California. What am I missing?

Ok, so I am new at MHP evaluating, but I am stumped. I am looking at a couple of new CA listings on MHPS.

One has a NOI of approx. $137,000. Listed for 6.7M

Another has an NOI around $187,000. I think its listed for 6.3M

In my newbie head, these are overpriced by about 5M.

They are nice looking parks and I’m sure CA is a nice place to live, but how do these make any sense? Do

people pay these kind of prices? Cap rate of 2?

I thought maybe I’m missing something…

(No offense meant to anyone)