Description
450-508-516 W HILL ST presents a rare opportunity to acquire a 48-unit multifamily asset in one of Oxnard's most consistently sought-after rental markets. The property features an ideal workforce/family housing unit mix of 44 two-bedroom/one-bath units and 4 one-bedroom/one-bath units, a configuration that continues to experience strong tenant demand. Under long-term ownership, the property has maintained historically strong occupancy and stable operations. The asset currently operates at a 6.31% cap rate and 9.25 GRM based on in-place income, providing investors with immediate cash flow and proven performance. As rents continue to be adjusted toward market levels, the property offers the potential to achieve a 7.25% cap rate and 8.28 GRM, highlighting a clear path to additional income growth.Supported by strong rental demand, limited vacancy, and a durable tenant base, the property offers the scale and stability sought by multifamily investors. Opportunities to acquire a 48-unit asset of this size and quality in Oxnard are increasingly rare, making 450-508-516 W Hill Street a compelling investment opportunity with both current cash flow and future upside.
Details
| MLS # | V1-36962 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1963 |
| Days On Site | 75 |
| Listing Provided By | Radius Group Commercial RE | Steven Golis |
Features
| SQ Feet | 35,816 |
|---|---|
| Story(s) | 2 |
| Building(s) | 3 |
| Acreage | 1.19 |
| Property View | None |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Sprinklers None |
|---|
Parking
| Garage Yes / No | No |
|---|
Location
| Community Features | Biking, Curbs, Suburban, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Ventura |
| City | Oxnard |
| Zip Code | 93033 |
| Area | VC33 Oxnard Southwest | Port Huenem |
| Community Name | Not Applicable |
| Listing VS Median (in Not Applicable) | |
Price: $11,750,000 low | high Med: $10,150 sqft: 35,816 low | high Med: 4,625 $ / sqft: $328 low | high Med: $2 On site: 75 low | high Med: 79 | |
Market Activity 93033
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Learn More About This Property
| State | CA |
|---|---|
| County | Ventura |
| City | Oxnard |
| Zip Code | 93033 |
| Area | VC33 Oxnard Southwest | Port Huenem |
| Community Name | Not Applicable |
| Listing VS Median (in Not Applicable) | |
Price: $11,750,000 low | high Med: $10,150 sqft: 35,816 low | high Med: 4,625 $ / sqft: $328 low | high Med: $2 On site: 75 low | high Med: 79 | |