Hello Everyone,
I am brand new to this and have been following the forum for a few weeks as well as doing my own research.
I recently put in an offer on a park for a master/triple net lease with option to purchase. I think a few people have looked into this park already from this site and nothing has come to pass.
Short version, park has 22 spaces @ avg 325 rent, two POH all 22 spaces are occupied. They are on well/septic (yes, not the best I know). So if my math is correct, 2232512*.5*9.2=394,680. I offered 395K.
Broker just came back to me trying to sell the property at the listed price or “something with a 6 in front” based on the potential of the property. He also gave me a new cap rate of 7.58% which would bring the value down to 308,000.
I am assuming the broker just wants a pay day. He says that the seller is the one who wants 699K
My question would be what kind of information do I need to present to the broker in order to show that my analysis of the park is in fact true market value?
Thank you all in advance
PS I do plan on getting all of the study information and attending a bootcamp as soon as possible, but I didn’t want to let a possibly great deal pass me by.