Feasibility & Appraisal
What is a Comparable Sales?
Author: Sage Outdoor Advisory
Quick answer
Similar properties that have recently sold, used as benchmarks to determine a property's market value in the sales comparison approach.
Understanding Comparable Sales
Comparable sales—or "comps"—are recent transactions of properties similar to the subject in location, size, amenities, and income profile. Appraisers use comps in the sales comparison approach, making adjustments for differences in acreage, unit count, condition, and NOI.
Outdoor hospitality comps can be scarce. Sage maintains awareness of glamping, RV park, and campground trades nationwide so appraisals reflect real market evidence—not generic land sales.
When comps are limited, appraisers weight the income approach more heavily but still document any relevant sales. Transparent comp selection builds lender confidence.
Learn how comps interact with other methods in our property appraisals complete guide.
Outdoor hospitality comps can be scarce. Sage maintains awareness of glamping, RV park, and campground trades nationwide so appraisals reflect real market evidence—not generic land sales.
When comps are limited, appraisers weight the income approach more heavily but still document any relevant sales. Transparent comp selection builds lender confidence.
Learn how comps interact with other methods in our property appraisals complete guide.
Examples
- An appraiser valuing a 15-unit glamping resort identifies three regional sales from the past 18 months, adjusts for fewer units and inferior road access, and supports a value range of $2.8M–$3.1M before reconciliation with the income approach.
- An RV park acquisition uses five park sales within 100 miles. Adjustments account for coastal versus inland location and percentage of pull-through sites, yielding a sales-comparison indication of $4.2M versus $4.0M from income.
- A campground appraisal cites two nearby park sales plus a glamping resort trade, explaining why blended hospitality comps require larger adjustments than standard multifamily comps.
Common use cases
- Property appraisals
- Purchase price determination
- Market value assessment
Related services
Frequently asked questions
- How many comparable sales are needed?
- Appraisers prefer three to five relevant sales when available. In thin markets, fewer comps may be used with broader adjustments and heavier reliance on the income approach.
- Why are outdoor hospitality comps hard to find?
- Transactions are less frequent than residential housing, and each property differs in unit mix and amenities. Specialized databases and Sage's transaction knowledge help identify legitimate comps.
- How are comps adjusted?
- Appraisers adjust for location, size, age, condition, amenities, and income differences. Documented adjustments show lenders how the subject relates to each sale.
Need help with your outdoor hospitality project?
Our experts can help you understand how Comparable Sales applies to your project.
Schedule Free Consultation