40 N Brent Street, Ventura, CA 93003
Property
Sold February 2024
Listing Agent: Filip Niculete (DRE #01905352) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Filip Niculete · Marcus & Millichap · MLS #24356807 · Source: CRMLS
About this property
We are proud to present 40-54 N Brent St, an 8-unit multifamily property located in one of the best pockets of Ventura, CA. The property is directly across the street from the Community Memorial Hospital and walking distance to all the shops and restaurants that Main Street has to offer.The city of Ventura doesn't have any local rent control laws, meaning this property is only subject to California's AB-1482. This limits annual rent increases to 5% + CPI with a ceiling of 10%. Currently, AB-1482 properties can be increased by about 8% per year. Buyer should rely on their own due diligence. This 8-unit multifamily property was built in 1950 and sits on a very large 19,126 SqFt Lot (0.44 Acres). The 8 units are split equally into two separate 4-unit buildings with a driveway between them leading to the large parking and grass area in the back. All 8 units are 1 bed / 1 bath units of approximately 550 square feet each. Most units have been renovated since the current owner bought the property about 12 years ago. With that said, there's still ample upside available for a savvy investor looking to maximize this property's potential. Currently, these 1 bed units are bringing in an average rent of $1,945/month which is about 16% below full market rents in the area. Furthermore, this huge lot provides an investor the ideal property to build up to two additional ADUs at the back of the lot without having to sacrice much if any parking. There are 11 total parking spots with 8 covered spaces and ample room for more surface parking in the back of the large lot. The well maintained grass area in the back provides great scenery for the tenants, but as we mentioned before, would be the ideal place to build a couple ADUs on.
Listing description from the February 2024 sale, as reported to CRMLS.
Sale history