Tarmacs and Trailer Parks: Commercial Valuation Case Studies

Part 1 (Aviation real estate): Covers how airport classification (major vs. minor) drives demand, constraints and

valuation, the main on-airport property types (hangars, FBO, cargo/industrial, and select non-aviation uses), who

invests in these assets, what drives development cost and timing, how to think about “good” lease rates, and how ground

leases and lender/valuation perspectives (leasehold vs. fee) translate into value—ending with current aviation

investment trends (notably hangar shortages and consolidation). Part 2 (Manufactured Home Communities): Provides an

industry overview and demand drivers, regulatory and zoning constraints, community types and physical/infrastructure

considerations, housing stock nuances (including financing implications), revenue/expense structures and normalization,

primary valuation methods (income cap and DCF, plus sales comparison and limited cost), advanced topics (infill, rent

control risk, underwriting trends), common valuation pitfalls, and a short valuation case-study discussion. Overall,

both parts are intended to help appraisers understand general valuation considerations and pitfalls associated with

these specialty asset types.