2016-Built Eight-Unit Apartment
For Sale
Contact for pricing
1378-1380 Patricia Ave, Simi Valley, CA 93065
Two residential buildings offer a balanced mix of two- and three-bedroom apartments with covered parking and contemporary finishes.
Property Size8,808 SF
Lot Size0.61 Acres
Price / SF$510.90
Days on Market137
Property Features for 1378-1380 Patricia Ave
General Information
Standard status
Active
Size
8,808 SF
Total Parking Spaces
20
Lot size
0.61 Acres
Property subtype
Multifamily
Zoning
RH
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$175,971
Financials
Asking Price
$4,500,000
Gross Income
$235,092
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 3BR/2BA, 4 x 2BR/1BA
Multifamily Units
8
Amenities
decks and patios
private balconies
central HVAC
stainless steel appliances
quartz countertops
Building Details
Year Built
2016
Buildings
2
Stories
2
Units
8
Construction
Mediterranean
Listing Agency:
Infinity Real Estate
(818) 991-7337
Listed By:
Bob Catania · License #CA 01029118
Source:
Crexi
Added: Apr 18
Changed: Aug 31
Last Checked: Aug 31 at 5:20AM
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 Infinity Real Estate
Investment Insights
Based on property information with market context.
This multifamily property at 1378-1380 Patricia Avenue in Simi Valley comprises two two-story buildings with eight apartments. Completed in 2016, the community contains four three-bedroom, two-bath units and four two-bedroom, one-bath units. Reported improvements include stainless steel appliances, quartz countertops, luxury vinyl flooring, wood-look tile, nine-foot ceilings, decks or patios, and central HVAC in every unit. The property is described as 100% occupied and not subject to California's statewide rent control under AB 1482.
The site contains 26,571 square feet of land, or 0.61 acres, with 80.02 feet of Patricia Avenue frontage and 82.75 feet along the rear. Residents have access to 20 parking spaces, including eight covered spaces and 12 uncovered spaces. Zoning is Residential High Density Conditional, designated RH(CZ), with a high-density residential general plan classification. The property is near restaurants and services, east of 1st Street and south of Los Angeles Avenue, with access to the 118 freeway.
The site contains 26,571 square feet of land, or 0.61 acres, with 80.02 feet of Patricia Avenue frontage and 82.75 feet along the rear. Residents have access to 20 parking spaces, including eight covered spaces and 12 uncovered spaces. Zoning is Residential High Density Conditional, designated RH(CZ), with a high-density residential general plan classification. The property is near restaurants and services, east of 1st Street and south of Los Angeles Avenue, with access to the 118 freeway.
Key Highlights
- Eight apartments across two 4‑unit buildings; unit mix includes four 3+2s and four 2+1s
- 2016 construction with 8,808 square feet of building area on 0.61 acres
- 20 parking spaces: 8 covered and 12 uncovered
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
$135,019
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
3.00%
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%
$2,700,380
$2.7M
Cap Rate 7%
$1,928,843
$1.9M
Cap Rate 9%
$1,500,211
$1.5M
Market Conditions
NOI Build-Up for 8,808 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
$259.0K $29.40/SF
− Vacancy
−$13.5K −$1.53/SF
EGI
$245.5K $27.87/SF
− OpEx
−$110.5K −$12.54/SF
NOI
$135.0K $15.33/SF
Area
Simi Valley, CA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,700,380
Cap Rate 7%
$1,928,843
Cap Rate 9%
$1,500,211
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,019 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.51M – $3.34M
NOI $200,501 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 93065, CA
73,943
Population
26,260
Households
2.8
Avg Household Size
41
Median Age
38%
College-Educated
92%
High-School Grad
29.8 sq mi
ZIP Area
2,481
Density / Sq Mi
$113,893
Median Household Income
$57,549
Median Earnings
$2,612
Median Rent
$759,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two residential buildings offer a balanced mix of two- and three-bedroom apartments with covered parking and contemporary finishes.
Where is this apartment building located?
The property is located at 1378-1380 Patricia Ave Simi Valley, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Eight apartments across two 4‑unit buildings; unit mix includes four 3+2s and four 2+1s; 2016 construction with 8,808 square feet of building area on 0.61 acres; 20 parking spaces: 8 covered and 12 uncovered
