How to value a fully parked-owned MHP (w/ new units)

[Jacob Hebert]

I'm working on a valuation for a small 16 unit MHP we will be listing.  The seller bought the park with a few existing units, made improvements to the park, filled the remaining lots with new homes over the last year and now has 100% occupancy.  There are now 16 lots, and around 6 of the units are less than a year old.  They sent over some very basic financials and they don't have the lot and unit rents separated out.  I know to get a decent idea of value we can cap lot rents for 16 lots at the area rate, and come up with a separate value for the unit inventory.  Or do you take the remaining rental income (minus lot rents) and calculate that additional value based higher cap rate, or a combination of both?  Any advice is greatly appreciated!