Recast first, argue about method second. Two lines are missing and both are yours to add. Management at 6% of gross is about $38k, and that's before you decide whether an off-site owner needs a resident manager with a site and utilities included. Reserves at $200 per site is roughly $12k, plus FF&E replacement on six cabins, call it $500 each. That puts NOI nearer $179k. At an 8 that's about $2.24M, and you haven't touched the revenue side yet.
On the store, confirm whether $120k is gross sales or gross margin. If it's sales, the flow-through after cost of goods and propane wholesale might be $30k, and then you have inventory, a POS, shrink and someone standing behind the counter. Store net gets valued much closer to a small business multiple than to a land cap rate, and lenders often size the loan off the site revenue alone and treat the rest as goodwill. Ask your lender directly how they'll treat it, in writing, because that answer sets your equity check more than your cap rate opinion does.
Cabins are hospitality. They turn daily, they need linens and cleaning labor, and their expense ratio is nothing like a gravel pad with a pedestal on it.
The thing I'd chase hardest is data quality. Get the reservation system export, site by site, night by night, for three years. If the seller only has bank deposits and a paper ledger, you can't verify occupancy or ADR, and you're capitalizing a number nobody can reconstruct. Also pull the utility bills and check whether power is submetered, because an unsubmetered park with monthly guests hides a five figure expense inside the seller's "NOI."
