RV Park Cap Rates in Michigan
Real capitalization rate data from 86 parks across Michigan. Understand what the market is actually returning before you write a check.
What This Means for Investors
Michigan is running hot. An average cap rate of 17.1% is well above the national norm, which signals either underpriced assets, rural markets with strong cash flow, or operators who haven't professionalized revenue. For buyers, that spread is opportunity — find the bottom-quartile operators and you're buying cash flow, not just real estate.
The wide range (5.5%–25.0%) tells the other side of the story: there are parks in this state priced like trophy assets and parks priced like distressed debt. Know which bucket you're bidding on. The highest cap rates typically reflect either management upside or location risk — underwrite both.
With data spread across 74 cities, Michigan offers enough geographic diversity to be selective. The city breakdown below shows where the cap rate compression is worst and where pockets of yield still exist.
At an average estimated value of $2,863,975, most Michigan parks are in reach for individual investors or small syndicates — this isn't a market dominated exclusively by institutional buyers.
Cap Rates by City — Michigan
| City | Avg Cap Rate | Parks | Avg Valuation |
|---|---|---|---|
| Petoskey | 19.0% | 3 | $1,595,709 |
| Tawas City | 16.7% | 3 | $848,423 |
| Traverse City | 21.0% | 2 | $4,314,780 |
| Coldwater | 20.3% | 2 | $5,021,429 |
| South Haven | 19.1% | 2 | $3,991,669 |
| Mount Pleasant | 17.4% | 2 | $2,894,532 |
| Allegan | 16.8% | 2 | $509,739 |
| Durand | 16.0% | 2 | $1,435,883 |
| Decatur | 15.6% | 2 | $4,419,265 |
| Marcellus | 15.1% | 2 | $2,156,113 |
| Otter Lake | 24.7% | 1 | $8,087,897 |
| Hudsonville | 24.6% | 1 | $14,135,795 |
| Garden | 24.5% | 1 | $962,119 |
| Mancelona | 24.0% | 1 | $4,192,825 |
| Rapid City | 23.9% | 1 | $1,230,756 |
| Bark River | 23.7% | 1 | $991,046 |
| Marion | 23.7% | 1 | $855,904 |
| Wayne County | 22.1% | 1 | $2,500,860 |
| Ludington | 21.4% | 1 | $404,765 |
| Coloma | 20.4% | 1 | $947,409 |
| Fair Haven | 19.1% | 1 | $1,330,790 |
| Jackson | 19.1% | 1 | $2,957,313 |
| Saint Clair County | 19.1% | 1 | $1,330,790 |
| Adrian | 18.9% | 1 | $2,066,862 |
| Monroe | 18.1% | 1 | $6,791,031 |
| Richland Township | 18.0% | 1 | $245,393 |
| Silver Lake | 17.8% | 1 | $5,295,512 |
| New Hudson | 17.5% | 1 | $12,675,299 |
| Delton | 17.4% | 1 | $178,408 |
| Lake | 17.4% | 1 | $8,410,662 |
| Cedar Springs | 17.3% | 1 | $3,972,124 |
| Houghton | 17.2% | 1 | $626,406 |
| Curtis | 17.0% | 1 | $1,334,499 |
| Tecumseh | 16.9% | 1 | $1,613,964 |
| Fenwick | 16.8% | 1 | $7,298,258 |
| Hopkins | 16.8% | 1 | $48,547 |
| Lansing | 16.6% | 1 | $3,240,719 |
| Manistee | 16.6% | 1 | $3,000,665 |
| Omer | 16.6% | 1 | $2,400,532 |
| Sault Ste. Marie | 16.6% | 1 | $2,400,532 |
| Muskegon | 16.4% | 1 | $2,355,063 |
| Unionville | 16.4% | 1 | $2,073,249 |
| Beaverton | 16.3% | 1 | $1,619,175 |
| Birch Run | 16.3% | 1 | $234,663 |
| Boyne Falls | 16.3% | 1 | $1,783,440 |
| Colon | 16.3% | 1 | $1,173,316 |
| Grass Lake | 16.3% | 1 | $3,613,812 |
| Harbor Beach | 16.3% | 1 | $2,675,159 |
| Hesperia | 16.3% | 1 | $1,173,316 |
| Lake Leelanau | 16.3% | 1 | $4,567,525 |
| Lupton | 16.3% | 1 | $586,657 |
| Manton | 16.3% | 1 | $3,402,340 |
| Middleville | 16.3% | 1 | $586,657 |
| Shelbyville | 16.3% | 1 | $586,657 |
| West Branch | 16.3% | 1 | $2,815,956 |
| Alto | 16.0% | 1 | $4,558,358 |
| Dorr | 16.0% | 1 | $2,188,011 |
| Harrison | 16.0% | 1 | $136,751 |
| Mesick | 16.0% | 1 | $2,005,677 |
| Albion | 15.5% | 1 | $2,204,500 |
| Benton Harbor | 15.5% | 1 | $947,935 |
| Bridgman | 15.5% | 1 | $1,102,250 |
| Leonidas | 15.5% | 1 | $595,215 |
| Pinckney | 14.3% | 1 | $2,023,825 |
| Jonesville | 14.1% | 1 | $857,296 |
| Brooklyn | 13.6% | 1 | $30,935,800 |
| Commerce Charter Township | 13.4% | 1 | $2,474,388 |
| Pleasant Lake | 13.4% | 1 | $1,142,025 |
| Brighton | 12.3% | 1 | $2,567,412 |
| Union City | 11.7% | 1 | $516,810 |
| Moscow | 11.1% | 1 | $2,925,956 |
| Grayling | 10.0% | 1 | $117,331 |
| Manistique Township | 6.7% | 1 | $190,338 |
| Sault Ste Marie | 5.5% | 1 | $1,218,160 |
Top 10 Highest Cap Rate Parks
Highest estimated returns — investigate occupancy, management quality, and NOI sustainability before buying on cap rate alone.
| Park Name | City | Cap Rate | Sites | Est. Value |
|---|---|---|---|---|
| Northwestern Michigan Fairgrounds Campground | Traverse City | 25.0% | 133 | $3,192,707 |
| Genesee-Otter Lake Campground | Otter Lake | 24.7% | 129 | $8,087,896 |
| Baldwin Oaks Campground | Hudsonville | 24.6% | 600 | $14,135,794 |
| Magnus Park | Petoskey | 24.5% | 68 | $1,595,708 |
| Bayridge RV Park & Campground | Garden | 24.5% | 41 | $962,118 |
| Starlight Campground & RV Park | Mancelona | 24.0% | 76 | $4,192,825 |
| Torch Grove Campground | Rapid City | 23.9% | 54 | $1,230,756 |
| Veterans Memorial Park | Marion | 23.7% | 38 | $855,903 |
| Fuller Campground | Bark River | 23.7% | 44 | $991,046 |
| Waffle Farm Campgrounds | Coldwater | 23.3% | 376 | $8,288,920 |
10 Lowest Cap Rate Parks
Lower cap rates reflect higher prices relative to income — often found in premium markets, coastal areas, or parks with strong amenities and stable occupancy.
| Park Name | City | Cap Rate | Sites | Est. Value |
|---|---|---|---|---|
| Kewadin RV Park | Sault Ste Marie | 5.5% | 64 | $1,218,160 |
| Kewadin Manistique RV Park | Manistique Township | 6.7% | 10 | $190,337 |
| RV Park | Grayling | 10.0% | 5 | $117,330 |
| Moscow Maples RV Park | Moscow | 11.1% | 176 | $2,925,956 |
| Potawatomie Recreation Area | Union City | 11.7% | 30 | $516,810 |
| Bishop Lake Campgrounds | Brighton | 12.3% | 144 | $2,567,412 |
| Pleasant Lake Campground | Pleasant Lake | 13.4% | 60 | $1,142,025 |
| Proud Lake Rec Area - Modern Campground | Commerce Charter Township | 13.4% | 130 | $2,474,387 |
| Juniper Hills Campgrounds | Brooklyn | 13.6% | 1600 | $30,935,800 |
| Cranberry Lake Campground | Marcellus | 14.1% | 115 | $2,292,769 |
Get Full Owner Contact Data for Michigan
Cap rates tell you where to look. Owner contact data gets you in the door. Access phone numbers, emails, and deal pipeline tools for every park in Michigan.
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