What Is My Mobile Home Park Worth?
If you own a mobile home park or manufactured housing community and want to know what it is worth today, a broker opinion of value (BOV) gives you a professional, market-based answer without the cost or timeline of a formal appraisal. A BOV for a manufactured housing community is prepared by a licensed commercial real estate broker using your park’s net operating income, occupancy, lot rent levels, infrastructure quality, and the cap rates buyers are applying to comparable communities in your market today, and typically delivers in 2 to 3 business days.
For owners considering a sale, a BOV is typically provided at no charge as part of the broker relationship. For estate planning, partnership buyouts, property tax appeals, or other non-sale purposes, a modest fee may apply. You will always be told the cost before any work begins.
How a Mobile Home Park Gets Valued
Mobile home park valuation is driven primarily by the income approach. Buyers divide the park’s stabilized net operating income by the prevailing cap rate for the asset quality, location, and market tier to arrive at value. Unlike most commercial property types, the individual homes are typically owned by the residents, not the park owner. What the park owner sells is the land and infrastructure: the lots, roads, utilities, and common areas. This structure creates a uniquely stable income stream because residents have strong financial and practical incentives not to move their homes, resulting in tenant retention rates that exceed virtually every other asset class in commercial real estate.
The key factors a broker evaluates for a mobile home park include:
- Number of lots, occupied lots, and park-owned homes versus resident-owned homes
- Current lot rent versus market lot rent and the gap between them, which represents value creation potential
- Infrastructure quality: city water and sewer versus private well and septic systems, road condition, and utility metering
- Occupancy rate and historical occupancy trend over the past two to three years
- Net operating income on a trailing 12-month basis and the ratio of expenses to gross revenue
- Park size and scale: larger parks with 100 or more lots attract institutional buyers and command lower cap rates
- Market location: proximity to employment centers, population growth trends, and competing supply
- Regulatory environment: local rent control ordinances, conversion restrictions, or other regulations affecting operations
A BOV from a broker with active manufactured housing transaction experience will apply the cap rate that buyers in your market are using for your specific park size, infrastructure quality, and location tier, not a generic national average that may misstate your park’s value by a significant margin.
When Mobile Home Park Owners Request a BOV
Most requests come from owners in one of these situations, and understanding which one applies determines what the BOV needs to document and what comes next.
- Evaluating an unsolicited offer from a REIT, private equity buyer, or regional operator and need an independent market value reference
- Preparing to sell and need a realistic pricing range before selecting a broker or entering negotiations
- Estate planning or probate requiring documented current market value of a manufactured housing community
- Property tax appeal challenging an assessed value that does not reflect current market conditions
- Partnership dispute or buyout where an independent valuation is needed by both parties
- Evaluating whether to sell now into a favorable market or hold and continue raising lot rents
- 1031 exchange planning where knowing your park’s current value determines what replacement property makes sense
A BOV is not a certified appraisal and is not suitable for SBA lending, institutional financing, or legal proceedings requiring USPAP compliance. For those situations, a certified MAI appraisal is required. A knowledgeable broker will tell you which document you actually need before you spend time or money on the wrong one.
BOV vs. Certified Appraisal for Mobile Home Parks
Here is how the two valuation tools compare for a mobile home park owner:
| Â | Broker Opinion of Value | Certified Appraisal |
|---|---|---|
| Prepared by | Licensed CRE broker | Certified MAI appraiser |
| Turnaround | 2 to 3 business days | 2 to 4 weeks |
| Cost | Lower, often free for sale prep | $3,000 to $10,000+ |
| Accepted for | Sale prep, estate, tax appeal, partnership buyout | Lending, IRS, court |
| USPAP compliant | No | Yes |
For most mobile home park owners evaluating a sale, handling an estate, reviewing an unsolicited offer, or appealing a property tax assessment, a BOV is the faster and more practical starting point. A certified appraisal becomes necessary when a lender, the IRS, or a court requires USPAP-compliant documentation.
The Mobile Home Park Market Right Now
Manufactured housing communities have transitioned from an overlooked niche into one of the most resilient and sought-after asset classes in commercial real estate. National occupancy has climbed to nearly 94% according to Matthews Real Estate Investment Services, up from approximately 86.5% a decade ago. Lot rents have been increasing 5% to 10% annually in many markets, with Florida seeing growth of 5.5% to 11% year-over-year supported by population inflows and housing affordability pressures. With median home prices exceeding $400,000 in many major metros, demand for manufactured housing communities as affordable alternatives to conventional rental housing has never been stronger.
Cap rates in 2026 are tiered sharply by asset quality and location. Premium institutional-grade communities with 200 or more lots in growing metropolitan areas are trading at 4% to 5% cap rates, driven by REIT and private equity competition for scale assets. Stabilized Class B communities with 70 to 150 lots in suburban markets trade at 5.5% to 7.0%, the most active tier for privately held parks transacting today. Value-add communities with below-market rents, deferred maintenance, or high vacancy trade at 7.0% to 10% or wider, reflecting the execution risk buyers are pricing in. The national average cap rate for manufactured housing communities stood at approximately 5.9% in early 2026 according to Keel Team research, down roughly 40 basis points from Q4 2024.
The most consequential dynamic for park owners considering a sale is the institutional consolidation wave. REIT acquirers, private equity platforms, and regional operators are actively seeking off-market manufactured housing communities, and well-marketed assets are achieving pricing 8% to 15% above initial expectations according to Matthews. Approximately 20 new mobile home parks are created annually against a national stock of roughly 45,000, meaning supply constraints are structural rather than cyclical. For owners who have held their park for 10 or more years, current market conditions likely represent the highest value environment in the park’s history. A current BOV tells you exactly where your park sits in this active buyer market.
What to Expect When You Request a BOV for Your Mobile Home Park
The process is straightforward. After you submit your property details, a licensed broker with active manufactured housing deal flow will review your request and follow up to confirm the information needed and discuss your situation.
To prepare a BOV for a mobile home park, the broker will typically need:
- Property address and total number of lots
- Number of occupied lots and current occupancy rate
- Breakdown of resident-owned homes versus park-owned homes
- Current lot rent and any recent rent increase history
- Utility infrastructure: city water and sewer versus private well and septic
- Trailing 12-month income statement showing gross revenue and operating expenses
- Any known regulatory issues, rent control ordinances, or pending capital expenditures
- Current mortgage or debt if relevant to the transaction being considered
Most mobile home park BOVs are completed within 2 to 3 business days after property details are confirmed. For larger communities or those with complex ownership structures, additional time may apply.
Markets We Cover for Mobile Home Park BOV
We provide broker opinions of value for mobile home parks and manufactured housing communities in markets across the country. Don’t see your market listed? Submit your property details and a broker will follow up promptly regardless of location.
Request a BOV for Your Mobile Home Park
Getting started is free for owners considering a sale. Submit your property details and a licensed manufactured housing broker will review your request and follow up promptly.
Frequently Asked Questions
What is a broker opinion of value for a mobile home park?
A broker opinion of value (BOV) for a mobile home park is a written estimate of your property’s current market value prepared by a licensed commercial real estate broker with manufactured housing experience. The BOV is based on your park’s net operating income, lot count, occupancy, lot rents, infrastructure quality, and the cap rates buyers are applying to comparable communities in your market. It typically delivers in 2 to 3 business days and is appropriate for sale preparation, estate planning, property tax appeals, evaluating unsolicited offers, and most advisory purposes.
Do I need a formal mobile home park appraisal or will a broker price opinion work?
For most mobile home park owners evaluating a sale, reviewing an unsolicited offer, handling an estate, or appealing a property tax assessment, a broker opinion of value is the faster and more practical starting point. A formal certified appraisal is required when a lender, the IRS, or a court requires USPAP-compliant documentation. A BOV typically delivers in 2 to 3 business days at a fraction of the cost of a certified appraisal. A knowledgeable broker will tell you which document you actually need before you commit time or money.
Why has mobile home park value increased so dramatically in recent years?
Three structural forces have converged to drive manufactured housing community values higher. First, supply is effectively fixed: approximately 45,000 parks exist nationally and only about 20 new ones are created per year due to zoning restrictions and community opposition. Second, demand has accelerated as conventional homeownership and rental housing have become unaffordable for a growing share of households, making manufactured housing the most affordable option in many markets. Third, institutional capital has recognized these fundamentals and flooded the sector, compressing cap rates to levels historically seen only in multifamily and industrial. The result is that many parks that sold for $500,000 a decade ago are now worth $2 million to $5 million or more depending on lot count, lot rents, and market location.
How accurate is a broker price opinion for a mobile home park?
A BOV from a broker with active manufactured housing transaction experience is a reliable indicator of what your park would trade for in the current market. The key variable is cap rate selection, which is highly sensitive to park size, infrastructure quality, market location, and occupancy. A broker without current manufactured housing deal flow may apply cap rates that are 100 to 200 basis points off market, which on a $2 million park represents a $400,000 to $500,000 valuation error. Always confirm the broker has recent mobile home park transaction experience in your region.
What information do I need to provide for a mobile home park BOV?
The most important details are the property address, total lot count, occupancy rate, current lot rent, utility infrastructure type (city or private), and a trailing 12-month income statement. The breakdown of resident-owned versus park-owned homes is also important since park-owned homes add management complexity that buyers price into their offers. A broker will follow up to confirm any additional details needed for your specific community.