Description

This value-add investment opportunity offers the potential to build approximately four additional ADUs by right on a spacious 22,214 sq. ft. lot, providing significant future upside. The property consists entirely of two-bedroom, one-bathroom units, with 8 of the 16 units already completely gut renovated featuring new kitchens and bathrooms, updated flooring, recessed lighting, modern fixtures, and stainless steel appliances. The asset is spread across three separate structures and includes on-site laundry as well as a landscaped outdoor area for tenants to enjoy. Ideally located approximately one mile from Downtown Ventura and just 2.5 miles from the beach, the property sits in the historic Ventura Avenue district and is surrounded by several pending development projects. Ventura is currently experiencing a severe shortage of workforce housing and competing rental inventory, while most new developments in the area are luxury-oriented and command premium rents. The property is subject to California State Rent Control, which currently allows for annual rent increases of up to 7.7% in Ventura, providing investors with steady income growth potential.