Downtown Victorian Office
For Sale
$2,495,000
128 S California Street, Ventura, CA 93001
Two historic Victorian houses totaling 2,750 SF offer fully leased office space with on-site private parking.
Property Size2,750 SF
Price / SF$907.27
Days on Market73
Property Features for 128 S California Street
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Office
Occupancy
100%
Building Details
Building Size
2,750 SF
Year Built
1950
Construction
Victorian
Listing Agency:
The Becker Group, Inc.
(805) 653-6794
Listed By:
Jeff Becker · License #00881716
Source:
Velocityrealtysd
Added: Jun 12
Changed: Aug 23
Last Checked: Aug 23 at 6:30AM
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, Inc.
Investment Insights
Based on property information with market context.
This offering features two historic Victorian buildings suitable for an office or office investment. The property includes the Dr. T.E. Cunnane Residence at 128 S California Street and a Vernacular Victorian Cottage at 144 S California Street, built in 1888 and 1892. Each building is presented as a dedicated office structure, and the property includes on-site private parking.
Located on South California Street between Main Street and East Thompson Boulevard in downtown Ventura, the buildings are within walking distance of Historic Downtown, City Hall, the beach, restaurants, hotels, and shops. The remarks also indicate nearby access to Ventura Pier and Promenade dining and leisure options.
Currently described as a fully leased investment or potential owner-user opportunity, the configuration provides two separate historic office buildings on one downtown site.
Located on South California Street between Main Street and East Thompson Boulevard in downtown Ventura, the buildings are within walking distance of Historic Downtown, City Hall, the beach, restaurants, hotels, and shops. The remarks also indicate nearby access to Ventura Pier and Promenade dining and leisure options.
Currently described as a fully leased investment or potential owner-user opportunity, the configuration provides two separate historic office buildings on one downtown site.
Key Highlights
- Two historic Victorian houses in Downtown Ventura: 128 S California St and 144 S California St
- Total of 2,750 SF: 1,400 SF residence at 128 S California Dr. T.E. Cunnane (1888) and 1,350 SF cottage at 144 S California (1892)
- Fully leased office space with on‑site private parking
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
Lease Details
100%
Occupancy
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 historic Victorian houses totaling 2,750 SF offer fully leased office space with on-site private parking.
Where is this office building located?
The property is located at 128 S 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 historic Victorian houses in Downtown Ventura: 128 S California St and 144 S California St; Total of 2,750 SF: 1,400 SF residence at 128 S California Dr. T.E. Cunnane (1888) and 1,350 SF cottage at 144 S California (1892); Fully leased office space with on‑site private parking
