Regency House 1315 Devonshire Dr
25 Unit Apartment Building $5,395,000 ($215,800/Unit) 5.01% Cap Rate Oxnard, CA 93030
INVESTMENT HIGHLIGHTS
- Only $216k/unit, 5.0% CAP Rate on in place rents
- Corner lot across from Grocery Store Anchored Fremont Square Shopping Center and intermediate school with bus stop in front of property
- Seller Carry Loan Available at 6.0% Interest Only wth 50% Down
- New Roof and other Recent Improvements
EXECUTIVE SUMMARY
25-unit Oxnard apartment building for sale located on a corner lot near Fremont Square shopping center, several medical clinics and schools as well as bus lines. 1315 Devonshire DR is a 2-story courtyard style property featuring (12) 1BD units and (13) studios along with garage parking. Roof has recently been replaced. Other recent improvements include the installation of seismic shutoff valves on gas meters, 2 new commercial grade water heaters and upgraded cold water line plumbing pipes (pipes were sandblasted and injected with epoxy liner). Separately metered for electricity and gas. There is an onsite laundry room. Offered at less than $216k/unit and a 5.0% CAP rate, 12.0 GRM on in place rents with upside on rental rates. Seller prefers to carry back a loan at 6.0% interest only offering a major cash flow benefit to new Buyer. The garages offer ADU conversion potential.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$449,424
|
$37.46
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$449,424
|
$37.46
|
| Net Operating Income |
-
|
-
|
PROPERTY FACTS
| Price | $5,395,000 |
| Price Per Unit | $215,800 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Gross Rent Multiplier | 12 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 11,999 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.08/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | $10,739 | - |
| Studios | 13 | $9,424 | - |
1 of 1
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 200-0-151-115 | Improvements Assessment | $1,599,643 |
| Land Assessment | $1,207,278 | Total Assessment | $2,806,921 |
ZONING
| Zoning Code | R3 |
