Mid-Century Class A
For Sale
Contact for pricing
250 S Mills Rd, Ventura, CA 93003
Remodeled Class A building with ample parking and event space.
Property Size14,112 SF
Price / SF$587.80
Days on Market940
Property Features for 250 S Mills Rd
General Information
Standard status
Active
Size
14,112 SF
Class
A
Property subtype
Office, Retail
Zoning
C-1
Occupancy
89%
Lease Type
Modified Gross
Investment Type
Owner/User
Building Details
Year Built
1965
Year Renovated
2023
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Lee & Associates - LA North - Ventura County
Listed By:
Bruce Milton · License #CA 01945652
(818) 223-4388
Source:
Crexi
Added: Feb 10, 2024
Changed: Aug 25
Last Checked: Sep 6 at 6:35PM
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 Lee & Associates - LA North - Ventura County
Investment Insights
Based on property information with market context.
This updated and remodeled Mid-Century Class A building was designed by William Pereira, an American architect known for futuristic designs. The structure reflects pride of ownership, suitable for tenants or a single user business or company. It features over 200 parking spaces on two levels, along with an outside deck exceeding 1,500 square feet for special events or other activities. The property is located across the street from Pacific View Mall at a signalized intersection, near businesses such as Target, Trader Joe's, and BevMo. The signalized intersection provides direct access to the main entry drive. The building owners have fully updated the infrastructure to meet new city codes and requirements. The property size is 14,112 square feet.
Key Highlights
- Designed by renowned architect William Pereira (Transamerica Pyramid, LAX Theme Building).
- Over 200 parking spaces on two levels.
- Updated infrastructure to meet new city codes and requirements.
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
$496,448
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
5.98%
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%
$9,928,960
$9.9M
Cap Rate 7%
$7,092,114
$7.1M
Cap Rate 9%
$5,516,089
$5.5M
Market Conditions
NOI Build-Up for 14,112 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
$790.8K $56.04/SF
− Vacancy
−$128.9K −$9.13/SF
EGI
$661.9K $46.91/SF
− OpEx
−$165.5K −$11.73/SF
NOI
$496.4K $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%
$9,928,960
Cap Rate 7%
$7,092,114
Cap Rate 9%
$5,516,089
Alternative Uses
Best Use
Office B
$7.09M
$6.21M – $8.27M
NOI $496,448 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.52M
$7.45M – $9.94M
NOI $596,374 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 93003, CA
50,558
Population
20,734
Households
2.4
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
20.8 sq mi
ZIP Area
2,431
Density / Sq Mi
$100,300
Median Household Income
$50,185
Median Earnings
$2,173
Median Rent
$781,600
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 - Remodeled Class A building with ample parking and event space.
Where is this office building located?
The property is located at 250 S Mills Rd Ventura, CA.
What is the asking price?
The asking price for this property is $8,295,000.
What are key features of this property?
This property features: Designed by renowned architect William Pereira (Transamerica Pyramid, LAX Theme Building).; Over 200 parking spaces on two levels.; Updated infrastructure to meet new city codes and requirements.
