24828 State Highway 38 - Sawyers Rapids RV Park 9,000 SF Specialty Building Offered at $2,123,050 CAD at a 9.36% Cap Rate in Elkton, OR 97436

Sawyer Rapids RV Park – Riverfront Destination with Significant Upside
Sawyer Rapids RV Park is a rare riverfront RV and lodging property situated on approximately 8.5 acres along a premier stretch of the Umpqua River in Elkton, Oregon. This reach of the river is widely recognized among anglers for salmon, steelhead, and smallmouth bass and has long functioned as a destination for guests seeking direct river access paired with overnight accommodations. Demand is driven in part by paid fishing access, annual passes, and repeat visitation tied specifically to this location — a recession-resistant visitor base that extends well beyond conventional RV park traffic.
The park offers a diversified accommodation mix including 23 RV sites (with premium river-adjacent spaces), park-owned rental units consisting of three manufactured homes and a tiny home, three riverfront Airbnb cabins (including two uniquely themed units completed 2022–2024), and 11 seasonal campsites including a group site. This flexible configuration supports concurrent long-term occupancy, short-term stays, and seasonal recreation, creating multiple complementary revenue streams beyond traditional space rent.
Additional income is generated through fishing access fees and annual passes, laundry, vending and concessions, storage and reserved parking, and electric utility pass-throughs. A major competitive advantage is park-wide fiber optic internet installed in 2024, serving the entire property and appealing to modern travelers, remote workers, and extended-stay guests seeking reliable high-speed connectivity in a riverfront setting.
Property improvements and amenities include direct river access, a public boat ramp, a full bathhouse (epoxy-coated in 2024) plus a newer cabin-serving bathhouse with additional plumbing and electrical build-out materials included in the sale, a guest clubhouse with lounge, Wi-Fi, and games, an on-site office and laundry, an approximately 1,800 SF loft/apartment with bathroom buildout completed in 2024 (offering additional value-add potential), and a shop building supporting park operations. Water is supplied by a private well with new pump and UV filtration (both 2024), and the site is served by upper and lower septic systems with an established drain field.
Trailing 12-month operations (April 2025 – March 2026) reflect gross operating income of approximately $233,104 and Net Operating Income of approximately $145,114, representing an implied in-place capitalization rate of approximately 9.4% at the $1,550,000 asking price. NOI has grown meaningfully over the past three years — from approximately $86,422 in 2024 to $143,441 in 2025 to $145,114 on a T-12 basis — reflecting ongoing operational maturation, including the 2025 transition to full resident electric pass-through, a structural improvement not yet fully annualized in historical financials.
The revised April 2026 pro-forma projects gross income of approximately $274,897 and NOI of approximately $176,688 in the transitional scenario, and gross income of approximately $282,157 with NOI of approximately $183,948 at stabilized operations — implied cap rates of approximately 11.4% and 11.9%, respectively. Projections reflect modest rent growth, normalized seasonal utilization, and a corrected electric utility pass-through based on verified 2025 actuals. Pro-forma figures are illustrative only and are not reflected in current in-place performance.
A near-term value-add catalyst exists in the Airbnb cabin portfolio. All three cabins are scheduled to be back online as of April 19, 2026 and will remain open throughout a retroactive permitting process confirmed by Douglas County. The corrective scope is limited to minor structural strapping and engineering documentation, with no DEQ, plumbing, or septic implications. A buyer inheriting the fully reactivated cabin revenue line, combined with improved listing optimization — an area the sellers acknowledge is underdeveloped — represents one of the more compelling upside levers available at acquisition.
Seller financing is available for qualified buyers: $600,000 minimum down payment, $950,000 seller-carried balance at 5.0% fixed, 30-year amortization, and a 5-year balloon — supporting approximately 2.37x DSCR and approximately 14.0% cash-on-cash return on in-place T-12 NOI. The on-site manager (co-owner) has expressed willingness to remain post-closing to assist operations, providing meaningful transition support for a new owner.