Two-Home Corner Lot Income
For Sale
$998,500
Pending
386 Larmier Avenue, Oak View, CA 93022
Two separate residences with private yards provide flexible living or rental options on a single corner lot.
Property Size1,650 SF
Days on Market99
Property Features for 386 Larmier Avenue
General Information
Standard status
Pending
Size
1,650 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Amenities
One
Central, Zoned
Central, Combination
In Closet, Inside
All Bedrooms Down
Detached/No Common Walls
Guest House
No, None
No
Composition
Other
Building Details
Year Built
1948
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Better Homes and Gardens Real Estate Property Shoppe
(805) 340-2741
Listed By:
Donna E Wood · License #01230954
(805) 340-2741
Source:
Compass
Added: May 27
Changed: Aug 28
Last Checked: Aug 24 at 12:17PM
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 Better Homes and Gardens Real Estate Property Shoppe
Investment Insights
Based on property information with market context.
This property features two homes on one corner lot: a 1948 main residence with 3 bedrooms and 1 bathroom, and a detached 2023 ADU with 1 bedroom and 1 bathroom. Each home has its own entrance and yard, supporting privacy and separate occupancy. The main home includes wood flooring, dual-pane windows, and a wood-burning fireplace, with a spacious dining room and an expanded kitchen. The kitchen is appointed with quartz countertops, modern cabinetry, stainless steel appliances, and generous storage. Interior features include mirrored closet doors and an interior laundry area, along with major system upgrades such as a 220-amp electrical panel, Lennox HVAC, newer paint and windows, and a newer main gas line.
The detached ADU is street-facing with a private entry and its own small yard. Interior finishes include luxury plank flooring, recessed lighting, and dual-pane windows throughout. The kitchen has floating bamboo flooring, quartz counters, a farmhouse sink, and a garden window. The bedroom includes an oversized closet, a skylight, and a Mitsubishi dual-zone climate system, with updated wiring and plumbing and energy-efficient spray-foam insulation. A two-car covered carport provides convenient parking.
For buyers seeking a residential income setup in Oak View, CA, the separate entrances and yards can support flexible use, whether used as multi-generational housing or as two independent rental units. The property is described as being within walking distance of a local market, coffee and donut shops, and a popular breakfast spot, with easy access to Ojai, Ventura, the Ojai Valley bike trail, and the coast.
The detached ADU is street-facing with a private entry and its own small yard. Interior finishes include luxury plank flooring, recessed lighting, and dual-pane windows throughout. The kitchen has floating bamboo flooring, quartz counters, a farmhouse sink, and a garden window. The bedroom includes an oversized closet, a skylight, and a Mitsubishi dual-zone climate system, with updated wiring and plumbing and energy-efficient spray-foam insulation. A two-car covered carport provides convenient parking.
For buyers seeking a residential income setup in Oak View, CA, the separate entrances and yards can support flexible use, whether used as multi-generational housing or as two independent rental units. The property is described as being within walking distance of a local market, coffee and donut shops, and a popular breakfast spot, with easy access to Ojai, Ventura, the Ojai Valley bike trail, and the coast.
Key Highlights
- Single corner lot with 2 residences: 1948 main home (3BD/1BA) plus a 2023 detached ADU (1BD/1BA)
- Main home features wood flooring, dual‑pane windows, and a wood‑burning fireplace; includes spacious dining room and expanded kitchen with quartz counters
- Main home updates include a 220‑amp electrical panel, Lennox HVAC, newer paint and windows, and a newer main gas line
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
Multi-tenant
Tenancy
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 - Two separate residences with private yards provide flexible living or rental options on a single corner lot.
Where is this duplex located?
The property is located at 386 Larmier Avenue 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: Single corner lot with 2 residences: 1948 main home (3BD/1BA) plus a 2023 detached ADU (1BD/1BA); Main home features wood flooring, dual‑pane windows, and a wood‑burning fireplace; includes spacious dining room and expanded kitchen with quartz counters; Main home updates include a 220‑amp electrical panel, Lennox HVAC, newer paint and windows, and a newer main gas line
