Originally published: 29/06/2026 08:09
Publication number: ELQ-49153-1

RV Park & Campground Acquisition & Underwriting Financial Model (Excel + Google Sheets)

Single-park RV/campground acquisition model: site-mix revenue through a 12-month season, ancillary at the lender haircut, DSCR, yield-on-cost, 5-yr exit.

by ProformaWorks
Investor-ready financial models for real businesses

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financial model pro forma acquisition real estate dscr cap rate cash flow rv park

Description
Buying a single RV park or campground and need to know whether the deal covers its debt through the winter? Most campground templates take one annual occupancy and one nightly rate and multiply, hiding the fact that decides a seasonal deal: summer is near full, winter is nearly empty.

This model builds effective gross income bottom-up from three site categories - RV full-hookup, tent and cabin/glamping - each with its own ADR run through its own 12-month occupancy curve, so the summer peak and the winter trough are both visible. An ancillary-revenue layer (store, propane, firewood, laundry, rentals) is shown at full value to the P&L and at the lender haircut to the DSCR, because that is how a real lender credits volatile retail income.

Then it underwrites the purchase like an acquisition: price from in-place NOI and the going-in cap, the capital stack sized on the lesser of LTV and DSCR on the haircut NOI, the unlevered yield-on-cost, the off-season cash gap, payback and a 5-year exit. A default 100-site park ($82 RV + 12 tent + 6 cabin) settles at $1,157,252 of site revenue, a blended 58.5% occupancy, in-place NOI $573,733 rising to $705,164 by Year 5, a $6,556,949 price at an 8.75% cap, DSCR 1.30x stabilized and a 2.10x equity multiple.

Site-Mix x Seasonality Revenue Engine - three categories, each ADR through a 12-month curve.
Ancillary at the lender haircut - full value to the P&L, 78% credited to the DSCR.
Off-season cash gap shown, so you size the working-capital reserve.
SBA 7(a) / Conventional financing toggle, loan sized on the lesser of LTV and DSCR.
10-sheet Excel workbook, Google Sheets compatible - no macros or add-ins.

Every formula is machine-verified by three independent engines including Excel itself. Honest by design: the headline is the stabilized yield-on-cost, the DSCR, the going-in cap and the equity multiple, not a cash-on-cash flattered by leverage; the off-season winter deficit is shown, not hidden. Educational planning tool - not financial, legal, tax or investment advice.

This Best Practice includes
10-sheet Excel workbook (Google Sheets compatible), 19-page PDF user guide, START HERE sheet, Revenue Engine sheet, Ancillary Revenue sheet, SBA 7(a)/Conventional preset matrix, Benchmarks & Dashboard.

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Further information

Objectives

Underwrite the purchase of a single RV park or campground and present lender-ready numbers - DSCR, yield-on-cost, off-season cash gap and a 5-year exit.

Use it if

You are buying or evaluating a single RV park / campground and need a defensible acquisition pro forma with real seasonality.

Don't use it if

You need a multi-park portfolio roll-up, or audited accounting, tax or investment advice.

RV Park & Campground Acquisition & Underwriting Financial Model (Excel + Google Sheets)

Further information

Objectives

Use it if

Don't use it if

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