310 Hill Street, Oxnard, CA 93033

Property Description

Part of a Ventura County six-property multifamily portfolio, this 20-unit property is situated on an approximately one-acre parcel (42,087 sq ft) that has approximately 12,700 square feet of net rentable area, with a unit mix consisting of two (2) one-bedroom, one-bathroom units and eighteen (18) two-bedroom, one-bathroom units incorporated within two facing single-level structures. Each tenant has been provided private and secure cosmetic fenced patios that most utilize as storage areas for personal items.While the rents at the property are close to market generating financial metrics of a 12.6 GRM and a 4.9% cap rate, there remains substantial upside in rents subject to the city of Oxnard's recently adopted Rent Stabilization Ordinance, which caps annual rent increases to 4%. There is ample tenant parking at this property that exceeds a 1:1 ratio, including the carport area, open parking next to units, and street parking.The underlying FHLMC loan can be assumed with a very favorable fixed interest rate of 4.07% and P&I payment of $14,728 thru the loan's maturity at 9/1/2027.