Skip To Content

40 N Brent Street

Ventura, CA 93003
  • $2,487,000
  • STATUS: Closed
  • ON SITE: 24 Days
  • ID#: 24356807
Sold - 02/29/2024
$2,487,000
SOLD - 02/29/2024
  • 8
    BEDS
  • 0.44
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4,400
    SQFT
  • $565
    $/SQFT
Type:
Multi-Family
Built:
1950
County:

School Ratings & Info

Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700) and Glen Scher of Marcus & Millichap(818-212-2700)


Description

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.

Sold by Filip Niculete of Marcus & Millichap.

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-05T07:32:13.247. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/147455576
Print Image

40 N Brent Street Ventura, CA 93003

  • Price: $2,600,000
  • Status: Closed
  • On Site: 24 Days
  • Updated: 59 min ago
  • ID#: 24356807
8
Beds
0
Baths
0
½ Baths
0.44
Acres
4,400
SQFT
$565
$/SQFT
1950
Built
Neighborhood:
VC24 - California St. to Mills Rd
County:
Ventura
Area:
VC24 - California St. to Mills Rd
Property Description
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.
Exterior Features

Carport Spaces 8 Carport YN Yes Parking Features Carport Parking Total 8

Property Features

Association YN No Cap Rate 4.8 Gross Income 186708 Levels Two Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 124919 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning POD



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-05T07:32:13.247. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372387146-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372387146-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372387146-2.jpg
Logo
Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700) and Glen Scher of Marcus & Millichap(818-212-2700)