RV Park cap rates? What are you seeing?

[Patrick Sears]

Hello,

I've been looking at some RV parks for sale, listings on RV Park Store, Marcus & Millichap, Loopnet, etc..  Based on some podcasts from the past I have been listening to, I expected to see cap rates 10-12% and higher since they are more work than a mobile home park and much more than apartments.  However, I'm seeing RV parks listed at what looks like ridiculous valuations of 8 cap and under for plain-looking facilities.  Some of the big parks are damn near the same as large B and A-class apartments.  

What's the story?  Is the secret out on RV parks now too?  I'll be an SOB before I pay a 6-8 or less cap on an RV park, with all of the hand-on headaches that would go along with it.  Are they suffering from the same cap rate compression as everything else these days?  

Real estate really isn't looking all that attractive lately.  Kinda depressing...

Thoughts?