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    1202 E Ojai Ave Ojai, CA 93023
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    1202 E Ojai Ave Ojai, CA 93023

    View on Map
    • Commercial land
    • 16,264 SF
    • 1.64 lot acres
    For Sale
    $2,995,000
    View Listing →
    Ojai Redevelopment Opportunity For Sale
    $2,995,000
    16,000 SF

    Ojai Redevelopment Opportunity

    Former bowling alley ripe for redevelopment in Ojai.

    1202 E Ojai Ave, Ojai, CA 93023
    View Listing
    Property ID
    US10-1469796
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 1202 E Ojai Ave

    Year built
    1961
    Lot size
    1.64 lot acres
    Property size
    16,264 SF
    Zone code
    BP
    Property type
    Commercial land
    APN
    028-0-073-010
    APU
    280073010

    Description

    This exceptional 1.65-acre property in Ojai, California, presents a significant redevelopment opportunity. Located at 1202 E Ojai Ave, 93023, this 16,000 square foot site is the largest available in Ojai. Previously home to Topa Lanes bowling alley, the property offers immense potential for a variety of uses, including but not limited to: club, restaurant, health/fitness center, indoor amusement/entertainment venue, museum, school, department store, pharmacy, grocery store, bank, hotel/motel, clinic, offices, storage facilities, studios, or parking. The property features a single, one-story building and ample parking for 50 vehicles. The asking price is $2,995,000, translating to $187.19 per square foot. This is a unique chance to capitalize on the vibrant Ojai market and create a landmark destination. The property's size and versatility make it ideal for a large-scale project or a mixed-use development. Invest in Ojai's future with this exceptional redevelopment opportunity. Ventura County location offers strong potential for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,405,000
      6.5%
      $3,140,000
      7%
      $2,915,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,665,000
      Market price range: $3.67M - $14.2M
      AI Estimate
      $1,893,000
      Market price range: $1.89M - $6.94M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ojai
    County
    Ventura
    State
    California
    Longitude
    -119.232
    Latitude
    34.4492
    CBSA code
    37100
    CBSA name
    OXNARD-THOUSAND OAKS-VENTURA, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,734
    $1,148,976
    $0.00
    $1,148,976
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation by Request
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      Ojai Ave

      VACANT COMMERCIAL LAND • 0.02 Acres
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      View Details

    Similar Nearby for Sale

    • $625,000
      0.42 Acres

      Ojai Land Development Opportunity

      Vacant lot in downtown Ojai with pre-development groundwork completed.
      608 E Ojai Ave, Ojai, CA 93023
      View Details
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      Ojai Vacant Lot Opportunity

      Development-ready vacant lot in downtown Ojai with groundwork completed.
      608 E Ojai Ave, Ojai, CA 93023
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      Profitable Car Wash on Two Lots

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      Prime Ojai Development Opportunity

      Flat, usable acreage in Ojai's thriving business corridor.
      1400 Maricopa Hwy, Ojai, CA 93023
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available in Ojai

      Retail space available, approximately 687 square feet in Ojai.
      423 E Ojai Ave, Ojai, CA 93023
      View Details
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      High-Traffic Shopping Center Space

      Retail spaces available in high-traffic shopping center near Ojai.
      11492 N Ventura Ave, Ojai, CA 93023
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      Ojai Office Space Available

      Office space available for rent in Ojai, California.
      603 W Ojai Ave, Ojai, CA 93023
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      Ojai Office and Industrial Suites

      Office and industrial suites for lease in Ojai, California.
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      Ojai Restaurant Opportunity

      Second generation restaurant space with type 41 license available.
      967 E Ojai Ave, Ojai, CA 93023
      View Details
    View Listing
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    Ojai, CA 93023
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    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
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