Mobile Home Park Valuation once and for all

[Eliot M.]

Frank Rolfe says: MHP value = Lot rent per month x # of units x 60 or 70

Laura Cochran says:  MHP value = (Lot rent x 12 x # units)/19% or higher

Basic real estate common sense says: MHP value = NOI x market multiple (or divided by market Cap Rate... pick your fancy)

The problem with using the NOI is that you can never trust a seller's numbers. So, do you make your own expense numbers up in order to get to an NOI? Or do you just use the GRM formulas above?

So, how do you guys value mobile home parks?