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$ 8,650,000
Est. payment /mo
Pending
601 Grand Avenue Ojai, CA 93023
24,708 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 24,708 sqft
Price per Sqft $350
MLS Listing ID CL25591565
HOA Y/N No
Year Built 1965
Lot Size 2.750 Acres
Acres 2.75
Property Sub-Type Other
Property Description
We are pleased to present the Grand East Oak Apartments, a 32-unit multifamily portfolio in the heart of Ojai, California. Spanning 2.75 acres across 601 Grand Avenue and 514516 E Oak Street, the offering represents one of the largest multifamily landholdings in the city, where new supply is virtually impossible to replicate. The scale, location, and nearly three acres of contiguous land make this a rare opportunity for an investor to become one of Ojai's largest private landowners.After more than six decades of family ownership, the properties are available for the first time since the 1960s, marking a generational opportunity in one of Southern California's most tightly held markets. The unit mix consists of 63% two-bedroom units and 34% one-bedroom units, with an average unit size of 772 SF. Current average rents of $1,890/unit ($2.45/SF) trail market averages of $2,503/unit ($3.24/SF), creating a 32% rental upside through natural turnover and light renovations. The property is subject to the City of Ojai's local rent stabilization ordinance, which generally limits annual rent increases to 4% for non-exempt multifamily properties built before 1995, while still allowing landlords to set initial rents at market upon vacancy. Select units have already been modernized with granite
Location
State CA
County Ventura
Zoning MULT
Interior
Fireplace No
Laundry Common Area
Building
New Construction No
Others
Tax ID 0220090450
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Listed by Filip Niculete • Marcus & Millichap
