Remodeled Residential Income
For Sale
$439,000
2598 Thunderbird Drive 22, Thousand Oaks, CA 91362
Remodeled triplewide residence with generous living areas, covered parking, and access to 55+ community amenities.
Property Size1,740 SF
Price / SF$252.30
Days on Market15
Property Features for 2598 Thunderbird Drive 22
General Information
Standard status
Active
Size
1,740 SF
Total Parking Spaces
2
Property subtype
Manufactured In Park
Units
Unit Mix
1 x 2+2+bonus
Multifamily Units
1
Parking per Unit
2
Amenities
clubhouse
pool
jacuzzi
covered pickleball court
Building Details
Buildings
1
Listing Agency:
The ONE Luxury Properties
(575) 574-7422
Listed By:
Nikki O'Connell · License #49696
(575) 574-7422
Source:
Tfregroup
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 25 at 9:59AM
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 ONE Luxury Properties
Investment Insights
Based on property information with market context.
This 1,740-square-foot triplewide residential income property at 2598 Thunderbird Drive includes a 2+2+bonus layout, a remodeled interior, and a spacious kitchen with real wood cabinetry and newer appliances. The living room includes a wet bar, while the primary suite features an extra-large bathroom. A separate laundry room, large front porch, covered parking for two cars side-by-side, landscaped grounds, a Tuff Shed, and a metal shed add practical function.
The residence is located in a 55+ community in Thousand Oaks, across from the Civic Arts Plaza and The Lakes. Community amenities include a clubhouse, heated pool during Spring through early-November, year-round heated jacuzzi, covered pickleball court, and organized community events. The property also has a senior overlay and rent-controlled status.
The residence is located in a 55+ community in Thousand Oaks, across from the Civic Arts Plaza and The Lakes. Community amenities include a clubhouse, heated pool during Spring through early-November, year-round heated jacuzzi, covered pickleball court, and organized community events. The property also has a senior overlay and rent-controlled status.
Key Highlights
- 1,740‑square‑foot triplewide with a 2+2+bonus layout
- Remodeled interior with real wood kitchen cabinets and newer appliances
- Primary suite includes an extra‑large bathroom
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
$27,544
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
6.27%
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%
$550,880
$550.9K
Cap Rate 7%
$393,486
$393.5K
Cap Rate 9%
$306,044
$306.0K
Market Conditions
NOI Build-Up for 1,740 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
$52.8K $30.36/SF
− Vacancy
−$2.7K −$1.58/SF
EGI
$50.1K $28.78/SF
− OpEx
−$22.5K −$12.95/SF
NOI
$27.5K $15.83/SF
Area
Thousand Oaks, CA
Vacancy
5.20%
Lease Rate
$30.36 /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%
$550,880
Cap Rate 7%
$393,486
Cap Rate 9%
$306,044
Alternative Uses
Best Use
Apartment 5plus
$393.5K
$344.3K – $459.1K
NOI $27,544 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$681.8K
$596.6K – $795.4K
NOI $47,726 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 91362, CA
35,803
Population
14,456
Households
2.5
Avg Household Size
46
Median Age
56%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
1,884
Density / Sq Mi
$143,683
Median Household Income
$64,921
Median Earnings
$2,735
Median Rent
$1,078,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Remodeled triplewide residence with generous living areas, covered parking, and access to 55+ community amenities.
Where is this residential income property located?
The property is located at 2598 Thunderbird Drive 22 Thousand Oaks, CA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 1,740‑square‑foot triplewide with a 2+2+bonus layout; Remodeled interior with real wood kitchen cabinets and newer appliances; Primary suite includes an extra‑large bathroom
