50-Space RV Park N
Merrillan, WI
Asking price
$1,600,000
Sites
—
Cap rate
—
Price / site
—
About this property
Welcome to Thunderbird Village, a rare opportunity to own an established and profitable resort, campground, and lodging business in the heart of Wisconsin's premier outdoor recreation destination. Situated on approximately 12.3 acres in Hatfield, Wisconsin, this turn-key investment combines real estate, rental income, and a well-established hospitality business with significant growth potential. Located just a short walk from beautiful Lake Arbutus, Thunderbird Village has become a destination for vacationers, ATV enthusiasts, snowmobilers, family reunions, corporate retreats, and outdoor adventurers seeking the best of Wisconsin's Northwoods experience. Guests enjoy direct access to some of the state's most popular ATV, snowmobile, hiking, biking, fishing, boating, and hunting opportunities. The property features approximately 50 seasonal RV campsites, a large log cabin rental, a cozy small cabin rental, and the renowned Thunderbird Lodge. The spacious lodge accommodates large groups and retreats, while the log cabin comfortably sleeps up to 14 guests, creating multiple income streams throughout the year. Guests enjoy a resort-style atmosphere with campfires, outdoor recreation, nearby beaches, boating, kayaking, and endless trail systems. The business has built a loyal customer base and strong reputation over the years, providing a new owner with immediate cash flow and an established presence in a thriving tourism market. Whether you are looking to expand your hospitality portfolio, operate a family-owned resort business, or invest in Wisconsin's growing outdoor recreation industry, Thunderbird Village offers an exceptional opportunity. With established lodging accommodations, seasonal camping revenue, room for future development, and a premier location near Lake Arbutus, this property is positioned for continued success.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $1,600,000 |
|---|---|
| Year built | 2003 |
| First seen by UnitListed | Sep 6, 2026 |
| Source page last checked | Oct 24, 2026 |
Before you call the broker
8 things are not disclosed on this listing. These are the questions that would close the gap — specific to a park, not a generic list.
Net operating income — not disclosed
What is the trailing twelve-month NOI, and what does it include and exclude?
The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.
What period the financials cover — not disclosed
Are these figures trailing twelve months, last calendar year, or projected?
A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".
Gross income and operating expenses — not disclosed
Can you share a trailing twelve-month profit and loss, with the expense lines itemised?
NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.
Reason for sale — not disclosed
Why is the owner selling, and how long have they held it?
Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.
Site count and hookup mix — not disclosed
How many sites are there, and how many are full-hookup, partial or tent?
Full-hookup sites earn a multiple of what a tent site does. The count alone does not tell you the income.
Operating season and seasonal mix — not disclosed
Is this year-round or seasonal, and what is the split between seasonal, monthly and transient guests?
A seasonal park with a five-month window is a different business from a year-round one at the same annual revenue.
Utility infrastructure — not disclosed
Are water, sewer and electric municipal or private, and what condition is the infrastructure in?
A private septic or well at end of life is a capital item that can exceed a year of NOI, and it will not appear in the expenses.
Permits and non-conforming use — not disclosed
Is the current site count permitted, and is any of it legal non-conforming?
A park operating more sites than it is permitted for cannot be financed at the income it shows.
Asking price — disclosed
Currency of the asking price — disclosed
Whether the land is included — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Sep 6, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Sep 6, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
