The Oxnard Collection
-Very attractive assumable financing at a 3.1% average (interest only) for the next three years
-Properties are available for sale on an individual basis as well as in connection to total portfolio
-Tremendous upside potential on current rents (approx. 25%)
-Strong in place cash on cash return of 5.9 % (pro forma 8.7%)
Property Description
We are pleased to present the exclusive offering of the "The Oxnard Collection". This portfolio consists of 201 units spread across 8 properties. All of the buildings have been meticulously maintained by the current ownership. This offering presents a new investor the unique opportunity to acquire an immediate footprint in the rapidly growing Oxnard market. The portfolio has tremendous upside potential, with approximately 25% upside on the current rents collectively. The offering also features the option for very attractive assumable financing at an average of 3.1% (interest only) with a remaining balance of $25,195,000. This allows for a strong in place cash on cash return and the ability to avoid the currently challenging debt market. The properties are all within a close proximity of each other allowing for seamless managerial operations. A majority of the buildings are strategically located within walking distance to local schools and a short drive to the best Oxnard has to offer in dining, entertainment, beautiful beaches, shopping centers and recreation. Ownership is willing to consider selling properties on an individual basisl. The listing at 6325-6373 Hummingbird St in Ventura may also be considered within portfolio sale. Dropbox link containing current rent rolls, P&L's and individual set-ups available upon completion of a confidentiality agreement.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Apartments |
| Price: | $57,366,000 |
| No. of Units: | 201 |
| Cap Rate: | 4.62% |
| GRM /GIM: | 13.41 |
| Opportunity Zone: | No |
| Price per unit: | $285,403 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Net operating income: | 2650309.20 |
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