8-Unit Multifamily
For Sale
Contact for pricing
186 Bell Way, Ventura, CA 93001
Newer apartment property with approved conversion to fully residential units and covered on-site parking.
Property Size10,832 SF
Price / SF$415.44
Days on Market56
Property Features for 186 Bell Way
General Information
Standard status
Active
Size
10,832 SF
Class
A
Total Parking Spaces
18
Property subtype
Multifamily
Zoning
C-2
Investment Type
Value Add
Net Operating Income
$219,715
Units
Unit Mix
3 x 3BR/2.5BA, 4 x 3BR/1.5BA, 1 x 4BR/3BA
Multifamily Units
8
Building Details
Year Built
2023
Buildings
1
Units
8
Tenancy
Multi
Listing Agency:
Radius Commercial Real Estate & Investments Oxnard
Listed By:
Rob Devericks · License #CA 01349816
(805) 654-9300
Source:
Crexi
Added: Jul 28
Changed: Sep 11
Last Checked: Sep 20 at 5:42AM
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 Radius Commercial Real Estate & Investments Oxnard
Investment Insights
Based on property information with market context.
Completed in 2023, this 8-unit multifamily property contains 10,832 square feet and operates under C-2 zoning. The City of Ventura approved conversion from live/work use to eight fully residential apartments. The unit mix includes three three-bedroom, two-and-one-half-bath homes; four three-bedroom, one-and-one-half-bath homes; and one four-bedroom, three-bath home. The property also provides 18 covered parking spaces and landscaped grounds.
The asset is located on Ventura’s west side, approximately five minutes from the city’s beaches and Downtown Ventura. The surrounding area provides access to shopping, dining, cafés, entertainment, parks, schools, and employment centers. Santa Barbara and the greater Los Angeles region are also accessible from the property.
The asset is located on Ventura’s west side, approximately five minutes from the city’s beaches and Downtown Ventura. The surrounding area provides access to shopping, dining, cafés, entertainment, parks, schools, and employment centers. Santa Barbara and the greater Los Angeles region are also accessible from the property.
Key Highlights
- 8‑unit multifamily property completed in 2023
- 10,832 SF building with C‑2 zoning
- Approved conversion to eight fully residential apartment units
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
$205,895
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
4.58%
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%
$4,117,900
$4.1M
Cap Rate 7%
$2,941,357
$2.9M
Cap Rate 9%
$2,287,722
$2.3M
Market Conditions
NOI Build-Up for 10,832 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
$390.0K $36.00/SF
− Vacancy
−$15.6K −$1.44/SF
EGI
$374.4K $34.56/SF
− OpEx
−$168.5K −$15.55/SF
NOI
$205.9K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /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%
$4,117,900
Cap Rate 7%
$2,941,357
Cap Rate 9%
$2,287,722
Alternative Uses
Best Use
Apartment 5plus
$2.94M
$2.57M – $3.43M
NOI $205,895 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.54M
$5.72M – $7.63M
NOI $457,761 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newer apartment property with approved conversion to fully residential units and covered on-site parking.
Where is this apartment building located?
The property is located at 186 Bell Way Ventura, 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: 8‑unit multifamily property completed in 2023; 10,832 SF building with C‑2 zoning; Approved conversion to eight fully residential apartment units
