Mobile home park
Pad rent, pad by pad
In a tenant-owned-home park the real estate is the pad, and pad rent is the income. Altyst underwrites a park as a per-unit rent roll on the multifamily engine: pads as the units, pad rent at dollars per month.
Pads as the unit mix
Each pad type is a row with a count, an in-place pad rent, and the market rate. Park-owned homes go in as their own rows at home rents, so a mixed park stays honest about which income is ground rent and which is housing. Utility billbacks and fees book as other income.
- Pads as units at $/month pad rent
- Park-owned homes as their own rows
- Utility billbacks and fees as other income
In-place pad rent$485Rent roll
Market pad rent$540Comps
Park-owned homes14Own rows
Ground-rent economics
Pad rent and the park's expense lines grow on separate curves, with every line editable and a formula behind each cell. Debt, returns, and the downside case run on the same engine as every other class.
- Rent and expenses on separate growth curves
- Sized on LTV, minimum DSCR, or debt yield
- Base, upside, and downside side by side
Levered IRR
16.4%
Equity multiple
2.02x
Going-in cap
6.8%
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