Historic Victorian Office
For Sale
$2,495,000
128-144 South California Street, Ventura, CA 93001
Two distinctive structures offer owner-user and office investment potential in central Ventura.
Property Size2,750 SF
Price / SF$907.27
Days on Market38
Property Features for 128-144 South California Street
General Information
Standard status
Active
Size
2,750 SF
Class
B
Property subtype
Office - General Office
Building Details
Building Size
2,750 SF
Year Built
1888
Buildings
2
Construction
Victorian
Listing Agency:
The Becker Group
(805) 653-6794
Listed By:
Jeffrey Becker · License #01213236
Source:
Commercialcafe
Added: Jul 26
Changed: Aug 30
Last Checked: Aug 31 at 1:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Becker Group
Investment Insights
Based on property information with market context.
This office property consists of two Victorian houses at 128–144 South California Street in Ventura. The buildings provide 1,400 SF and 1,350 SF, respectively, combining historic character with a configuration suited to professional office use. The property is presented as an owner-user or investment opportunity, with the two structures offering a distinctive commercial setting.
The site is positioned on South California Street between Main Street and East Thompson Boulevard. Historic Downtown, City Hall, the beach, restaurants, hotels, and shops are within walking distance, while the Ventura Pier and Promenade are also nearby. The surrounding area includes an active business community and a mix of dining and leisure destinations.
The site is positioned on South California Street between Main Street and East Thompson Boulevard. Historic Downtown, City Hall, the beach, restaurants, hotels, and shops are within walking distance, while the Ventura Pier and Promenade are also nearby. The surrounding area includes an active business community and a mix of dining and leisure destinations.
Key Highlights
- Two Victorian houses at 128–144 South California Street
- 1,400 SF residence at 128 S California
- 1,350 SF cottage at 144 S California
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,743
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,934,860
$1.9M
Cap Rate 7%
$1,382,043
$1.4M
Cap Rate 9%
$1,074,922
$1.1M
Market Conditions
NOI Build-Up for 2,750 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$154.1K $56.04/SF
− Vacancy
−$25.1K −$9.13/SF
EGI
$129.0K $46.91/SF
− OpEx
−$32.2K −$11.73/SF
NOI
$96.7K $35.18/SF
Area
Santa Clara County, CA
Vacancy
16.30%
Lease Rate
$56.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,934,860
Cap Rate 7%
$1,382,043
Cap Rate 9%
$1,074,922
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,743 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,215 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 93001, CA
33,859
Population
14,705
Households
2.3
Avg Household Size
40
Median Age
38%
College-Educated
88%
High-School Grad
96.6 sq mi
ZIP Area
351
Density / Sq Mi
$86,310
Median Household Income
$45,023
Median Earnings
$1,881
Median Rent
$760,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two distinctive structures offer owner-user and office investment potential in central Ventura.
Where is this office building located?
The property is located at 128-144 South California Street Ventura, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Two Victorian houses at 128–144 South California Street; 1,400 SF residence at 128 S California; 1,350 SF cottage at 144 S California
