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176-182 W Ramona St
Ventura, CA 93001
Multifamily Property For Sale
·
16 Units
Investment Highlights
- Value add opportunity to build approximately FOUR ADUs by right.
- 8 of 16 units have been completely renovated to include new kitchens, bathrooms, flooring, recessed lighting, modern fixtures, and appliances
- Onsite laundry and landscaped outdoor area for tenants to enjoy
- Comprised of all two bedroom/one bath units.
- Three separate structures on spacious 22,214 sq. ft. lot
- Approximately 1 mile to Downtown Ventura and 2.5 miles to the beach.
Executive Summary
This value-add investment opportunity offers the potential to build approximately four additional ADUs by right on a spacious 22,214 sq. ft. lot, providing significant future upside. The property consists entirely of two-bedroom, one-bathroom units, with 8 of the 16 units already completely gut renovated featuring new kitchens and bathrooms, updated flooring, recessed lighting, modern fixtures, and stainless steel appliances. The asset is spread across three separate structures and includes on-site laundry as well as a landscaped outdoor area for tenants to enjoy. Ideally located approximately one mile from Downtown Ventura and just 2.5 miles from the beach, the property sits in the historic Ventura Avenue district and is surrounded by several pending development projects. Ventura is currently experiencing a severe shortage of workforce housing and competing rental inventory, while most new developments in the area are luxury-oriented and command premium rents. The property is subject to California State Rent Control, which currently allows for annual rent increases of up to 7.7% in Ventura, providing investors with steady income growth potential.
Property Facts
| Price Per Unit | $440,307 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 5.65% | Building Size | 11,444 SF |
| Gross Rent Multiplier | 10.99 | Average Occupancy | 97% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | Parking Ratio | 1.4/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3-2, Ventura | ||
| Price Per Unit | $440,307 CAD |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| Gross Rent Multiplier | 10.99 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 11,444 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | R3-2, Ventura |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | 700 |
| 3+2 | 2 | - | 950 |
| 4+2 | 2 | - | 1,000 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,898,937 CAD | |
| Land Assessment | $1,258,460 CAD | Total Assessment | $4,157,398 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,258,460 CAD
Improvements Assessment
$2,898,937 CAD
Total Assessment
$4,157,398 CAD
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