1881 Ocean Avenue, Ventura, CA 93001

$2,400,000
List Price
$2,400,000
Status
ACTIVE UNDER CONTRACT
MLS#
V1-22454
Year Built
1965
Lot Size
14,186
Acres
0.33
Lot Location
Sprinklers None
Days on Market
37
Property Type
Multifamily
Neighborhood
Ventura: Other

Property Description

Just a bit over one mile away from the coastal water this multifamily property includes a two-story building that encompasses seven 800 square-foot two-bedroom, one-bathroom units. Built in 1965, the property provides its tenants with the privacy and security of one-car garages that are always coveted by tenant communities, and, for tenant convenience, there is a coin-operated washer-dryer room. With minimal low-maintenance decorative landscaping and a newly painted building, this property offers a handsome curb appeal.As a property that reflects under-market rents throughout, there remains a significant upside in rents and, therefore, value. In fact, there remains a 40% upside in that respect, and more when considering what upgraded units would fetch. As with all residential income properties (excluding those covered by more strict ordinances in certain municipalities throughout the state), annual rent increases are controlled by the limits stipulated in the statewide rent control commonly referred to as AB-1482 that went into effect January 1, 2020 and 'sunsets' January 1, 2030 - those annual rent caps defined as 'the lesser of 10% and 5% + CPI'.

Additional Information

Pool Description
None
Heat
Wall Furnace
Cooling Description
None
View
None
Garage Spaces Total
7
Attached Structure
Detached
Number Of Units Total
7
Gross Scheduled Income
$140,100
Operating Expense
68353

Listing courtesy of Listing Agent: Craig Lieberman (craig@ais-realestate.com) from Listing Office: Apartment Investment Specialis.

Mortgage Calculator

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Calculator source: Real Geeks

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.