Duplex with Detached
For Sale
Under Contract
$998,500
386 Larmier, Oak View, CA 93022
Oak View, CA
Property Size1,650 SF
Lot Size0.11 Acres
Price / SF$605.15
Days on Market88
Property Features for 386 Larmier
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Carport, Off Street
Appliances
Gas Water Heater
Subdivision
Ojai: Other
Standard status
Active Under Contract
APN
0610123010
Size
1,650 SF
Lot size
0.11 Acres
Utilities
Heating system
Central
Cooling system
Zoned, Central Air
Building Details
Year built
1948
Floors in Building
1
Roof type
Composition
Listing Agency:
BHGRE Property Shoppe · Better Homes and Gardens Real Estate
(805) 856-8283
Listed By:
Donna Wood · License #01230954
(805) 340-2741
Added: May 27
Changed: Aug 21
Last Checked: Aug 22 at 7:06AM
MLS# V1-36634
Copyright © 2026 California Regional MLS - Pasadena-Foothills and Ventura County Coastal. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex-style property includes a 1948 main residence with 3BD/1BA and a detached 2023 ADU with 1BD/1BA. The homes have separate entrances and individual yard areas. The primary residence features wood floors, dual-pane windows, a wood-burning fireplace, dining space, and an expanded kitchen with quartz counters, modern cabinetry, stainless steel appliances, and substantial storage. Interior laundry, mirrored closet doors, newer paint, updated windows, a 220-amp electrical panel, Lennox HVAC, and a newer main gas line add to the improvements.
The ADU has a street-facing entry, luxury plank flooring, recessed lighting, dual-pane windows, and a kitchen with quartz counters, a farmhouse sink, bamboo flooring, and a garden window. Its bedroom includes an oversized closet and skylight, while Mitsubishi dual-zone climate control, updated wiring and plumbing, and spray-foam insulation support the separate living space. A two-car covered carport and off-street parking are included. The property is near a local market, coffee and donut shops, and a breakfast restaurant, with access to Ojai, Ventura, the Ojai Valley bike trail, and the coast.
The ADU has a street-facing entry, luxury plank flooring, recessed lighting, dual-pane windows, and a kitchen with quartz counters, a farmhouse sink, bamboo flooring, and a garden window. Its bedroom includes an oversized closet and skylight, while Mitsubishi dual-zone climate control, updated wiring and plumbing, and spray-foam insulation support the separate living space. A two-car covered carport and off-street parking are included. The property is near a local market, coffee and donut shops, and a breakfast restaurant, with access to Ojai, Ventura, the Ojai Valley bike trail, and the coast.
Key Highlights
- Two homes on one corner lot: 3BD/1BA main residence plus 1BD/1BA detached ADU
- 1948 main home paired with a 2023 detached ADU
- Separate entrances and individual yard areas for both residences
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
$28,277
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
2.83%
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%
$565,540
$565.5K
Cap Rate 7%
$403,957
$404.0K
Cap Rate 9%
$314,189
$314.2K
Market Conditions
NOI Build-Up for 1,650 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
$42.1K $25.50/SF
− Vacancy
−$1.7K −$1.02/SF
EGI
$40.4K $24.48/SF
− OpEx
−$12.1K −$7.34/SF
NOI
$28.3K $17.14/SF
Area
Ventura County, CA
Vacancy
3.99%
Lease Rate
$25.50 /SF/Yr
Expense Ratio
30.00%
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%
$565,540
Cap Rate 7%
$403,957
Cap Rate 9%
$314,189
Alternative Uses
Best Use
Multifamily LT 5
$404.0K
$353.5K – $471.3K
NOI $28,277 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$372.6K
$326.0K – $434.7K
NOI $26,082 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$566.4K
$495.6K – $660.9K
NOI $39,651 @ 7.0% cap · market cap 3.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 93022, CA
6,172
Population
2,264
Households
2.7
Avg Household Size
44
Median Age
30%
College-Educated
88%
High-School Grad
3.1 sq mi
ZIP Area
1,991
Density / Sq Mi
$109,471
Median Household Income
$43,545
Median Earnings
$2,489
Median Rent
$704,500
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?
Duplex - Corner-lot property combines a renovated primary residence with a separate, recently built accessory dwelling unit.
Where is this duplex located?
The property is located at 386 Larmier Oak View, CA.
What is the asking price?
The asking price for this property is $998,500.
What are key features of this property?
This property features: Two homes on one corner lot: 3BD/1BA main residence plus 1BD/1BA detached ADU; 1948 main home paired with a 2023 detached ADU; Separate entrances and individual yard areas for both residences
