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195 E Hillcrest Dr 8.21 Acres of Commercial Land in Thousand Oaks, CA 91360
INVESTMENT HIGHLIGHTS
- Rare mulitfamily redevelopment opportunity of scale in Thousand Oaks
- Well-educated, high earning demographic
- Proximate to key Ventura County employment centers
- Strong multifamily submarket demand drivers
- Abundant executive and workforce housing
- Thousand Oaks public schools are rated among the top in the country
EXECUTIVE SUMMARY
Located at 195, 275 & 325 E. Hillcrest Drive, the Property’s current improvements consist of a ±106,130 square foot multi-tenant three building office park known as Stone Creek Professional Offices.
While the current zoning does not permit multifamily, the City of Thousand Oaks is in the process of updating its General Plan with a special focus to identify opportunities for new housing based on the Endorsed Land Use Map. Under the latest endorsed land use map, the Property is scheduled to be rezoned for “mixed-use” when the new General Plan is put into effect, which will allow for multifamily redevelopment of the Property.
In May 2021, the Thousand Oaks City Council endorsed the Draft Preferred Land Use Map that serves as the basis for the City’s first comprehensive amendment to the General Plan since 1970.
This landmark change in land use designations reflects many months of community involvement. As of October 2023, the City’s Community Development Department is reviewing and responding to Draft General Plan and Environmental Impact Report (EIR) comments. The City is anticipating that the Planning Commission and City Council hearings to adopt the General Plan and EIR will be scheduled at the latter end of 2023.
The Property’s new land use designation will allow “Mixed-Use Low” multifamily redevelopment with 20 to 30 dwelling units per acre for residential use and 0.25 floor area ratio (FAR) for non-residential commercial uses.
Under the new Land Use Plan, it is anticipated that the Property’s allowable density will be ±218 units (base density) and up to ±305 units with the State Density bonus program. The 195 E. Hillcrest building’s ±11,207 square feet of existing commercial space is envisioned to remain as the new development’s commercial component. KTGY Architecture, on behalf of Seller, has prepared three conceptual designs for the site, summarized as follows and shown in greater detail on pages 19-27 and further detail in the Property’s website data room.
PROPERTY FACTS In Escrow
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 8.21 AC |
| Property Type | Land | ||
| Zoning | C-3 - Anticipated change to Mixed-Use Low by late 2023 | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 8.21 AC |
| Zoning | C-3 - Anticipated change to Mixed-Use Low by late 2023 |
1 LOT AVAILABLE
Lot
| Lot Size | 8.21 AC |
| Lot Size | 8.21 AC |
This property in Thousand Oaks offers a prime redevelopment opportunity with strong occupancy and rental growth. Fully vacant by May 2025, it’s situated in a high-demand area with limited new supply, excellent quality of life.
DESCRIPTION
Thousand Oaks’ multifamily submarket fundamentals are outstanding with 94.3% occupancy levels and impressive double-digit rent increases in 2022 with very limited new supply in the development pipeline. More than 34% of the entire Conejo Valley’s planning area is set aside as natural area which has preserved the region’s scenic landscape and severely limited the land available for new development. As of October 2023, the Property is 71.16% leased with an estimated net income from existing operations of approximately $566,134 (Pro Forma $772,568). To facilitate the near-term redevelopment of the Property, the Seller has completed the lease termination amendments which will allow 325 E Hillcrest and 275 E Hillcrest to be fully vacant no later than May 2025. Situated in the heart of the Conejo Valley in Ventura County, Thousand Oaks offers its residents an exceptional quality of life with beautiful surroundings, a favorable Southern California climate, and top-ranked schools. The City’s diversified economy is home to a number of high-tech and biotechnology companies and has been dubbed “the next Silicon Valley.” Thousand Oaks is within commuting distance of western Los Angeles County.
PROPERTY TAXES
| Parcel Number | 669-0-021-255 | Improvements Assessment | $11,681,329 |
| Land Assessment | $7,787,553 | Total Assessment | $19,468,882 |
PROPERTY TAXES
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195 E Hillcrest Dr
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