Monetization · long-term tenant
The long-term tenant model.
The full data set on running a converted unit as 12-month workforce housing. Unit economics, OpEx, capital structure, tenant-protection exposure, and the data gaps we don't paper over.
Read this honestly
The data below is drawn from the same Mosca, CO operator due-diligence package as the glamping page. It is illustrative of an integrated operator's projected economics — not a Padlock Park guarantee. Padlock Park's deliverable is the conversion service. The tenant economics depend on the operator's local labor market, rent comparables, screening discipline, and tenant-management capability. Numbers cited from Memo (Investment Memorandum), Risk (Risk Register), Model (Financial Model), TS (Term Sheet).
Unit economics — base case
Per-unit, per-month and per-year. Skyline base case is a 12-month lease at $700/month.
| Revenue stream | Unit basis | Monthly | Annual | Source |
|---|---|---|---|---|
| Long-term tenant rent | $700/month × 12 | $700 | $8,400 | Memo §07 |
| 8-unit long-term allocation (Phase 1+2) | 8 × $700/mo | $5,600 | $67,200 | Memo §07 |
Per-unit annual revenue: $8,400 long-term vs. $17,100 short-term base case. The long-term path trades top-line revenue for cash-flow stability and lower OpEx exposure.[Memo §07, Model]
Comparable benchmark cited: $700/month is benchmarked to "local long-term RV lot rents; AC-zoned" in the Mosca / San Luis Valley sub-market. [Risk §04] The docs do not provide a sourced citation for this comparable — operators in different markets should pull their own Zumper / Apartments.com / RentDigs / regional MLS comparables before committing capital.
OpEx — site level, tenant-mix
The Skyline docs DO NOT segregate OpEx by tenancy type. Implied savings noted.
The Skyline financial model uses a single OpEx number across the 12-unit Phase 1+2 footprint — $81,000/year, $6,750/month — regardless of glamping-vs-tenant mix. [Memo §08]The docs identify cleaning & turnover ($1,050/month) as the variable line that compresses with long-term-heavy mix, but they do not quantify that delta.
| Line item | Glamping mix monthly | Tenant-heavy implied delta | Note |
|---|---|---|---|
| Utilities | $1,050 | Roughly equal | Tenant draw is similar; potentially higher in winter heating markets |
| Maintenance reserve | $1,200 | Roughly equal | Per-unit reserve is set by depreciation, not tenancy |
| Cleaning & turnover | $1,050 | Likely 30–60% lower | Long-term turnover is annualized, not weekly |
| Insurance | $800 | Materially different | Long-term residential coverage typically lower than STR; not quantified in docs |
| Internet | $200 | Equal | Site-wide single connection |
| Misc / admin | $1,500 | Lower | Less booking-platform overhead; fewer transactions |
| Operator / payroll | $950 | Lower at retail rate | Less guest-facing; more passive |
Data gap — flagged honestly
The OpEx delta between tenant-heavy and glamping-heavy mixes is not quantified in the Skyline docs. Industry benchmark for workforce-housing OpEx tends to land at 35–45% of gross revenue (vs. 50–60% for short-stay hospitality), but Padlock Park does not own that data and won't claim it without operator-specific verification.
Capital structure
Identical to the glamping path — same project basis, same sources.
The Skyline financial model uses one capital structure across both monetization paths. The conversion service deliverable ($7,500 hard cap × unit count) does not change with the operator's monetization choice. The Phase 1+2 site basis is $203,400 across 12 units.
| Capital line | Amount | Treatment in tenant model |
|---|---|---|
| Land | $60,000 | Same |
| RV units (12 units, ~$5,500 avg, under $7,500 cap) | $66,000 | Operator acquired below the Padlock cap |
| Solar / electrical | $35,000 | Same; tenant load may justify smaller battery sizing |
| Site infrastructure | $10,000 | Same |
| Site setup | $15,000 | Same — pads, hookups, fire pits |
| Working capital | $17,400 | Same |
| TOTAL PROJECT BASIS | $203,400 | [Memo §09] |
Unleveraged. Same as glamping path — no DSCR, no bank debt modeled in the Skyline docs. Refinance optionality at Y3 stabilization applies to either path.
Conservative case
Tenant-heavy mix with stripped operator advantages.
The Skyline conservative case combines a tenant-heavy mix (6 long-term + reduced short-term occupancy) with operator-specific advantages stripped (retail labor, retail solar pricing, retail marketing). The result is a meaningful margin compression but the project still produces an unleveraged yield in the 40% range.
| Metric | Base case (glamping mix) | Conservative (tenant-heavy + retail labor) |
|---|---|---|
| Annual NOI | ~$157,560 | ~$84,000 |
| Project basis | $203,400 | ~$215,000 |
| Unleveraged yield | ~77% | ~41% |
| Source | Memo §08 | Memo §08, Risk §06 |
Long-term-specific risk dimensions
Failure modes, mitigations, gaps.
| Risk | Likelihood | Mitigation in docs | Source |
|---|---|---|---|
| Single-operator dependency for tenant relations | Medium | Documented SOPs; helper-trade fallback | Risk §07 |
| Tenant mix / family-safety conflict | Medium | Published community standard, premium-tier fenced sites, screening | Memo §13, Risk §07 |
| Eviction risk / lease-break | — | Not addressed in source docs | GAP |
| Tenant-protection law exposure (state-specific) | — | Not addressed in source docs | GAP |
| Fair-housing exposure (advertising / screening criteria) | — | Not addressed in source docs | GAP |
| Maintenance call volume | Medium | $14.4K/yr maintenance reserve + helper team | Memo §08 |
| County zoning fails to support residential occupancy classification | Low/Catastrophic | Pre-launch verification gate | Risk §02, §07 |
Data gap — flagged honestly
Three material gaps for any tenant-path operator: the docs do not address eviction process, state-by-state tenant-protection law (notice periods, just-cause requirements, rent control where applicable), or fair-housing exposure under FHA / state equivalents. These are non-trivial — eviction in a tenant-protection state can run 90–180 days with attorney costs in the $5K–$15K range. Operators must verify in their jurisdiction before signing a 12-month lease.
Operational specifics
How long-term tenancy actually runs.
| Aspect | Skyline approach | Source |
|---|---|---|
| Allocation rule | Long-term offered first on every vacant unit; short-term is fill-only | Memo §06 |
| Mixed-tenure tolerance | LT, weekly, nightly accepted simultaneously | Memo §06 |
| Time to revenue | Phase 1 (8 units) live within 90 days of close; Phase 2 (12 units) within 150 days | Memo §15 |
| Capacity constraint | Domestic well + septic capacity — engineering review at 16+ units | Memo §13, Risk §02 |
| Distribution channels | Not specified in docs | GAP |
| Screening | Implied; specific criteria not in docs | GAP |
Regulatory & zoning posture
What changes when the unit becomes a residence.
Mosca posture: AC zoning, no HOA / covenants. Operating posture is "private property + accessory RV use." Long-term occupancy on AC-zoned land triggers different threshold questions than transient camping — dwelling cap, residential-use definition, length-of-stay rules. Flagged in docs as pre-launch verification item but not resolved. [Memo §13, Risk §02, §07]
Insurance: the same $800/mo property + liability quote applies in the docs. Standard residential coverage typically prices below STR coverage; operators should request a tenant-specific quote.
Data gap — flagged honestly
Tax treatment difference (residential vs commercial property tax; income tax on long-term rent vs lodging revenue) is not addressed in the source docs. In most jurisdictions, long-term residential income is taxed at ordinary rates, while STR income may face additional lodging/occupancy tax. Property tax assessment can also differ — some jurisdictions assess long-term-occupied parcels at residential rates rather than commercial. Material to operator economics; not modeled in the Skyline corpus.
Exit assumptions
Same exit framework as the glamping path — but the comparable cap rate is different.
The Skyline docs apply a uniform 6x–10x NOI exit multiple regardless of revenue mix. [Memo §12] This understates the real-world spread. Workforce-housing and manufactured-housing-park trades typically command different cap rates than hospitality / glamping properties.
Data gap — flagged honestly
The Skyline docs do not distinguish exit multiples by tenancy mix. Industry-public reference points (Sun Communities portfolio trades, Equity LifeStyle Properties cap rates, ELS quarterly disclosures) consistently price MHP / RV park assets at lower cap rates (i.e. higher multiples) than hospitality. Tenant-heavy assets typically trade at premium to short-stay assets in the same market because cash flow is more predictable. Operators planning exit should run independent cap-rate analysis using public comps, not rely on the Skyline 6x–10x range.
Data we don't have — and won't fake
The institutional-due-diligence ask list for tenant model.
- Workforce-housing operator comparables — Sun Communities, ELS, manufactured-park operator portfolios. Not in the Skyline corpus.
- Cap-rate benchmarks for RV park / MHP trades by region.
- Sourced rent comps — Zumper / Apartments.com / RentDigs / regional MLS data by zip.
- State-by-state eviction process timeline and tenant-protection law exposure.
- Fair-housing legal exposure — screening criteria, advertising rules, protected-class definitions.
- OpEx delta between tenancy mixes — quantified.
- Property tax + income tax treatment differences between long-term residential and short-term hospitality.
- DSCR-eligible debt structures for stabilized RV park / MHP assets.
Bring your own market data into the discovery call. We model your specific park — your jurisdiction, your tenant pipeline, your screening criteria — against the cap deliverable.