Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mid-Century Class A Building Title is generated by Realmo AI

    250 S Mills Rd, Ventura, CA 93003

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Remodeled Class A building with ample parking and event space.

    Type:Office, Retail
    Property size:
    14,112 SF
    Price / SF:
    $587/SF
    Added:
    Feb 10, 2024
    Days on Market:
    847
    Last Refresh:
    May 12 at 11:33 pm

    Property Features for 250 S Mills Rd

    General Information

    Standard status
    Active
    Size
    14,112 SF
    Property subtype
    Office, Retail

    Building Details

    Year Built
    1965

    We can help!

    Listing Contact
    Bruce Milton

    Listing agent Bruce Milton License #CA 01945652

    Listing office Lee & Associates - LA North - Ventura County

    Listing date Feb 10, 2024

    Source Crexi

    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 Lee & Associates - LA North - Ventura County

    HighLights

    • Designed by renowned architect William Pereira (Transamerica Pyramid, LAX Theme Building).
    • Over 200 parking spaces on two levels.
    • Updated infrastructure to meet new city codes and requirements.
    • 1,500 SF outdoor deck for events.
    • Prime location across from Pacific View Mall at a signalized intersection.
    • Remodeled Mid‑Century Class A building.

    Overview

    This updated and remodeled Mid-Century Class A building was designed by William Pereira, an American architect known for futuristic designs. The structure reflects pride of ownership, suitable for tenants or a single user business or company. It features over 200 parking spaces on two levels, along with an outside deck exceeding 1,500 square feet for special events or other activities. The property is located across the street from Pacific View Mall at a signalized intersection, near businesses such as Target, Trader Joe's, and BevMo. The signalized intersection provides direct access to the main entry drive. The building owners have fully updated the infrastructure to meet new city codes and requirements. The property size is 14,112 square feet.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $790.8k $56.04
    − Vacancy −$128.9k −$9.13
    EGI $661.9k $46.91
    − OpEx −$165.5k −$11.73
    NOI $496.4k $35.18
    14,112 SF · lease $56.04/SF/yr · vacancy 16.30% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $7.09M
    $6.21M – $8.27M (±1% cap)
    NOI $496,448 @ 7.0% cap · market cap 5.98%
    Second Best
    Retail
    $5.45M
    $4.76M – $6.35M (±1% cap)
    NOI $381,186 @ 7.0% cap · market cap 4.60%
    Theoretical Best
    Office A
    $8.52M
    $7.45M – $9.94M (±1% cap)
    NOI $596,374 @ 7.0% cap · market cap 7.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Ventura
    County
    Santa Clara
    State
    California
    Longitude
    -119.223
    Latitude
    34.2816

    Nearby Similar for Sale

    • $2,250,000
      2,898 SF

      Ventura Four-Unit Victorian With Updates

      Renovated Victorian-style four-unit property near downtown Ventura and the beach.
      1033 E Santa Clara Street, Ventura, CA 93001
      View Details
    • $595,000

      Industrial Flex with Fenced Yard

      Flex industrial property with a small office, shop area, newer bathroom, and fenced yard suited for light industrial use.
      11443 Nardo Street, Ventura, CA 93004
      View Details
    • $835,000
      1,600 SF

      Remodeled Duplex with Private Yards

      Two separate, remodeled homes with private outdoor space and flexible parking options in Ventura.
      90 Leighton Drive, Ventura, CA 93001
      View Details
    • $835,000
      1,600 SF

      Remodeled Duplex with Private Yards

      Two separate remodeled homes with private outdoor space and flexible parking for long-term tenants.
      90 Leighton Drive, Ventura, CA 93001
      View Details
    • $975,000
      1,884 SF

      Two Homes with Ocean Views

      Two homes merged into one property with ocean views.
      6779 Ojai Avenue, Ventura, CA 93001
      View Details
    • $965,000
      3,002 SF

      Industrial Unit Near Ventura Freeway

      Rare industrial unit with shop room, coffee bar, and offices.
      3037 Golf Course Drive, Ventura, CA, 93003
      View Details
    • $1,500,000
      4,100 SF

      Two-Unit Storefront Retail Building

      Two long-established storefronts plus yard and a rear addition, with boulevard frontage and alley access.
      2031-2035 E Thompson Blvd, Ventura, CA 93001
      View Details
    • $5,090,000

      Ventura Multifamily Investment Opportunity

      Value-add multifamily property with ADU potential near Downtown Ventura.
      176 W Ramona St, Ventura, CA 93001
      View Details
    • $1,095,000

      Ventura Medical/Office Building For Sale

      Fully occupied medical/office building in Ventura's Loma Vista corridor.
      3442 Loma Vista Rd, Ventura, CA 93003
      View Details
    • $1,600,000
      7,228 SF

      Ventura Flex Space with Offices

      Flex space featuring offices, storage, and freeway access in Ventura.
      180 Canada Larga Road, Ventura, CA, 93001
      View Details
    • $825,000

      Spanish-Style Duplex with Versatile Features

      Inviting duplex near West Park, beach, and local favorites.
      295 W Mission Ave, Ventura, CA 93001
      View Details
    • $18,500,000
      117,987 SF

      Ventura Flex/Industrial Opportunity

      Two-building flex/industrial complex in Ventura, excellent freeway access.
      5120 - 5126 Ralston Street, Ventura, CA, 93003
      View Details

    FAQs

    What type of property is this?
    Office building - Remodeled Class A building with ample parking and event space.
    Where is this office building located?
    The property is located at 250 S Mills Rd Ventura, CA.
    What is the asking price?
    The asking price for this property is $8,295,000.
    What are key features of this property?
    This property features: Designed by renowned architect William Pereira (Transamerica Pyramid, LAX Theme Building).; Over 200 parking spaces on two levels.; Updated infrastructure to meet new city codes and requirements.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bruce Milton
    Real Estate License ID: CA 01945652
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    250 S Mills Rd, Ventura, CA 93003
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!