Listed by Matthews
$1,800,000
Wagon Wheel Ranch
Details
APN 030-0-100-245
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,455
Units 6
Cap Rate 4.00%
NOI $71,923
Price per SqFt $521
Year Built 1947
Year Renovated 2024/2026
Buildings 6
Stories 1
Acreage 1.420
Rare Detached Ranch Compound on ±1.42 Acres | Substantial Recent Capital Investment
Investment highlights
- Rare Detached Ranch Compound on ±1.42 Acres – Six fully detached residential structures on a sprawling ranch-style lot in the Ojai Valley. Each unit operates as a standalone building, delivering a compound experience that commands strong tenant retention and is virtually unreplicable in today’s entitlement environment. At $300,000/unit and a land basis well below current Ojai Valley acquisition costs, the offering presents a compelling entry point.
- Substantial Recent Capital Investment — Significantly Improved Condition (2024–2026) – Following a recent ownership consolidation, the current owner has executed a comprehensive capital improvement program across the property between 2024 and 2026. Completed upgrades include new roofs, full electrical system upgrades, updated heating systems, refreshed paint, renovated bathrooms, and new flooring throughout, as well as professional tree removal completed in response to insurance requirements. While the property retains additional value-add potential, the heavy lifting of core infrastructure and cosmetic upgrades has been completed, reducing buyer risk and near-term capital requirements relative to its prior condition.
- Significant Rental Upside with No Local Rent Control – Located in unincorporated Ventura County, the property falls outside the City of Ojai’s Rent Stabilization Ordinance entirely. Rent increases are governed solely by AB 1482, which caps annual increases at 5% plus local CPI, and vacancy decontrol allows rents to reset fully to market upon turnover. With in-place rents averaging approximately $1,734/month against an Ojai market average closer to $2,733+/month, there is substantial and immediately accessible upside on lease renewals and unit turns.
- Diverse Unit Mix Serving Multiple Renter Profiles – The current owner pays trash and water utilities on behalf of tenants, meaning a buyer who pursues a utility billing recovery program (RUBS or individual metering) has a direct and meaningful path to improving NOI without raising a single rent. This represents an operational upside lever that is entirely independent of market conditions.
- Supply-Constrained Lifestyle Market with Durable Rental Demand – Ojai’s combination of limited developable land, high barriers to new supply, and sustained demand from tourists, wellness travelers, and remote workers creates a rental market with structural vacancy resistance. The property sits against the Topatopa Mountain backdrop with downtown Ojai and Santa Paula both within 10 minutes, and Los Angeles roughly 80 miles south.
- Value-Add Upside on a Substantially Improved Foundation – Built in 1947 and held under private long-term ownership, the below-market rent roll is a product of tenure, not neglect. With roofs, electrical, heating, bathrooms, flooring, and paint all addressed between 2024 and 2026, a new owner inherits a meaningfully upgraded asset and can focus entirely on executing the rent upside strategy through lease renewals, unit turns, and utility recovery rather than managing capital projects.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$71,923.00
$5,993.58/mo
Valuation Metrics
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DSCR
4%
Cap Rate
4%
ROI
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