42-46 Thompson Boulevard
3 Condos with 3 APNs not subject to local rent control
Marketing description
True North CRE is pleased to present the exclusive opportunity to acquire 42-46 E Thompson Boulevard, a boutique three-unit condominium asset in the heart of Ventura's vibrant coastal community. The property presents a rare opportunity to own condo-quality product in one of California's most sought-after and supply-constrained coastal markets. Critically, each of the three condominiums is held under a separate APN, affording investors exceptional flexibility and multiple exit strategies — holding all three units for income, selling them off individually over time, or executing a phased disposition to maximize returns. Built in 2006, the property is not subject to any form of local rent control.
The property comprises two spacious 2-bedroom / 2-bath units (1,141 and 1,418 square feet) and one generous 3-bedroom / 2-bath unit (1,651 square feet), situated on a 2,130 square foot lot. Each residence has been thoughtfully appointed with a private garage and dedicated private patio, and all units come equipped with in-unit washer/dryers, dishwashers, stoves, and additional appliances. Tenants are responsible for electricity and gas, while ownership covers water, trash, and gardening. The 2006-vintage construction, paired with private outdoor space and garage parking for every unit, positions the asset as a premium offering relative to the area's older competing inventory.
The Ventura coastal market is defined by exceptionally high barriers to entry — limited developable land, stringent coastal development regulations, and constrained new supply — which together protect long-term asset values and sustain durable rental demand. Strategically positioned along the 101 Freeway corridor, the property places residents within convenient reach of major employment hubs, including the commercial centers of Oxnard and Camarillo to the south, the Conejo Valley's tech and biotech corridor anchored by Thousand Oaks, and the Greater Los Angeles market approximately 60 miles to the southeast.
Investment highlights
- Three Separate APNs · Multiple Exits - Each of the three condominiums is held under its own APN (073-0-380-025, 035, 045). Investors can hold all three for income, sell units individually over time, or execute a phased disposition — flexibility rarely available at this scale.
- Built-In Condominium Equity - Offered at just $487 / SF as a whole asset, while comparable individual condo sales in Ventura 93001 average $674 / SF — implying an aggregate retail value near $2.84M and meaningful built-in upside through a condo sell-off.
- 2006 Construction · Not Rent Controlled - The 2006-vintage building is not subject to any form of local rent control, giving ownership full pricing flexibility on turnover and renewal in a tightly supplied coastal submarket.
- Embedded Rent Upside - In-place rents of $105,480 grow to $123,600 at market — a 17.2% increase — with loss-to-lease of roughly 17% across the unit mix. Conservative market rents sit below active Ventura comparables, leaving additional cushion.
- Premium Unit Mix & Amenities - Two large 2+2 residences and one 3+2 — each with a private garage, dedicated private patio, and in-unit washer/dryer, dishwasher, and full appliance package. Condo-quality finishes distinguish the asset from older rental stock.
- Supply-Constrained Coastal Market - Limited developable land, stringent coastal development regulations, and constrained new supply create exceptionally high barriers to entry — protecting long-term values and sustaining durable rental demand.
- Walk to Beach, Pier & Downtown - Steps from Surfers Point, the Ventura County Fairgrounds, San Buenaventura State Beach, and the Ventura Pier & Promenade — with historic Main Street's dining, retail, and culture minutes away.
- 101 Corridor Connectivity - Direct 101 Freeway access links residents to employment in Oxnard, Camarillo, the Conejo Valley biotech corridor, and Greater Los Angeles — reinforcing sustained demand from a commuting workforce.
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