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December 9, 2019
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VENTURA COUNTY NEWS
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Beachfront Apartment Property in Ventura County Trades for $500k/Unit

2/28/19

A seven-unit, beachfront multifamily rental property in Ventura County has traded for $3.5 mil, or $500k per unit. The property is located at 5151 Neptune Square, between Harbor Blvd and the coast.

Constructed in 1974, the property had undergone only minor exterior improvements over the years. At the time of sale, rents were well below market and all the tenants were on month-to-month leases, offering significant upside to the property.

John Battle, SIOR, and Matt Benwitt with Lee & Associates-LA North/Ventura represented the buyer and seller in the off-market transaction. The buyer, Ventura Investment Company, owns several multifamily properties in the area, and understood the unique value of this beachfront property.

“I submitted an offer on behalf of this buyer in 2014, but the owners of the property, private investors, were not interested in selling, Battle said. “Then, this past summer the owner contacted me for assistance with an exchange property because they were considering another offer, and I notified the investor that had put in the offer all those years ago.”

“The buyer’s offer amounted to a 2.5% cap on current income,” said Battle, “and nothing in this market has sold for $500k a unit. But the buyer plans extensive interior renovations that will allow for bringing rents up significantly. That, along with the irreplaceable location with ocean views in all the units, provided the rationale for the price paid. And because this buyer owns other properties in the area, tenants who want to stay will have the option of moving into another one of his properties until the renovations are completed.”




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