48-Unit Multifamily Apartment
For Sale
Contact for pricing
Pending
450 Hill Street, Oxnard, CA 93033
48-unit apartment building offering 44 two-bedroom units and four one-bedroom units.
Property Size35,816 SF
Days on Market81
Property Features for 450 Hill Street
General Information
Standard status
Pending
Size
35,816 SF
Total Parking Spaces
48
Property subtype
Multifamily
Zoning
Public Rec
Investment Type
Stabilized
Building Details
Year Built
1963
Buildings
3
Stories
2
Units
48
Tenancy
Multi
Listing Agency:
Radius Commercial Real Estate & Investments
(805) 879-9606
Listed By:
Jack Gilbert · License #02197493
Source:
Crexi
Added: Jun 12
Changed: Aug 14
Last Checked: Aug 13 at 4:25PM
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
Investment Insights
Based on property information with market context.
This 48-unit multifamily apartment building is configured with 44 two-bedroom, one-bath units and 4 one-bedroom, one-bath units. The property is operated as a residential income asset under long-term ownership.
The building is located at 450-508-516 W Hill St in Oxnard, CA 93033.
The in-place financial performance referenced in the remarks includes a 6.01% cap rate and 9.65 GRM. The remarks also state an anticipated path to a 6.90% cap rate and 8.64 GRM based on rents adjusting toward market levels.
The building is located at 450-508-516 W Hill St in Oxnard, CA 93033.
The in-place financial performance referenced in the remarks includes a 6.01% cap rate and 9.65 GRM. The remarks also state an anticipated path to a 6.90% cap rate and 8.64 GRM based on rents adjusting toward market levels.
Key Highlights
- 48‑unit multifamily property built in 1963
- Unit mix includes 44 two‑bedroom/one‑bath units and 4 one‑bedroom/one‑bath units
- Currently operating at a 6.01% cap rate and 9.65 GRM based on in‑place income
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
$574,452
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
4.89%
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%
$11,489,040
$11.5M
Cap Rate 7%
$8,206,457
$8.2M
Cap Rate 9%
$6,382,800
$6.4M
Market Conditions
NOI Build-Up for 35,816 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
$1.10M $30.60/SF
− Vacancy
−$51.5K −$1.44/SF
EGI
$1.04M $29.16/SF
− OpEx
−$470.0K −$13.12/SF
NOI
$574.5K $16.04/SF
Area
Oxnard, CA
Vacancy
4.70%
Lease Rate
$30.60 /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%
$11,489,040
Cap Rate 7%
$8,206,457
Cap Rate 9%
$6,382,800
Alternative Uses
Best Use
Apartment 5plus
$8.21M
$7.18M – $9.57M
NOI $574,452 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.69M
$10.23M – $13.64M
NOI $818,238 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
Explore this area
Business Placement
Demographics for 93033, CA
79,539
Population
17,523
Households
4.5
Avg Household Size
32
Median Age
11%
College-Educated
57%
High-School Grad
32.2 sq mi
ZIP Area
2,470
Density / Sq Mi
$85,848
Median Household Income
$32,675
Median Earnings
$1,810
Median Rent
$549,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - 48-unit apartment building offering 44 two-bedroom units and four one-bedroom units.
Where is this apartment building located?
The property is located at 450 Hill Street Oxnard, CA.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: 48‑unit multifamily property built in 1963; Unit mix includes 44 two‑bedroom/one‑bath units and 4 one‑bedroom/one‑bath units; Currently operating at a 6.01% cap rate and 9.65 GRM based on in‑place income
