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Active
220 S E ST Oxnard, CA 93030
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRV1-27264
Originating Board California Regional MLS
Year Built 1960
Lot Size 6,969 Sqft
Property Description
Price just reduced $100k! 8-unit Oxnard apartment building located in the historic district with approved plans to build (2) new ADUs. Excellent investment opportunity to realize upside in rental rates on existing units along with taking baton from Seller to use city approved plans to build 2 additional studio units totaling 650 SF. Current Unit mix includes (1) 2BD/2BA, (2) 2BD/1BA and (5) 1BD/1BA units each with their own patio. Laundry room onsite, currently not in use, with new commercial grade water heater serving whole building. 4 of the units have been recently remodeled. Good downtown Oxnard location within walking distance to Plaza Park (home to farmers market and community events), Santa Clara Elementary School, Public Library, City Hall & Centennial Plaza - home to movie theaters, shops and restaurants. Offered at 12.5 x current in place rents.7.2% CAP rate can be achieved by the astute investor on market rents and assumed new ADU rents (assumes $200k+/- to build (2) studio ADU units totaling 650 SF which are projected to rent for $1700 apiece).
Location
State CA
County Ventura
Area Vc31 - Oxnard - Northwest
Rooms
Kitchen Other, Oven - Gas
Interior
Heating Wall Furnace
Cooling None
Laundry None
Exterior
Parking Features No Parking
Garage Spaces 8.0
Pool 31, None
View None
Others
Tax ID 2020082110
Special Listing Condition Not Applicable
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Listed by Nicholas Henry • Beachside Partners