Hotel Development with Wedding
For Sale
$4,250,000
461 Central Ave, Fillmore, CA 93015
Iconic former chapel now operates as a leased wedding venue, with chapel classrooms suited for conversion to a hotel.
Property Size32,720 SF
Days on Market123
Property Features for 461 Central Ave
General Information
Standard status
Active
Size
32,720 SF
Property subtype
Hotel-Motel
Additional Details
Highway Access
Yes
Amenities
SELLER FINANCING OFFERED | 85% LTC to Qualified Buyer | Seller May Carry for Up to 5 Years
Beautifully Appointed Historic Mission, Currently Operating as a Wedding Venue and NNN-Leased to Wedgewood Weddings (85+ Weddings Booked for 2026)
Large Portion of the Property Available for a Trademark Collection by Wyndham or Ascend Collection by Choice Hotels | Zoning Allows for Several Different Uses
A Landmark in Historic Fillmore, Situated on Nearly 1 Acre of Lush, Well-Maintained Grounds | Corner Lot with Excellent Visibility from Central Avenue & 1st Street | Additional Land Available with Seller Financing
Conveniently Located Near the Fillmore & Western Railway, Known as 'The Movie Train' and Featured in Numerous Films and TV Shows
Located in Historic Downtown Fillmore, Walking Distance to Restaurants, Shops, Parks, and The Fillmore Historical Museum
Beautiful Retreat Location Conveniently Situated Near Thousand Oaks, Moorpark, Westlake Village, Santa Paula, Santa Clarita, and Ventura
Convenient Access to Los Angeles and Downtown | 25 Miles to Island Packers Cruises, which Provides Access to Channel Islands
Building Details
Building Size
32,720 SF
Year Built
1888
Listed By:
Cat O'Brien · License #License(s): CA: 01203805
(818) 212-2758
Source:
Marcusmillichap
Added: May 8
Changed: Sep 4
Last Checked: Sep 6 at 3:55AM
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 Cat O'Brien
Investment Insights
Based on property information with market context.
The Fillmore on Central is an iconic former chapel property operating as a wedding venue, leased by Wedgewood Weddings. The site includes landscaped grounds and a section historically used as chapel classrooms, which can be converted into a 40-room hotel. The property also includes a 3,000 sq. ft. courtyard within the classroom area that offers room for additional outdoor development, and a 2,320 sq. ft. basement that could be adapted for a speakeasy bar, spa area, or other food and beverage option.
The property is located in Historic Downtown Fillmore with convenient access off highways 126 and 23. It is within walking distance to restaurants, shops, parks, and the Fillmore Historical Museum.
The seller requests that tours be scheduled through the listing agent, and prospective purchasers are encouraged to visit the property prior to submitting offers. Marcus & Millichap has been selected to exclusively market the property for sale.
The property is located in Historic Downtown Fillmore with convenient access off highways 126 and 23. It is within walking distance to restaurants, shops, parks, and the Fillmore Historical Museum.
The seller requests that tours be scheduled through the listing agent, and prospective purchasers are encouraged to visit the property prior to submitting offers. Marcus & Millichap has been selected to exclusively market the property for sale.
Key Highlights
- Year built: 1888; historic landmark formerly Fillmore chapel, now operating as a leased wedding venue
- Nearly 1‑acre grounds with well‑maintained landscaping for wedding‑venue operations
- Conversion potential: section used as chapel classrooms can be converted into a 40‑room hotel under Trademark Collection by Wyndham or Ascend Collection by Choice Hotels
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
$246,185
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
5.79%
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%
$4,923,700
$4.9M
Cap Rate 7%
$3,516,929
$3.5M
Cap Rate 9%
$2,735,389
$2.7M
Market Conditions
NOI Build-Up for 32,720 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
$589.0K $18.00/SF
− Vacancy
−$70.7K −$2.16/SF
EGI
$518.3K $15.84/SF
− OpEx
−$272.1K −$8.32/SF
NOI
$246.2K $7.52/SF
Area
Ventura County, CA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$4,923,700
Cap Rate 7%
$3,516,929
Cap Rate 9%
$2,735,389
Alternative Uses
Best Use
Hotel Hospitality
$3.52M
$3.08M – $4.10M
NOI $246,185 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.23M
$9.83M – $13.10M
NOI $786,285 @ 7.0% cap · market cap 18.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
Explore this area
Business Placement
Demographics for 93015, CA
18,789
Population
6,196
Households
3
Avg Household Size
35
Median Age
16%
College-Educated
78%
High-School Grad
92.8 sq mi
ZIP Area
202
Density / Sq Mi
$90,258
Median Household Income
$40,811
Median Earnings
$1,781
Median Rent
$590,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Iconic former chapel now operates as a leased wedding venue, with chapel classrooms suited for conversion to a hotel.
Where is this wedding venue located?
The property is located at 461 Central Ave Fillmore, CA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Year built: 1888; historic landmark formerly Fillmore chapel, now operating as a leased wedding venue; Nearly 1‑acre grounds with well‑maintained landscaping for wedding‑venue operations; Conversion potential: section used as chapel classrooms can be converted into a 40‑room hotel under Trademark Collection by Wyndham or Ascend Collection by Choice Hotels
