Water access is a separate income stream
A lake park's slips, dry storage, and launch fees behave differently than nightly sites — they are often contracted, renew annually, and carry their own capital needs. Presenting them as their own line rather than blending them into a per-site average generally supports a stronger valuation, because durable contract income reads better to a buyer than an averaged number.
Water access is its own business line
At Smith Mountain Lake, slips, boat storage, launch fees, and dry-stack space frequently earn more per dollar of expense than the RV sites do. We underwrite those separately, because they carry different risks: permitting, dock maintenance, and liability on one side, and reliable, contract-based income on the other.
Waterfront and water-view sites also command large premiums over interior pads. Site-level rate detail is the fastest way for a Smith Mountain Lake owner to prove the park is worth more than a per-site average would suggest.
Seasonal contracts and the renewal curve
Parks here often run heavy on seasonal contract holders who leave a camper and a boat on site all summer. Renewal rate is the number we care most about — a park renewing ninety percent of its seasonals each spring has income that behaves almost like an annuity, and we price it accordingly.
We also check the shoreline file: dock permits, any shoreline management approvals, and whether structures at the water were built with the right authorizations.
