Under Contract
1881 Ocean Avenue
Ventura CA, 93001
$2,400,000
Under Contract
Residential
Built in 1965
Listed by Craig Lieberman with Apartment Investment Specialis (805) 320-6646
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'.
V1-22454
MLSⓇ ID
March 15, 2024
Listed
April 12, 2024
Updated
Map
1881 Ocean Avenue
Ventura CA, 93001
Interior Features
Laundry Description
Laundry Room
Fireplace
Yes
Fireplace Description
None
Cooling
No
Cooling Description
None
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.33 Acres
Lot Features
Sprinklers None
Other Property Details
Days on Market
25
Garage
Yes
Garage Spaces
7
Parking
Garage, Off Street
Parking Total
7
View
No
View Description
None
County
Ventura
Pool
No
Pool Features
None
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
|---|---|---|
4/9/2024 | Under Contract | — |
Listing Contact: (805) 320-6646
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/12/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 4/12/2024 at 7:50 PM UTC