Excellent opportunity to acquire a 32-unit well maintained Oxnard apartment building with ideal unit mix and major rental rate upside within 1 mile of Oxnard Community College. 2951 and 3011 Albany Drive includes (2) 2-story 16-unit apartment buildings w/ secure gated entry featuring (20) 2BD/1BA and (12) 1BD/1BA apartments set on just over 1 acre. Assigned Carport parking in rear and each building has its own onsite laundry room. Separately metered for gas and electricity. 2 Water Heaters. Roofs were recently replaced and exterior repainted. Very convenient location for tenants just off intersection of Channel Islands/Rose and Oxnard Boulevards with abundant shopping, medical clinics and Oxnard College nearby. Current rents more than 35% below market. Solid long term investment opportunity with room to bring rents up to market over time (subject to Oxnard 4% rent control). Offered at a 5.0% CAP rate on current rents and an appealing 7.9% CAP rate on market rents.
Property Details
Price:
$7,700,000
MLS #:
V1-30104
Status:
Active Under Contract
Baths:
0
Address:
2951 Albany Drive
Type:
Residential Income
Subdivision:
Oxnard: Other – 0034
Neighborhood:
vc34oxnardsoutheast
City:
Oxnard
Listed Date:
May 22, 2025
State:
CA
ZIP:
93033
Lot Size:
43,995 sqft / 1.01 acres (approx)
Year Built:
1974
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Schools
Interior
Appliances
Gas Range
Cooling
None
Heating
Wall Furnace
Laundry Features
Individual Room
Exterior
Community Features
Biking
Parking Spots
32.00
Financial
Map
Community
- Address2951 Albany Drive Oxnard CA
- AreaVC34 – Oxnard – Southeast
- SubdivisionOxnard: Other – 0034
- CityOxnard
- CountyVentura
- Zip Code93033
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