828 NE Primrose Rd - Suwannee River Rendezvous RV Resort 75 Acres of Residential Land Offered at $13,965,930 CAD in Mayo, FL 32066

The subject RV resort offers the opportunity to purchase an irreplaceable riverfront resort with a private spring. The property was purchased approx. 20 years ago with just the original primitive camping, water and electric RV sites, 21 cabins, motel units and park models. Shortly after acquisition ownership built the first phase of 160 RV sites. This makes all the RV sites relatively new, all of which feature 50 amp service, asphalt roads, and gravel sites.
Then starting in 2022 they started a second phase, of another 160 sites named the Key West section. This second phase is currently Adult only, and has a second amenity package. Construction was done mostly by ownership and a small in-house crew, so it took several years to complete. Construction and expansion costs were mostly expensed and not capitalized, so expenses are exacerbated. That new section has larger sites, and more premium sites including 71 pull thru’s, and 15 with a private dog run. Amenities are beautiful with a Key West themed large pavilion, gym, pool and shuffleboard courts.
They also bult a large new check-in building in the front, with an outdoor dining area and cooking trailer. This leaves the old office and dining area in the back open to retrofit into more rental units or amenities.
The opportunity and upside here is to modernize the original riverfront area with its 21 lodging units, and to consider converting the 18 tent sites to 12 riverfront glamping units which could $40-50k each, instead of $2k. Then attack the marketing (website, etc) and branding to drive more traffic to the site. Essentially income is the same as it was before they added the 160 new sites and should have grown by $800k at least. Historically they have relied primarily on word-of-mouth, therefore, lease up of the new section is slowly happening.
As of mid 2026, they are starting to promote a special for annuals at $450 a month and have 20 already signed up. We modeled growing that to 100 over the next four years, without cannibalizing the existing business, as they have persistent vacancy. The cap. rate will stabilize at 10%+ after 2 years of lease up and 15%+ once all annuals are leased.