Open Air Spicewood RV Resort
RV Park | 8.90% CAP | 140 Units
Marketing description
Open Air Spicewood represents a clean operational turnaround within a fully built RV Resort. The property contains 140 sites across 16.2 acres with municipal water and sewer, paved internal roads, and a complete amenity package. The property and location are established, the infrastructure required to support a productive operation exists today, and the turnaround thesis is execution-driven rather than capital-driven.
The opportunity is rooted as a well-positioned, fully built asset that has underperformed its potential due to operational and product-mix decisions, not due to structural weakness. Revenue declined from $547K in 2023 to $132K on a trailing twelve-month basis.
The path to value recovery does not require rebuilding the asset, rather rebuilding the business model. A more disciplined leasing strategy anchored in annual RV users, rather than transient demand, is the core lever. For a buyer with the right operating platform, this is an immediate opportunity to re-stabilize a functional asset in a supply-constrained market.
Investment highlights
Open Air Spicewood is a fully built, amenity-rich 3.5-star RV resort sitting in the Texas Hill Country roughly 35 minutes west of Austin and just north of Lake Travis. The site benefits from municipal utilities, paved internal roads, and a complete amenity package (pool, clubhouse, general store, pickleball, dog park, fishing pond, laundry, etc.).
The Opportunity: Operational Turnaround
Revenue declined from $547K in 2023 to ~$132K on a TTM basis driven by an over-reliance on transient demand and a slower-than-expected park model rollout. The fix is a business-model shift, not a capital event. A disciplined leasing strategy anchored in annual RV tenancy stabilizes income quickly with minimal capex, and the location is uniquely positioned to capture two converging demand tailwinds:
- Workforce housing from large-scale development pushing west out of Austin
- Long-term residential demand as the corridor transitions from a tourism market to a full-time living market
Underwriting Summary (per Yale pro forma)
- Year 1 NOI: ~breakeven during repositioning
- Year 3 NOI: $445K (9.5% cap rate on cost)
- Year 5 NOI: $594K (12.6% cap rate on cost)
- 5-Year Levered IRR: 20.6%
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