15 Units Ventura with ADU Potential | 473-477 W Ramona St
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15 Units Ventura with ADU Potential 473-477 W Ramona St
15 Unit Apartment Building $3,768,644 CAD ($251,243 CAD/Unit) 4.60% Cap Rate Ventura, CA 93001
Investment Highlights
- Potential for up to 8 ADUs
- Complete development potential
Executive Summary
The subject property consists of 15 residential units, all of which contain 390 sq. ft. each (5,863 total sq ft), with all units contained within eight building structures (seven duplexes and one building housing one additional unit) built in 1926. Parcel size is approximately 33,105 sq ft. This building spatial configuration provides for a large open area currently used by tenants as open area, but is available for the following ADU additions. On September 19th of this year, SB 1211 was signed into law, which affords an owner of a multifamily property the ability to secure entitlements for the same number of ADUs as the existing residential units, up to a maximum of 8 ADUs.
The property currently generates $17,225 ($1,148/unit average) for a total gross annual rental income of $206,700, making the financial metrics a 12.8 GRM & a 4.6% cap rate.
The property currently generates $17,225 ($1,148/unit average) for a total gross annual rental income of $206,700, making the financial metrics a 12.8 GRM & a 4.6% cap rate.
Property Facts Under Contract
| Price | $3,768,644 CAD | Apartment Style | Garden |
| Price Per Unit | $251,243 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.79 AC |
| Cap Rate | 4.60% | Building Size | 7,962 SF |
| Gross Rent Multiplier | 12.8 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment |
| Price | $3,768,644 CAD |
| Price Per Unit | $251,243 CAD |
| Sale Type | Investment |
| Cap Rate | 4.60% |
| Gross Rent Multiplier | 12.8 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 7,962 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1926 |
Unit Amenities
- Air Conditioning
- Storage Space
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Tenant Controlled HVAC
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 15 | - | 390 |
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PROPERTY TAXES
| Parcel Number | 071-0-010-340 | Improvements Assessment | $391,709 CAD |
| Land Assessment | $516,567 CAD | Total Assessment | $908,276 CAD |
PROPERTY TAXES
Parcel Number
071-0-010-340
Land Assessment
$516,567 CAD
Improvements Assessment
$391,709 CAD
Total Assessment
$908,276 CAD
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15 Units Ventura with ADU Potential | 473-477 W Ramona St
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