The LAAA Team is proud to present 511 E Oak Street, a 6-unit multifamily property in the heart of Ojai, one of Southern California's most sought-after lifestyle destinations. The property consists of one detached 2-bedroom/1-bathroom house (813 SF) and five 1-bedroom/1-bathroom apartment units (~500 SF each), totaling 3,313 square feet on a 10,454 SF (0.24-acre) lot. Built in 1948, the property offers an attractive blend of stable in-place income and meaningful rent upside through natural tenant turnover.

With current rents averaging $1,557 per month — approximately 30% below market — 511 E Oak Street represents a compelling value-add opportunity in a supply-constrained market. Vacancy decontrol under Ojai's rent stabilization ordinance allows owners to reset rents to market upon turnover, providing a clear pathway from the current 4.40% cap rate to a pro forma 6.50% cap rate without significant capital investment.

Location: Situated in the heart of Ojai, 511 E Oak Street offers unparalleled walkability to the boutique shops, galleries, farm-to-table restaurants, and cultural attractions of the Ojai Village. The property is located within the Ojai Valley, a picturesque community of approximately 7,600 residents nestled between the Topatopa Mountains and Sulphur Mountain, just 15 miles north of Ventura and 80 miles from Los Angeles. Ojai's chain-store prohibition ordinance preserves its distinctive small-town character, while the town's reputation as a wellness, arts, and outdoor recreation hub continues to drive strong real estate demand. With a Walk Score in the mid-80s and immediate access to Libbey Park, Sarzotti Park, and the Ojai Valley Trail, the location delivers a rare combination of walkable village living and mountain retreat atmosphere.

Comp Analysis: Multifamily transaction data in Ojai is limited due to the small size of the market, but recent sales provide meaningful pricing benchmarks. The most directly comparable sale is 516 E Oak Street (Comp 3), located just one block from the subject, which traded at an allocated price of $294,915 per unit as part of a $8.25M portfolio sale brokered by the LAAA Team in December 2025. The portfolio's combined cap rate of 5.62% reflects stabilized, market-rate income.

The subject's suggested price of $250,000 per unit represents a discount to the per-unit pricing of all comparable sales with disclosed prices ($294,915–$368,167/unit), which is appropriate given the subject's smaller unit sizes (552 SF average vs. 750+ SF for comps), below-market in-place rents, and the 4% rent control cap on existing tenancies. The subject's current 4.40% cap rate — with a clear path to 6.50% through natural turnover — offers an attractive risk-adjusted entry point in this tightly supply-constrained market.

The suggested list price of $1,500,000 ($250,000/unit) is supported by recent comparable sales activity in the Ojai multifamily market. Per-unit pricing among closed comps ranges from $294,915 to $368,167, placing the subject at a meaningful discount to the market — appropriate given the property's smaller unit sizes, below-market in-place rents, and the constraints of Ojai's 4% rent stabilization ordinance on existing tenancies.

At $1,500,000, a buyer acquires a 4.40% day-one return on an asset with a clear, achievable pathway to 6.50% through natural tenant turnover — a compelling spread in today's market. The pricing reflects a balance between the property's irreplaceable walkable downtown Ojai location, the documented 30.6% rent upside, and the realities of a small unit count and 1948-vintage construction. The suggested price positions the property to attract both 1031 exchange capital seeking lifestyle assets and value-add operators targeting yield improvement through the renovation-on-turnover strategy.

The LAAA Team's recent closure of the $8.25M portfolio sale (601 Grand Ave + 516 E Oak St) in December 2025 provides first-hand market intelligence: buyer demand for Ojai multifamily remains robust, particularly from local and national investors seeking exposure to this uniquely supply-constrained market.