MHC comps and best practices

[KLNBresearch]

Good afternoon everyone,

First-time poster here, and I welcome any instruction/guidance/help.

I direct research for a brokerage in the mid-Atlantic, and I'm helping two brokers as they prepare to bring a portfolio to market. The large chunk of value/income is the 65+ MHC on the back of the property (in front are a pair of repair shops, an IOS yard, and two separate duplexes). The pads are for sale without any of the trailers (all individually owned).

The non-headline here is that there aren't many MH comps in the area, and I don't expect to be flooded with them. But if anyone is willing/able to help me size this up, I'm happy to be a resource in return for anything we can help with. Our firm does a lot of retail, which is not as difficult to track as MHC but is a harder asset class than most to comp out.

Many thanks for considering my request.
Chris

 

[sputnam]

The approaches are the same in every valuation. The details and the data differ. When there are no... or very few comparable sales... you rely on the Cost and/or Income Approaches.

 

[Larry Phillips]

Good afternoon everyone,

First-time poster here, and I welcome any instruction/guidance/help.

I direct research for a brokerage in the mid-Atlantic, and I'm helping two brokers as they prepare to bring a portfolio to market. The large chunk of value/income is the 65+ MHC on the back of the property (in front are a pair of repair shops, an IOS yard, and two separate duplexes). The pads are for sale without any of the trailers (all individually owned).

The non-headline here is that there aren't many MH comps in the area, and I don't expect to be flooded with them. But if anyone is willing/able to help me size this up, I'm happy to be a resource in return for anything we can help with. Our firm does a lot of retail, which is not as difficult to track as MHC but is a harder asset class than most to comp out.

Many thanks for considering my request.
Chris

The income approach may be your strongest angle of approach. There may be some mobile home park sales available on an area basis - LoopNet or other similar sites. Best regards

 

[Fritz in NY]

Maybe hire an appraiser?

 

[KLNBresearch]

The approaches are the same in every valuation. The details and the data differ. When there are no... or very few comparable sales... you rely on the Cost and/or Income Approaches.

Thank you for the quick reply. Very much appreciated. Please let me know if I can try to return the favor.

 

[KLNBresearch]

The income approach may be your strongest angle of approach. There may be some mobile home park sales available on an area basis - LoopNet or other similar sites. Best regards

Thank you Larry! Please let me know if there's anything I can do for you from Virginia through Baltimore.

 

[KLNBresearch]

Maybe hire an appraiser?

Fair enough response. I don't like being a freeloader, Fritz. Just trying to understand this space and see if I'm missing something or if anyone who works this asset class knows of any recent comps or has data sources I don't know about.

 

[Artemis Fowl]

Good afternoon everyone,

First-time poster here, and I welcome any instruction/guidance/help.

I direct research for a brokerage in the mid-Atlantic, and I'm helping two brokers as they prepare to bring a portfolio to market. The large chunk of value/income is the 65+ MHC on the back of the property (in front are a pair of repair shops, an IOS yard, and two separate duplexes). The pads are for sale without any of the trailers (all individually owned).

The non-headline here is that there aren't many MH comps in the area, and I don't expect to be flooded with them. But if anyone is willing/able to help me size this up, I'm happy to be a resource in return for anything we can help with. Our firm does a lot of retail, which is not as difficult to track as MHC but is a harder asset class than most to comp out.

Many thanks for considering my request.
Chris

Have you contacted the assessor?
Dunno how Maryland works but in Michigan we have a cost manual with pad prices. Some recent sales have shown them to be pretty credible.