Executive Summary The outdoor hospitality sector (RV parks, mobile home parks, and marinas) is experiencing a dynamic shift in Q1 2026. Following a sluggish period, the market is seeing significant tailwinds driven by renewed buyer interest, a slight softening of interest rates, and an influx of highly qualified outside capital. However, a persistent “bid-ask” spread remains between seller expectations and bankable underwriting, meaning that assets must be priced accurately or offer creative financing to move.
Macro Market Trends & Buyer Sentiment
There is a massive wave of new, highly qualified capital entering the outdoor hospitality space. A significant portion of this capital is coming from high-net-worth (HNW) family offices and private equity groups that, only a few years ago, were exclusively focused on multi-family or self-storage assets. These groups migrated into outdoor hospitality by default because the cap rates were higher and offered better returns. As a direct result of this institutional capital flooding the space, cap rates in the outdoor hospitality sector have noticeably compressed. We are also seeing buyers pivoting from the boutique hotel industry to execute rollup strategies of “mom-and-pop” RV parks.
Because traditional bank financing continues to rigorously scrutinize financials and stress-test debt service coverage, buyer demand for seller-financed deals is at an all-time high. Properties lacking clean, historical financials are virtually un-bankable at premium prices, forcing sellers to either offer creative terms or endure prolonged days on the market.
The market is currently flooded with wholesalers, “bird dogs,” and even AI-generated bots submitting aggressive, low-probability Letters of Intent (LOIs). Navigating this noise requires strict buyer screening—such as requiring Proof of Funds and a signed NDA before releasing financials—to identify legitimate principals.
The Operational & Construction Reality (Predicting the Bottom)
There are currently a lot of projects that are between 50% and 90% complete but are not yet finished. A lot of people started building parks during or after COVID, and the projects took significantly longer because of permitting, regulation, engineering, or general administrative and legislative lag. Furthermore, the costs to build have been more expensive than a lot of people predicted, and the overall underlying market has softened since those pro formas were first built. This means there are a lot of people who are upside down on their projects while construction is not even complete. I can personally identify about 30 parks just in my local market that fit this criteria.
Simultaneously, these parks have been significantly more expensive to run. My firm underwrote 78 individual outdoor hospitality assets in 2025 alone, with over half of those being RV parks.
We found that 65% of all these properties saw both an increase in expenses and a decrease in revenue, further compressing their net operating income (NOI) margin. Nearly 90% saw one or the other—either a decrease in revenue and/or an increase in expenses.
We believe that the bottom of the market is in front of us and not behind us
There are a lot of projects that are playing a “pretend and extend” game with their lender and their debt situation, trying to bridge the gap. There’s also a massive wave of loans maturing in 2026 and 2027 that, in many cases, have a very low interest rate around 4%. Those owners are faced with a refinancing date this year or next year at between 7% and 8%, which makes their properties significantly more expensive to own. Their alternative is to sell, which is already not a good option because of the net operating income compression and the properties being less profitable.
It’s for these exact reasons that we’re seeing an uptick in RV parks listed on the market, an increase in the number of days on market, and short sales and bankruptcies increasing as well
Valuations and Transaction Metrics
Data from major commercial real estate platforms indicates a clear disconnect between asking prices and actual closing prices. Sellers continue to anchor their expectations to the peak valuations of previous years, while buyers are anchored to current debt costs.
National listings average roughly 155–160 days on the market. While average asking cap rates hover around 8.8% to 9.0%, properties are typically closing at a higher cap rate of approximately 9.9%.
MHPs are sitting on the market longer than RV parks, currently averaging 170–190+ days. A lot of the time, this has to do with them being aggressively overpriced. Often, these properties are taken to market by less capable brokerage teams who over-inflate the value, or they are “For Sale By Owner” (FSBO) listings where the seller is attempting to test the market themselves.
As a general rule, if a mobile home park sits on the market for longer than a few months, it is generally overpriced or there is something fundamentally wrong with it. Furthermore, a lot of mobile home parks still transact entirely off-market; in our experience, the off-market arena is where the bigger and better MHP deals get done.
Sellers hoping to trade at sub-6% cap rates face severe market resistance. Recent data shows that out of the last 100 RV parks traded in major markets like Texas, only about 4% successfully closed below a 6% cap rate.
Emerging Industry Opportunities
- Pivoting to Dedicated RV and Boat Storage: A unique trend emerging among current RV park owners is the desire to sell their active hospitality assets and pivot exclusively into building and operating RV and boat storage facilities. Because specific markets have massive demand for storage, this asset class offers a lucrative, lower-management alternative.
- Federal Land Privatization: The federal government has mandated that federally operated hospitality properties must be leased out to private operators to reduce federal administrative costs. This presents a generational opportunity for adjacent private park owners and private equity groups to consolidate and expand their footprints through government lease takeovers.
- The “Silver Tsunami” and 1031 Exchanges: With many aging “mom-and-pop” operators experiencing fatigue, motivation to sell is rising. However, to avoid massive tax liabilities, these owners are heavily utilizing 1031 exchanges to roll their equity into passive, net-lease investments, allowing them to retire while preserving cash flow.
North Star's Role in All of This
Our firm is built on the foundational principle that our success is derived from our client’s success. By identifying and aligning ourselves with our client’s North Star goals, we are putting them in the best position to achieve those goals. If their North Star goal is selling their property, then we have the most expansive buyers list and transaction platform that’s ever been built in this industry. If their plan is to hold, then we have relationships with vendors all across the country who can work to both minimize expenses and drive revenue. Either way, we want to be a resource for more owners like this in the marketplace, and we encourage free consultations to figure out what, if anything, we can do to help people run a more profitable business or have a more profitable exit.
If you want to discuss your unique situation and your North Star goals, schedule a meeting with one of our experts today.
