301&305...301 305 . igna t. jai CA 93023 10.15.20 Steve Golis 805.879.9606 [email protected] CA...

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Steve G olis805.879.9606

[email protected] Lic. 00772218

B rian Johns on805.879.9631


301&305N. SIGNAL ST.OJAI, CALIFORNIA 93023

16-Unit Multifamily Asset

Situated In the Heart of the

Picturesque Southern California

Community of Ojai

PRICE REDUCTION$ 3 , 8 9 5 , 0 0 0

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The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

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Located in a valley at

the foot of the Topa Topa

mountains, some 35

miles northeast of Santa

Barbara and 80 miles

north of Los Angeles,

is the town of Ojai, a

world-class health &

wellness destination

dotted with an array of

boutiques, farm-to-table

dining, wine bars, and

microbreweries

mailto:sgolis%40radiusgroup.com?subject=mailto:bjohnson%40radiusgroup.com?subject=





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P R O P E R T Y O V E R V I E W

Offering Specifics

Price $3,895,000

Unit Mix 16 Units: (11) 1BD/1BA; (4) 2BD/1BA; (1) Studio

Land Size ±0.34 Acres (±14,810 SF)

Building Size ±9,540 SF

Price/SF $408/SF

CAP (Current) 4.25%

CAP (Projected) 5.26%

APN 021-0-072-060

Year Built 1961

Zoning VMU

This 16-unit garden-style complex, located in the laid-back town of

Ojai, is nestled in a prime location just two blocks from the main

thoroughfare and one block from Matilija St., putting it right in

the center of town. This well maintained building comprises 1- and

2-bedroom units, plus a studio. Contact Listing Agents for further

information about this outstanding multifamily asset.

SUBJECT PROPERTY

Price Reduction!

OJA

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A N A LY S I S

Analysis

Purchase Price: $3,895,000

Current CAP: 4.25%

Projected CAP: 5.26%

Current GRM: 13.80

Projected GRM: 11.99

PPU: $243,438

Price Per SF: $408/SF

Unit Mix & Current Rent Data

Units Unit Mix Rent/Unit (Avg) Mo. Rent Market Rent

11 1 + 1 $1,437 $15,805 $1,595

4 2 + 1 $1,573 $6,290 $2,000

1 Studio $1,195 $1,195 $1,300

Scheduled Gross IncomeCurrent Projected

Total Monthly Rent: $ 23,290 • • • $ 26,845 • • •

Monthly Laundry Income: 225 • • • 225 • • •

Other Monthly Income: 0 • • • 0 • • •

Total Monthly Gross Income: 23,515 • • • 27,070 • • •

ANNUAL GROSS INCOME: 282,175 • • • 324,835 • • •

Less Annual Vacancy Reserve: 8,465 3.00% 9,745 3.00%

Gross Annual Operating Income: 273,710 • • • 315,090 • • •

Less Annual Expenses: 108,205 38.35% 110,274 33.95%

NET ANNUAL OPERATING INCOME: 165,505 • • • 204,816 • • •

Estimated Annual ExpensesCurrent Projected Current Projected

Property Taxes* (*Based on purchase price): $ 59,312 $ 59,312 Water/Sewer (Act.) $2,948 $2,948

Insurance (Est.): $4,500 $4,500 Trash (Act.): $5,222 $5,222

Property Management (Est. 5%): $13,685 $15,754 Gas (Act.): $1,877 $1,877

General & Administrative (Est.): $1,000 $1,000 Reserves (Est.): $4,800 $4,800

Maint. & Repairs (Est. $600/Unit): $9,600 $9,600

Grounds (Act.): $5,260 $5,260

Pest Control (Est.): $1,000 $1,000

Electric (Act.): $1,027 $1,027

TOTAL ESTIMATED ANNUAL EXPENSES: $108,205 $110,274

ESTIMATED ANNUAL EXPENSES PER UNIT: $6,763 $6,892

General Information

Property Address:Resort Apartments 301 & 305 N. Signal St., Ojai, CA 93023

No. Units: 16

Lot Size: 0.34 Acres

Year Built: 1961

Net Rentable Area: 9,540 SF

APN: 021-0-072-060






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PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS PRICE PER UNIT UNIT MIX CAP RATE PROFORMA CAP

1Subject Property:

301 & 305 N. Signal St. Ojai, CA

— $3,895,000 16 $243,438(11) 1BD/1BA; (4) 2BD/1BA;

(1) Studio4.25% 5.26%

2106 N. Oak St.,

Ojai, CA3/3/2020 $1,850,000 6 $308,333 — — —

3311 W. Matilija St.,

Ojai, CA11/1/2017 $1,675,000 7 $239,286 — — —

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OJAI VENTURA OXNARD

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PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS PRICE PER UNIT UNIT MIX CAP RATE PROFORMA

4748 Poli St., Ventura, CA

9/24/2018 $3,120,000 12 $260,000(11) 1BD/1BA; (1) 2BD/1BA

4.23% —

510829 Del Norte St.,

Ventura, CA7/17/2018 $9,625,000 34 $283,088 (25) 2BD/2BA; (9) 3BD/2BA 4.50% —

63325–3373 Armada Dr.,

Ventura, CA5/31/2019 $15,350,000 58 $304,524

(27) 2BD/2BA; (27) 1BD/1BA; (2) 3BD/2BA; (2) Studios

— —

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PROPERTY ADDRESS DATE OF SALE PRICE NO. OF UNITS PRICE PER UNIT UNIT MIX CAP RATE PROFORMA

7534 South F Street.,

Oxnard, CAPending $2,449,000 12 $4204,158 (12) 1BD/1BA 4.50% —

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R E N T C O M P S

1

2–3

4–5

PROPERTY ADDRESS TYPE RENT

1 Subject: 301 & 305 N. Signal St. 1BD/1BA; 2BD/1BA Current: $1,437/Mo.; 1,573/Mo.

2 750 Highland Dr., Ojai Miramonte 1BD/1BA $1,550/Mo.

3 750 Highland Dr., Ojai Miramonte 2BD/1BA $1,910/Mo.

4 Ojai Gardens, 702 N. Ventura St. 2BD/1BA $2,100/Mo.

5 Ojai Gardens, 702 N. Ventura St. 1BD/1BA $2,050/Mo.


MARKET OVERVIEW

Ojai





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Ojai’s fabled mystique, where the mountains and valley bathe in shades of pink as the sun sets, with tucked away hot springs, hidden waterfalls, jaw-dropping vistas, and miles of hiking & bridle trails leaving little to question why this small town has earned the well-deserved reputation as California’s very own Shangri-La.

The Chumash referred to the area thousands of years earlier as the “Awhai,” meaning moon. The town’s laid-back vibe

now lends itself to its current surroundings with an outdoor independent bookstore, a European-style deli, Marché

Gourmet, and a walkable downtown village dotted with wine bars, locally-owned shops, cafes, art galleries, and an

exhibition hall inside a historic church. Ojai is also home to the Libbey Bowl, a 973-seat amphitheater where it holds an

annual music festival, and to nearby Lake Casitas, where it hosts an annual wine festival and offers numerous camping

and recreation opportunities. The area’s low-profile character and renowned health & wellness scene attracts day

trippers, Hollywood A-listers, and residents throughout the region year-round.

The Shangri-La Of California

301&305...301 305 . igna t. jai CA 93023 10.15.20 Steve Golis 805.879.9606 [email protected] CA...

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