Looking at a park that has about 90 lots with about 1/3 on leased land. The park has enough vacancies that most all of the homes could be moved to the non-leased land. I am trying to figure out how to value this?
Should I just offer based on the 60 lots on owned property?
Park was built decades ago and encroaches on local government property. The same problem was all over the region and the govt decided to issue leases to everyone in the region.
90 lots - about 30 on leased land. Currently about 50 homes leased. I could move the homes to the owned land if I had to.
How do I value this?
$5200 in monthly rent on the owned land and $3450 monthly rent on the leased land.
Lease is about $7500 a year.