Manufactured Home Park Acquisition Calculator

MHP investments offer high cap rates with operational simplicity (lot rent only) but tenant + regulatory risk.

Lot count

Monthly lot rent

Occupancy %

Expense ratio %

Cap rate %

Purchase price

$6,391,125

NOI

$511,290

Annual GPR

$786,600

How the math works

GPR = lots × rent × 12 × occupancy. NOI = GPR × (1 − expense). Price = NOI / cap.

150 × $475 × 12 × 92% = $786k × 65% = $511k NOI / 8% = $6.39M purchase price.

How to Use

Enter lot count.
Enter monthly lot rent.
Enter occupancy %.
Enter expense ratio %.
Enter cap rate %.
Read purchase price.

Frequently Asked Questions

MHP economics?

Cap rate range: 6.5–9.5% institutional Class A, 9–14% mom-and-pop Class B/C. Lot rent: $250–700/mo typical, varies $150 rural to $1,200 coastal CA. Expense ratio: 30–45% (utilities, taxes, common area, modest amenities). Tenant-owned home: minimal capex risk. Park-owned home: higher capex/turnover. Major operators: Sun Communities, Equity Lifestyle Properties, Yes! Communities — drive cap compression. Regulatory: rent control bills in CA, OR, WA, MN. Always check local rent stabilization.

How does this asset class compare to traditional CRE?

Specialty assets (self-storage, RV parks, MHP, marinas, cold storage, data centers, parking, car wash, QSR/c-store, billboards, cell towers) typically offer higher cap rates than office/retail but with more operational complexity. They reward specialized operators with deep market knowledge. Lender pool is narrower, capital costs sometimes 50–150 bps higher, but downside resilience often better.

Capex and operational considerations?

Specialty assets often have heavier operational burden than passive triple-net retail. Self-storage, RV, MHP: tenant turn, security, basic upkeep. Marinas, parking, car wash: equipment-heavy with replacement reserves. Cold storage, data center: utilities are major cost. Billboards, cell towers: minimal opex, near-passive. Match management capacity to asset operational intensity.

Exit strategy?

Specialty asset cap rates have compressed significantly over last cycle but volatility is real. Buyers: REITs, private equity rollups, regional operators, 1031 buyers. Strong NOI history, environmental clarity (especially for car wash, gas station), and lease structure (for billboards, cell towers) drive valuation. Plan exit 24+ months in advance for best execution.