How can I find the previous sales price of a Mobile home park I am interested in buying?
Something interesting–we sold a park for $3,250,000 in 2015 and noticed it has come up for sale less than 5 years later for $5,250,000. At the time in 2015 the income was GREATER than now by about $30,000. We sold the park with a well system and septic tanks that were not ever pumped (45 years ago put in) but we sold at a 10 cap because of private utilities and in a small rural area. Presently the cap is 5.6 at the asking price and 5 years later the proforma is less than a 7 cap. Since we have other parks in the area with the very low cap rate being perhaps functional maybe it time to SELL. Your thoughts!!
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