Campground permits and compliance vary widely by county and state, which is why buyers shouldn’t assume “standard rules.” Common buckets include health department requirements (especially for bathhouses), fire code and access, ADA compliance, pool rules, propane handling, and any food service permitting if the park offers concessions.

Compliance affects capex and timelines Buying a Campground. Sometimes the park is functional but not up to current standards; that gap becomes the buyer’s problem after closing. This is not legal advice, and professional review is appropriate, but the practical point stands: verify requirements early and budget for compliance.

One overlooked opportunity: permits in place can be a competitive advantage. A park with clear approvals, documented site counts, and compliant systems may deserve a premium because it reduces development and regulatory risk.

Safety, climate, and insurance: the risk profile has changed

Flood/fire/weather exposure and emergency planning

Campgrounds often sit near the exact places guests love-water, forests, canyons-and those locations come with flood risk and wildfire risk. Recent public attention on campground flood safety and regulatory discussions is a reminder that standards can tighten after incidents.

A campground safety plan is a practical tool, not a binder for a shelf. Warning systems, evacuation routes, staff training, and guest communication plans matter. Good operators think through “what happens at 2 a.m. in a storm,” not just “what happens on check-in day.” It’s uncomfortable planning, but it’s part of the product.

Insurance diligence: availability, cost drivers, and what underwriters care about

Campground insurance can be complex. Underwriters care about amenities like pools, rentals, playgrounds, and water features. They care about claims history and how incidents were handled. They may also scrutinize tree risk, older electrical systems, and proximity to hazards.

Insurance diligence should happen early. Buyers request loss runs, solicit quotes before removing contingencies, and confirm that coverage meets lender requirements. When insurance is treated as a last-minute checkbox, it tends to become a last-minute problem.

Operations and staffing: the “hospitality business” side buyers underestimate

Staffing, systems, and guest experience

Campground operations change by season. Peak season might require front-desk coverage, housekeeping (if cabins are involved), groundskeeping, and on-call maintenance. Off-season may be leaner but still needs responsiveness, especially if long-term guests remain. Manager housing can be a major advantage, but it comes with its own policies and boundaries.

Service standards matter because reviews are a revenue driver, not just a vanity metric. A short, anonymized example reflects a common bottleneck: a park that relied on informal late check-ins started getting negative feedback when arrivals increased and staff wasn’t consistently available. The fix wasn’t fancy. It was a process-clear check-in instructions, a secure late-arrival system, and consistent enforcement of quiet hours. Small operational gaps can feel huge to guests.

Marketing and distribution: reservations, reviews, and channel mix

A campground’s reservation system, review profile, and repeat bookings are business assets. Buyers should understand what platform the park uses, who owns the guest data, and how dependent the business is on any single channel. Channel dependence risk is real: if one platform changes fees or visibility, bookings can swing.

Actionable diligence includes auditing the booking funnel: where reservations come from, how far out they book, cancellation patterns, and conversion rates. Email list quality matters too-an owned list can stabilize demand and reduce reliance on paid channels. The best marketing is often the least glamorous: clean information, clear photos, fast replies, and consistent guest communication.

The 30-60 day acquisition plan and conclusion

Days 1-10 should set the foundation. The buyer defines a buy box: target region, preferred seasonality, risk limits (flood, fire, regulatory), and a realistic budget for both purchase and initial stabilization. The company’s approach is to write a one-page diligence brief before making an offer, so emotions don’t drive the process later.

Days 11-25 are for tours and early verification. Buyers request financials, build a simple KPI model (occupancy, ADR, ancillary), and compare local comp sets. The goal is not perfection; it’s to see whether the story holds up across multiple angles.

Days 26-40 are where hard diligence happens. Infrastructure inspections move to the front of the line: water, septic/sewer, electrical, roads, drainage, and connectivity. Zoning confirmation follows, along with early insurance quotes and a lender “pre-check” to avoid surprises near closing.

Days 41-60 are negotiation and commitment. Buyers negotiate terms based on what diligence found, finalize remaining inspections, and close with a clear transition plan. Systems for reservations, customer communication, and maintenance response are set up before the first wave of guests arrives.