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09

Dec

The RV & Boat Storage Edge: How Sophisticated Buyers Are Turning “Parking Lots” into 24%+ IRR Cash Machines in 2026

Self-storage is mature. RV & boat storage is still the Wild Southeast.

While traditional self-storage now trades at 4.75–5.5% caps and every broker on earth is pitching “tenant insurance + Amazon Hub,” the best outdoor and canopy RV/boat facilities in Florida are quietly being acquired at 6.5–8.0% going-in yields… then transformed into 15–18% unlevered cash-on-cash monsters.

We know — because we just put one under LOI last week and have two more in late-stage diligence.

This is not marketing hype. This is the exact playbook we are executing right now on a 13.6-acre coastal Florida facility that will go from 368 spaces and $518k NOI to 670 spaces and $1.12 million NOI in five years — a 24.7% levered IRR and full return of investor capital at the Year-5 cash-out refi.

Here’s how the smartest buyers (the ones who are actually closing deals) are doing it — without giving away the entire secret sauce.

The Structural Advantages Nobody Talks About

  1. Dirt-cheap operating expenses Typical outdoor/canopy RV & boat facilities run $8,000–$15,000/year in electricity — not $60k–$120k like climate-controlled self-storage. That single fact changes everything about what “value-add” actually means.
  2. Surplus land almost everywhere The average facility we are seeing has 2–4 acres of excess, already-zoned, developable land hiding in plain sight. That’s 150–300 additional spaces you don’t have to buy.
  3. Tenant profiles that love premium add-ons RV and boat owners are wealthier, more recreational, and far more willing to pay for convenience (charging, dump stations, covered protection, on-site supplies) than the average 10×10 tenant.
  4. Institutional buyers haven’t fully woken up yet REITs and large private equity groups are still underwriting these assets like dumb parking lots. The ones who figure out the ancillary + expansion math first will dominate the bid process for the next 18–36 months.

Case Study (Live Deal – Name and Exact Location Intentionally Withheld)

Acquisition Profile

  • 368 existing outdoor/canopy spaces
  • 13.6 total acres (only ~9 acres currently utilized)
  • Purchased December 2025 at $4.75M ($12,900/space)
  • Day-1 NOI: $518k @ ~89% occupancy

Value-Add Execution (Phased – $2.85M total capital)

Phase 1 – Months 1–12: “Instant NOI” ($369k capital → +$187k NOI Year 1)

  • Immediate rate push to street levels
  • Tenant insurance rollout (45% penetration)
  • Retail counter with RV/marine supplies
  • Amazon Hub + profit-share ice & propane (zero capital)
  • LED lighting + solar for facility operations (120 kW – $174k net after ITC)

Phase 2 – Year 2: Covered Premium + Charging ($847k capital → +$80k NOI)

  • 40 new covered spaces with integrated solar canopies
  • 30 Level-2 (240V) + 15 (120V) RV charging ports
  • Small wine/document storage building (affluent beach demographic)

Phase 3 – Years 3–5: Major Expansion on Surplus Land ($1.64M capital → +$535k NOI)

  • Add 260 outdoor + premium spaces on the back 4+ acres
  • Full amenity build-out (office, bathrooms, additional charging)

Stabilized Year 5

  • 670 total spaces
  • $1.53M gross revenue / $1.12M NOI
  • Valued at $18.7M @ 6.0% cap
  • 24.7% levered IRR | 3.84× equity multiple
  • Year-5 cash-out refinance returns 100% of invested capital + investors still own the asset

That is what “value-add” actually looks like when you treat RV & boat storage as a development platform instead of a parking lot.

The Ancillary Winners (and the Losers) Specific to RV & Boat

We ran the full Monte Carlo across every ancillary idea anyone has ever suggested. Here are the ones that actually move the needle in this asset class — and the ones that are a complete waste of time.

Do Immediately (Zero to Low Capital, High Certainty)

  • Tenant insurance — still the highest-Sharpe improvement in all of real estate
  • Profit-share ice & propane — literally free money in warm climates
  • On-site retail (RV/marine supplies, hitches, sewer hoses, locks)
  • Amazon Hub lockers — reduces churn in seasonal markets

Do If You Have the Roof/Canopy Space

  • Solar for facility OPEX reduction — turns your $12k electric bill into $2k
  • Solar-powered EV/RV charging under new or existing canopies — tenants pay $15–$35/month add-on all day long

Do Only If Demographics Support

  • Covered canopy expansion with integrated solar — becomes a winner when you monetize the roof
  • Premium wine/document storage conversion — coastal affluent markets only

Never Do (We Modeled Them — They Destroy Value)

  • Standalone water/air stations
  • Notary/registered agent services
  • Enclosed garage builds unless pre-leased to exotic car collectors
  • Free amenities that cost real money

Why This Window Won’t Last

  1. Surplus land is disappearing — every month another 10–15 acres gets entitled or bought by homebuilders.
  2. Institutional capital is waking up — two public REITs have already started dedicated RV/boat acquisition teams.
  3. Construction costs are only going one direction — steel canopy pricing is up 28% since 2022.

The facilities that can still be bought at 7–8% going-in yields with 2+ acres of surplus land are a 2026–2027 phenomenon at best.

Want to Know What Your Facility (or Your Target) Is Really Worth?

We are selectively partnering with owners and investors who control RV & boat facilities with expansion potential in Florida, Texas, the Carolinas, and Arizona.

If you have (or know of) a facility with at least 2 acres of surplus land and want the same institutional-grade underwriting we use on our own deals — including phased pro forma, ancillary impact, and exact equity returns — reach out.

First analysis is complimentary. We only make money if we actually close something together.

The parking lots are being bought up and turned into cash machines. The question is whose team you want doing the math.

Global Empowerment Leadership Capital Advisors USA, LLC The sharper edge in RV & boat storage investment banking

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