Oak Hills 1
Oak Hills 1
Oak Hills 3
Oak Hills 3
Oak Hills 4
Oak Hills 4
Oak Hills 2
Oak Hills 2
Oak Hills 1
Oak Hills 3
Oak Hills 4
Oak Hills 2

Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 10.0%
  • Listing ID: 102123
  • Posted On: Aug 2, 2011
  • Updated On: Feb 21, 2012

Description

Marcus & Millichap is pleased to present a 249 site manufactured home community just south of downtown Columbus, Ohio, Oak Hills MHC. Oak Hills is a beautifully maintained community in a rural and naturally wooded area, but is only 15 minutes from the heart of the State Capital. The community is a short distance from Interstate 71 and 270 which allows tenants the ability to quickly access many major shopping centers and restaurants in the area. Oak Hills offers a large variety of common areas including a clubhouse, pool, playground and basketball courts. Many of the homesites are larger and can accommodate a 70' or 80' home. The tenants are responsible for paying their own water and sewer which the landlord sub-meters. Currently the sewer is on a private sewer treatment plant, but with recent plans by the County to hook into municipal sewer, the Seller is willing to escrow funds ($400,000) at closing in order to cover the expense.

With the right management in place, Oak Hills offers an investor a great amount of upside. Currently the occupancy is 71%, and the expenses have average $1,487/site since 2009. This equates to an expense ratio of 48.6%. Oak Hills is being offered at a 9.83% Cap Rate, but the Year End 2010 Cap Rate is 10.18%.

Amenities

  • Pool
  • Club House
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Park Information

Number of MH Lots: 249
Total Occupancy: 71.0 %
Year Built: 1981
Average MH Lot Rent: $330
Size: 53 acre(s)

Financial Information

Gross Income: $759,200
Operating Expense: $369,092
Net Operating Income: $390,108
Expense Ratio: 48.6 %

Utility Information

Water: Well
Water Paid By: Tenant - Submetered
Sewer: Treatment Plant

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