514-516 E Oak St 601 Grand Ave 32 Unit Apartment Building $8,650,000 ($270,313/Unit) 5.37% Cap Rate Ojai, CA 93023

The LAAA Team of Marcus & Millichap is pleased to present the Grand East Oak Apartments, a 32-unit multifamily portfolio in the heart of Ojai, California. Spanning 2.75 acres across 601 Grand Avenue and 514–516 E Oak Street, the offering represents one of the largest multifamily landholdings in the city, where new supply is virtually impossible to replicate. The scale, location, and nearly three acres of contiguous land make this a rare opportunity for an investor to become one of Ojai’s largest private landowners. After more than six decades of family ownership, the properties are available for the first time since the 1960s, marking a generational opportunity in one of Southern California’s most tightly held markets.

The unit mix consists of 63 percent two-bedroom units and 34 percent one-bedroom units, with an average unit size of 772 SF. Current average rents of $1,890/unit ($2.45/SF) trail market averages of $2,503/unit ($3.24/SF), creating a 32% rental upside through natural turnover and light renovations. The property is subject to the City of Ojai’s local rent stabilization ordinance, which generally limits annual rent increases to 4% for non-exempt multifamily properties built before 1995, while still allowing landlords to set initial rents at market upon vacancy.

Select units have already been modernized with granite countertops, stainless steel appliances, recessed lighting, and upgraded bathrooms, demonstrating the property’s ability to capture premium rents. Community amenities include a resurfaced 20' × 40' swimming pool with its own bathroom and storage room, and many units feature large private backyards and/or patios, a rarity in multifamily properties of this size.

Beyond the embedded rent growth, the portfolio offers rare ADU development potential. An existing non-residential space can be easily converted into a studio ADU today, and under California Senate Bill 1211 (2025), the two parcels can support up to 16 detached ADUs (eight per parcel). Additional interior ADUs may be created through the conversion of existing storage or utility spaces, further increasing long-term density and returns.

At the current list price of $8,650,000 ($270,313/unit | $350/SF), the portfolio generates a 5.37 percent CAP rate on current income with a clear path to an 8.12 percent CAP rate on pro forma rents, offering both immediate cash flow and significant long-term upside.

The Grand East Oak Apartments are ideally located in the heart of Ojai, one of California’s most desirable lifestyle markets. Nestled in a tranquil valley surrounded by the Topa Topa Mountains and adjacent to the Los Padres National Forest, Ojai has cultivated a global reputation as a sanctuary for wellness, arts, and outdoor living.

Ojai’s unique identity is fiercely protected. The city maintains a ban on chain stores, ensuring a vibrant downtown of independent boutiques, art galleries, and restaurants. With a median home value of $1.4 million, many residents are renters by necessity despite above-average household incomes. Vacancy remains structurally low (Ventura County multifamily vacancy ~3.8%, Ojai tighter), and year-over-year rent growth has consistently outpaced regional and national averages.

Regionally, Ojai offers a rare “best of both worlds” proposition: a serene, small-town lifestyle with easy access to major employment centers. The property is 20 minutes to Ventura, 45 minutes to Santa Barbara, and 90 minutes to Los Angeles, making it attractive to professionals, families, and retirees alike.