Pro Forma Cap Rate 6.35% | Very Low PPSF 402 W Ojai Ave 8,371 SF 100% Leased Office Building Ojai, CA 93023 $2,750,000 ($328.52/SF)

Floyd Group of Marcus & Millichap is pleased to present exclusively for sale 402 W Ojai Avenue, a rare opportunity to acquire a core-plus, multi-tenant commercial asset in the heart of Downtown Ojai, one of Southern California’s most supply-constrained and lifestyle-driven markets. Strategically positioned along Route 33, the property benefits from constant drive-by exposure as the primary artery connecting Downtown Ojai to the broader Ventura County region. The ±8,371 SF building sits on a generous ±25 ,264 SF lot and is anchored by Bank of the Sierra, a long-standing regional financial institution operating under a NNN lease .
The bank’s presence provides stability, predictable cash flow, and reduced operating expense exposure, while the remaining tenants offer flexibility and upside through lease restructuring and market rent adjustments. With over 25 surface parking spaces and an existing drive-thru facility, the property offers functionality that is increasingly difficult to replicate in Downtown Ojai ’s walkable, boutique environment. These physical attributes enhance tenant retention, broaden potential uses , and support long-term competitiveness. Prime frontage along Route 33 / Ojai Avenue, the city’s primary commercial corridor and gateway into Downtown Ojai, delivering constant exposure to both residents and destination visitors. Significant Value-Add Upside Eight of ten tenants are on month-to-month leases, allowing a new owner to reset rents to market, improve tenant mix, or reposition the asset without long-term rollover constraints. Current in-place cap rate of 3.68% with a projected pro forma cap rate of approximately 6.35% at
market rents, highlighting meaningful income growth and value creation potential. Built in 1981 and meticulously maintained, reflecting pride of ownership and minimizing near-term capital expenditure requirements.
Nestled in a scenic valley approximately 15 miles inland from Ventura and 75 miles northwest of Los Angeles, Ojai is one of Southern California’s most distinctive and supply constrained communities. Surrounded by the Topa Topa Mountains and Los Padres National Forest, the city offers a rare blend of small-town charm, natural beauty, and affluent demographics. With a population of roughly 7,500 within city limits (and a broader Ojai Valley population closer to 20,000), the market is characterized by low density, high barriers to new development, and a strong emphasis on preservation and community character.