Property Detail

Description

711 S C St (Palm Terrace) | 22-Unit Affordable Multifamily, Oxnard. 2001-built asset totaling 23,954 SF on a 44,954 SF lot in Downtown Oxnard, a short walk from Heritage Square, Plaza Park, and the Oxnard Transit Center. The property features (10) 2BR/1BA units averaging 764 SF and (12) 3BR/2BA units averaging 1,025 SF, plus a separately leased daycare a second income stream with options through 2035. Twenty-one of 22 apartments are occupied, with about 14 years of average resident tenure reported by ownership, and rents are restricted under recorded TCAC, City of Oxnard, and CalHFA agreements at 30/40/50% AMI through 2055. Offered at $4,200,000 ($190,909/unit | $175.34/SF) with a 5.95% in-place cap rate, the real story is durability long-tenured, family-sized affordable housing with a 6.07% pro forma cap and no senior mortgage to assume.