153 Laurel St Ventura, CA 93001

Property Details for 153 Laurel St

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a six-unit multifamily property situated on two parcels in Ventura, California's vibrant downtown area. The property comprises four detached buildings totaling 11,760 square feet, offering a unique blend of architectural styles, including Craftsman and Mediterranean designs. The buildings boast a mix of one- and two-bedroom units, many featuring updated interiors, private yards or patios, and four units with in-unit laundry hookups. Five garage spaces are also included, presenting potential for Accessory Dwelling Unit (ADU) conversions under SB 1211, further increasing the property's value. Located just blocks from the beach and pier, and amidst the burgeoning Front Street neighborhood, this property benefits from its proximity to Ventura's thriving entertainment, dining, and recreational scene. The property's zoning allows for both residential and commercial use, providing flexibility for future development or repositioning. Recent upgrades to several units include new kitchen cabinets and countertops, a new roof, upgraded electrical panels, and new windows. Tenants are responsible for all utilities, contributing to a strong cash flow. The asking price is $2,595,000, with a current Net Operating Income (NOI) of $123,572, resulting in a 4.80% capitalization rate. The dual-parcel configuration offers flexibility in financing options, allowing for either a single commercial loan or leveraging separate residential loans. The property's prime location and diverse unit configurations ensure consistent high demand and strong rental income. This is a rare opportunity to acquire a well-maintained, income-producing multifamily property in a rapidly appreciating area.