220 S E St, Oxnard, CA 93030

Price just reduced $100k! 8-unit Oxnard apartment building located in the historic district with approved plans to build (2) new ADUs. Excellent investment opportunity to realize upside in rental rates on existing units along with taking baton from Seller to use city approved plans to build 2 additional studio units totaling 650 SF. Current Unit mix includes (1) 2BD/2BA, (2) 2BD/1BA and (5) 1BD/1BA units each with their own patio. Laundry room onsite, currently not in use, with new commercial grade water heater serving whole building. 4 of the units have been recently remodeled. Good downtown Oxnard location within walking distance to Plaza Park (home to farmers market and community events), Santa Clara Elementary School, Public Library, City Hall & Centennial Plaza - home to movie theaters, shops and restaurants. Offered at 12.5 x current in place rents.7.2% CAP rate can be achieved by the astute investor on market rents and assumed new ADU rents (assumes $200k+/- to build (2) studio ADU units totaling 650 SF which are projected to rent for $1700 apiece).