Hello Frank and Dave,
I am new to this site. We have a nice, clean Mobile Home Park in Ontario Canada. 25 sites are occupied, and 9 approved lots are ready. Our park can still be expanded to an additional 73 lots.
Due to my husband’s health we are thinking of selling our park in the near future. Our park is assessed over 1 Million, but all the homes are privately owned. Can you give us a hint of what the park would be worth?
Thank you,
Susan
Canada is a different animal than the US in regards to pricing and value of parks but there are some common principals at play in pricing.
You will need to provide specifics regarding your rental income and water fees. Park value is predominantly driven by income but is impacted by expenses.
Tax assessed value is of little importance as it includes the value of all the residents homes and the land combined.
It would help to know if it is rural (septic and well water) or city services.
Are the roads paved or gravel and what is the total acreage.
Do you know approximately what your annual expenses are, septic, water, roads, trees, hydro, taxes, insurance, grass and snow etc.
The general overall standard of the community is also of some importance in Canada. Are the homes well maintained, how old are they, are the roofs original domed style or peeked shingled, do the residents take pride in ownership, are park rules enforced.
Thank you for this info. I will look into that.