Please send any off market mobile home park in the 3-10mill dollar range. 8 Cap or above.
I think it’s going to be difficult to find a mobile home park valued between $3 and $10 million at a market cap of 8% or above unless you source the deal on your own. That is an extremely competitive price range.
Once you start approaching the higher single digit millions of dollars, the property becomes more institutional grade, which means you’re competing with professional investors, funds, and REITs, and all of them are willing to pay a higher price than an 8-cap.
If you want to find such an animal, you will probably have to beat the streets, hammer the phones, and find it on your own.
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Take a look at Park and Places where most are listed at 9-10 cap and Linda is very competent with 25 years of experience. As mentioned by Mpark above. the numbers you suggest is a very crowded market. When a market is oversold, there is usually another market to explore. We have up 3 calls a day trying to have a discuss buying our parks–very oversold market. We have buyers going to less than a 5-cap trying to close a deal.
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A lot of people on this forum are targeting parks under 50 or even 20 units. At that size, the values are going to be under $500k, but the cap rates will be closer to 8%.