Separate event revenue from base revenue
Speedway weekends and festival dates can produce rates far above a park's normal night. That income is real, but a buyer will underwrite it separately because it depends on a calendar the park does not control. Showing base occupancy and event occupancy as two lines protects the value of both.
Expansion land is priced on what it can actually carry
Extra acreage is common in this part of the state, and it can add meaningful value — but only where utilities, topography, and county approval support additional sites. A buyer will credit pad-ready or entitled land far more readily than raw acreage described as future phases.
Race weekends and base revenue are two different numbers
A park within reach of Bristol Motor Speedway can book a full season's worth of margin across two race weekends. We value that revenue, but we value it separately: the base business supports the core cap rate, and event revenue is underwritten on its demonstrated recurrence over several years, not on one exceptional year.
The same logic applies to festival and Barter Theatre season traffic in Abingdon. Recurring, calendared events are dependable; a single strong year is not a trend.
Expansion land priced on what it can carry
Land basis is lower here than in coastal Virginia, so expansion acreage is frequently where the upside sits. We price it on carrying capacity — how many pads can be graded and served with water, wastewater, and 50-amp power at a sane cost — rather than on raw acres.
Where the health department has already approved additional flow, or where three-phase power is at the road, that acreage is worth substantially more, and we will say so in the offer.