102 Kalorama StVentura, CA 93001

Property Details for 102 Kalorama St

Year built

1952

Property type

Apartment buildings

Description

This exceptional turnkey investment opportunity presents a four-unit apartment building located at 102 N Kalorama St, Ventura, CA 93001. Boasting expansive ocean views from each unit, this property offers a rare blend of location and condition. The 9,147 square foot lot houses a two-story, Class B building constructed in 1952, featuring four 2-bedroom, 1-bathroom apartments. Each unit includes individual garages, and the property also features an on-site laundry room with owner-owned machines, lush landscaping with a sitting area and resident vegetable boxes. Extensive renovations completed in 2018 encompass modern open floor plans with refinished hardwood floors, updated kitchens (cabinets, quartz counters, stainless steel appliances, tile floors and backsplashes), and new bathrooms (tubs, floor tile, sinks, and toilets). Modern plumbing and electrical finishes were also implemented throughout. The roof was replaced in 2010 (30-year life expectancy), plumbing was repiped (ABS and PEX), and electrical upgrades include new outlets, light fixtures, and switches. A new 400-amp service panel with four 100-amp subpanels was installed in 2007. The building sits on a raised foundation. Market rate rents are currently in place, along with a utility bill-back system for water and trash. An assumable loan of $1,180,000 is available at 4.5% interest-only, extending through July 2028. The garages present potential for conversion into an accessory dwelling unit (ADU). This property offers a 4.5% cap rate on current rents and is situated just two blocks from Ventura's vibrant Main Street and one mile from the Ventura Pier. This is a truly exceptional investment opportunity in a prime location with significant capital expenditures already completed.

Location Insight

City

Ventura

County

Ventura

State

California

Latitude

34.2824

Longitude

-119.287

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