Investment Overview

Marcus and Millichap is pleased to present an exceptional investment opportunity at 128-134 E B Street, situated in the charming, beachside locale of Port Hueneme, California. Port Hueneme does not have any local rent control laws meaning this property is only subject to California's AB-1482, which sets a maximum rent increase of 10% per year. This Ventura County gem is a five-unit property that leads the market in rental rates, generating an impressive estimated annual income of $157,000 through rents and onsite laundry facilities. Recently subjected to extensive renovations, the property now features a new roof, individually metered utilities, new electrical wiring, and comprehensive interior upgrades—ranging from luxury vinyl flooring to granite countertops, updated appliances, and recessed lighting. Comprising two distinct land parcels, the property hosts a 3-bedroom, 2-bath house on one lot, and four 2-bedroom, 1-bath units on the adjacent parcel. The arrangement allows for residential financing options and includes the added convenience of eight carport parking spaces. To further enhance its value, the sellers also offer preliminary plans for the construction of two Accessory Dwelling Units (ADUs), one on each parcel. Financial stability is assured with four out of five tenants participating in the Section 8 program, ensuring a reliable revenue stream fortified by government-assisted rent payments. But this multifamily asset is more than just a robust financial endeavor; it's a meticulously renovated property featuring a diverse tenant mix. The harmonious blend of market-leading rents and Section 8 tenants crafts a balanced and secure investment strategy. With its recent upgrades, consistently high occupancy, and enviable location, this property is uniquely positioned to offer both immediate and long-term financial rewards.