Rex says
Money math without the spreadsheet headache. Plug in your numbers and I'll show you exactly where the dollars land.
Try a scenario
Click to load — tweak from there.Inputs
Result
Annual NOI
$215,016
Implied park value
$2,866,880
Value per lot
$35,836
Gross annual lot rent revenue
$346,800
Occupancy rate
85%
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How to use this
- 1Enter total lots/pads.
- 2Enter occupied lots.
- 3Enter monthly lot rent per pad ($).
- 4Enter operating expense ratio (%).
- 5Enter market cap rate for parks (%).
- 6Read your annual noi on the right — it updates as you type.
- 7Hit Share to keep the scenario or send it to someone.
About this calculator
Mobile home park investing runs on lot rent economics, not unit rent economics, because in most parks the tenant owns their home and pays you only for the land, utilities hookup, and community infrastructure. This calculator computes per-lot monthly and annual revenue, applies a park-level expense ratio (mobile home parks typically run 30-45% expense ratios, notably lower than apartments' 40-50% because tenants own and maintain their own structures), and derives NOI, cap rate implied value, and per-lot value. The metric experienced park investors watch closest is occupied lots versus total pad count — vacant lots generate zero revenue but still cost money to maintain (mowing, road upkeep, taxes on the land), so occupancy percentage swings NOI dramatically more than a similar vacancy swing does in an apartment building, where at least some fixed per-unit costs don't apply to vacant pads in the same way. Park-owned homes (POH) that you rent out rather than just leasing the lot change this math substantially since you then take on repair and turnover costs like a normal landlord — separate that revenue stream from pure lot rent when running your numbers.
Worked example
Using the values the calculator loads with:
Inputs
- Total lots/pads: 80
- Occupied lots: 68
- Monthly lot rent per pad: 425 $
- Operating expense ratio: 38 %
- Market cap rate for parks: 7.5 %
Results
- Annual NOI: $215,016
- Implied park value: $2,866,880
- Value per lot: $35,836
- Gross annual lot rent revenue: $346,800
- Occupancy rate: 85%
What each field means
Inputs
- Total lots/pads
- The total lots/pads used in the calculation. Starts at 80 so you have a working example on load.
- Occupied lots
- The occupied lots used in the calculation. Starts at 68 so you have a working example on load.
- Monthly lot rent per pad ($)
- The monthly lot rent per pad used in the calculation, measured in $. Starts at 425 $ so you have a working example on load.
- Operating expense ratio (%)
- The operating expense ratio used in the calculation, measured in %. Starts at 38 % so you have a working example on load. Accepted range: 10–70 %.
- Market cap rate for parks (%)
- The market cap rate for parks used in the calculation, measured in %. Starts at 7.5 % so you have a working example on load. Accepted range: 3–15 %.
Results
- Annual NOI
- Returned as a money amount in US dollars and shown as the headline result. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Implied park value
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Value per lot
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Gross annual lot rent revenue
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Occupancy rate
- Returned as a percentage. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
FAQ
Why do parks trade at higher cap rates than apartments?
Manufactured housing communities historically traded at a premium cap rate (meaning cheaper relative to NOI) versus apartments due to perceived lower liquidity, tenant credit concerns, and management intensity, though institutional capital entering the space over the past decade has compressed cap rates in larger, well-located parks with city utilities.
What's the biggest value-add lever in a park?
Filling vacant lots is usually the highest-return lever since each newly occupied lot drops almost entirely to NOI with minimal incremental expense, unlike apartment turns which carry real make-ready cost. Bringing lot rent up to market where it's been under-managed for years is the second most common lever, especially in parks bought from long-time mom-and-pop owners.
Should I include park-owned home rental income in this calculator?
No — this tool models pure lot rent economics. If you own and rent out homes within the park (park-owned homes), model that revenue and its expenses — repairs, turnover, appliance replacement — separately, since it behaves like standard single-family rental economics, not lot rent economics.
What expense ratio should I actually expect?
30-40% is typical for a park with city water/sewer and reasonable infrastructure condition; parks on private well/septic systems or with aging infrastructure can run 45%+ due to maintenance and potential capital call risk. Always get three years of trailing expense detail, not just a seller's pro forma, before underwriting.
Accuracy and limitations
- Results are estimates before tax, fees, and inflation unless an input explicitly covers them.
- Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.
- This is educational maths, not financial advice. Check anything contractual with the lender or your accountant.
Related tools
Land Development Yield-on-Cost Calculator
Compare stabilized NOI yield-on-cost against market cap rate to gauge development spread.
Cap Rate Expansion Sensitivity Calculator
See how much exit value drops if cap rates rise between purchase and sale.
Commercial NNN Lease Escalation Calculator
Project rent growth over a triple-net lease term with fixed or CPI-linked escalations.
Cite this calculator
Writing about this topic? Grab a citation — every link helps keep these tools free.
RevenueLab. (2026). Mobile Home Park Lot Economics Calculator. Retrieved from https://www.revenuelab.fyi/toolbox/mobile-home-park-lot-economics
<p>Source: <a href="https://www.revenuelab.fyi/toolbox/mobile-home-park-lot-economics" target="_blank" rel="noopener">Mobile Home Park Lot Economics Calculator — RevenueLab</a> (2026).</p>
Source: [Mobile Home Park Lot Economics Calculator — RevenueLab](https://www.revenuelab.fyi/toolbox/mobile-home-park-lot-economics) (2026).