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Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
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1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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
I AVE.
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
N. V
EN
TU
RA
ST
.
N. S
IGN
AL
ST
.
E. ALISO ST.
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2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M
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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
mailto:sgolis%40radiusgroup.com?subject=mailto:bjohnson%40radiusgroup.com?subject=
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2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M
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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
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1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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 — — —
3
2
7
4
6
5
1
OJAI VENTURA OXNARD
C O M P A R A B L E P R O P E R T I E S S O L D
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
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1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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
— —
3
2
7
4
6
5
1
C O M P A R A B L E P R O P E R T I E S S O L D , C O N T .
OJAI VENTURA OXNARD
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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% —
3
2
7
4
6
5
1
C O M P A R A B L E P R O P E R T I E S S O L D , C O N T .
OJAI VENTURA OXNARD
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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.
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MARKET OVERVIEW
Ojai
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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.
1 6 - U N I T M U LT I FA M I LY A S S E T I N T H E H E A R T O F O JA I , C A
3 0 1 & 3 0 5 N . S i g n a l S t . | O j a i , C A 9 3 0 2 3
1 0 . 1 5 . 2 0
Steve G olis805.879.9606
[email protected] Lic. 00772218
B rian Johns on805.879.9631
[email protected] Lic. 01361925
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
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