Valuing/Selling a mobile home park

[Duncan Young]

Hi- my father in law passed away a few months ago and I am helping my mother in law sell her mobile home park, which they have had for 40 years.  Any thoughts or advice on how best to value this?  The Net Operating Income from the park (which includes a 36 unit boat storage facility as the park is near the ocean) is about $110,000.  There is also a 1,500 square foot home on the property of which I would estimate the value at $100,000.  From what I have seen online a 10% cap rate seems about rate, so from this I would estimate the value at about $1,200,000 including the value of the house (which ties off pretty closely to the assessed county tax value of $1,275,000.)  Am I missing something on this?  Should the value of the land itself on a standalone basis- about $200K- be added to the value of the cash flows above?)