Steve,
Based on very quick swag, I get the same as Jim (assuming rounding). Here’s what I see:
-
Occupied lots x Lot Rent x 12 x .6 [1- Expense w/o submeter]
-
88 x 300 x 12 x .6 = $190,080
Then
$190,080 / $1,500,000 = .126 which 12.6 or 13 CAP depending on rounding
This was assuming a very generic 40% expense ratio. There is no home rental income used in this equation.