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Multifamily

332 Cahuenga Dr

332 Cahuenga Dr, Oxnard, CA 93035

Listing Price: $775,000

Cap Rate
3.02%
Number of Units
2
Occupancy
100.0%
Price/Unit
$387,500
Price/Gross SF
$667.53
Gross SF
1,161

Investment Overview

Marcus & Millichap is proud to present 332 Cahuenga Drive located in the highly sought-after pocket of Silver Strand Beach in Oxnard, California, which is south of the Channel Islands Harbor and a very short 0.3 mile walk to the beach. The 1,161 sq ft property sits on a 1,750 sq ft of land with an average unit size of 581 sq ft. This very rare, 2-unit property has a unit mix comprised of (2) 1-Bed / 1-Bath units. The downstairs unit has a small, fenced private yard/garden area & the upstairs unit has a private sun porch and spacious deck above the garage. Each unit has the utilities included in the monthly rental payments and comes with at least one designated parking spot on site with additional garage space. In accordance with the new Accessory Dwelling Unit (ADU) program California has rolled out, a new buyer can convert the garage space into an attached ADU adding a third unit to the property thus generating extra income and increasing the resale value. Additionally, an investor can Airbnb the units for an estimated $150 a night per unit. The building is currently professionally managed and maintained with a new roof & new water heater that have been upgraded in the past year. The upstairs kitchen was remodeled about 5 years ago with new hardwood floors, refrigerator, granite countertops along with a new hood and stove top. The only main deferred maintenance item to speak of is that this building does need to have the electrical panel upgraded and minor termite damage due to the close proximity to the ocean. Situated in a fantastic area of Ventura County, this unique value add opportunity is a high barrier for entry market allowing a savvy investor the opportunity to capitalize on the estimated 25% upside potential in rents while permitting the conversion of the garage space into an ADU. This property is a perfect long-term investment, a quick value add flip, or an owner occupy purchase, depending on the buyer's investment strategy.

Investment Highlights

  • Built in 1960
  • New Roof & Water Heater
  • Potential to Convert Garage to Attached ADU
  • Private Deck or Yard for Each Unit
  • 3Blocks from the Ocean
  • 30-YearFixedResidentialFinancing

Exclusively Listed By

Financing By

Listing Price: $775,000

Cap Rate
3.02%
Number of Units
2
Occupancy
100.0%
Price/Unit
$387,500
Price/Gross SF
$667.53
Gross SF
1,161

Investment Highlights

  • Built in 1960
  • New Roof & Water Heater
  • Potential to Convert Garage to Attached ADU
  • Private Deck or Yard for Each Unit
  • 3Blocks from the Ocean
  • 30-YearFixedResidentialFinancing

Investment Overview

Marcus & Millichap is proud to present 332 Cahuenga Drive located in the highly sought-after pocket of Silver Strand Beach in Oxnard, California, which is south of the Channel Islands Harbor and a very short 0.3 mile walk to the beach. The 1,161 sq ft property sits on a 1,750 sq ft of land with an average unit size of 581 sq ft. This very rare, 2-unit property has a unit mix comprised of (2) 1-Bed / 1-Bath units. The downstairs unit has a small, fenced private yard/garden area & the upstairs unit has a private sun porch and spacious deck above the garage. Each unit has the utilities included in the monthly rental payments and comes with at least one designated parking spot on site with additional garage space. In accordance with the new Accessory Dwelling Unit (ADU) program California has rolled out, a new buyer can convert the garage space into an attached ADU adding a third unit to the property thus generating extra income and increasing the resale value. Additionally, an investor can Airbnb the units for an estimated $150 a night per unit. The building is currently professionally managed and maintained with a new roof & new water heater that have been upgraded in the past year. The upstairs kitchen was remodeled about 5 years ago with new hardwood floors, refrigerator, granite countertops along with a new hood and stove top. The only main deferred maintenance item to speak of is that this building does need to have the electrical panel upgraded and minor termite damage due to the close proximity to the ocean. Situated in a fantastic area of Ventura County, this unique value add opportunity is a high barrier for entry market allowing a savvy investor the opportunity to capitalize on the estimated 25% upside potential in rents while permitting the conversion of the garage space into an ADU. This property is a perfect long-term investment, a quick value add flip, or an owner occupy purchase, depending on the buyer's investment strategy.

Exclusively Listed By

Financing By

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