Seasonal contracts are the core of the valuation
Where most sites are held by returning seasonal customers, a buyer is really buying a renewal book. Renewal percentage, how long the current rate has held, and how many units are owner-occupied versus rented out matter more than a headline occupancy figure. Owners with a clean site roster and a rate history usually get a firmer offer sooner.
Seasonal contracts are the valuation
At Lake Anna, the seasonal contract roster is the business. Contract count, current rate, renewal percentage, and the history of rate increases tell us nearly everything about the property's income durability. A park that has raised seasonal rates modestly every year and renews the large majority of its holders is worth substantially more than one that has held rates flat to avoid awkward conversations.
Transient nights, when they exist, are the upside layer on top. We price them separately so a strong seasonal base is not diluted by a thin nightly operation.
Water access, storage, and county occupancy rules
Slips, launch access, and boat and camper storage are meaningful income at Lake Anna and are underwritten on their own margin. We also verify dock and shoreline permitting, since work done years ago is not always documented.
Louisa, Spotsylvania, and Orange counties draw a line between recreational camping and residential occupancy. Where long-stay guests have effectively become residents, we want to understand the county's position early, and we handle any transition ourselves after closing.
