How do you put a price on a mobile home park?

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A question I've had for a while is: How do you put a price on a mobile home park (When selling one)?

Mobile home parks that only rent the LOT can rake in a great income. For example: XYZ Mobile Home Park rents 100 units (lots) at $400/Unit. After expenses (Guessing) that would be $435,000 a year. In 15 years that's $6,525,000. So if someone was selling a park like this, how the heck would they price it?! The price can't possibly be better than the income in 15 years. I might be completely off, so enlighten me or join me in my confusion.

[Curt Smith]

A formula from Frank and Dave over at mobile home university forum board.

400 x 100 x 12 x .7 =  336000 / .1 = $3.3M

Commercial (parks) are actually easy to price. The difficulty and error comes in re accurate expenses and deferred CAPEX and business risk in general (septic / lagoons / wells).

That's using std factors for 100% lot rent of 30% expense ratio, and selling price at 10% cap rate.   Offer at 12% or higher cap rate...  Or what ever cap rate is your goal.