Fair Valuation of MHP
I have come across a 60 spot MHP off market of interest to me. I could use feedback on true value. I have come across several ways to valuate and not sure where this lies or which way is best to valuate. Of note is that this park is near a new town shopping center, in an area of 200k plus and near a new hospital too. Owner is holding firm at 2.6m. Thanks in advance!
The facts are:
* 60 pads total. 28 POHs. (Avg age of POHs is 20-25 years)
54 occupied pads
4 vacant pads
1 vacant POH.
Avg. lot rent: 450/mo
Avg. home rent: 850/mo
Total claimed income: 399k
Total claimed expenses: 110k
Water treatment plant and well water