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%.