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3111 E Main Street
Ventura, CA 93003

Price: $3,700,000 Zoning: C2
Bldg SF: 16,399 SF Price/SF: $226
Land SF: 50,094 SF Occupancy: 100%
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233

Price: $3,700,000
Bldg SF: 16,399 SF
Land SF: 50,094 SF
Year Built: 1961
ProForma CAP Rate: 6.34%
Price/SF: $226
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233

Investment Highlights

Rare Mixed-Use Retail, Warehouse, and Automotive Use Property on 1.15 Acres of Land

 

  • Front building features 5,900 square feet of retail space and 5,291 square feet of warehouse space
  • Rear building features 3,208 square feet of retail space and 2,000 square feet of auto bays
  • Total square footage is 16,399
  • 1,15 acres of land
  • 205 feet of frontage alone East Main Street, the main retail thoroughfare that runs through Ventura, CA
  • Walk score of 84, a very walkable location
  • 61 parking spaces, a parking ratio of 3.72 per 1,000 square feet

 

Excellent Ventura, CA location

 

  • Ideally located 0.3 of a mile from Ventura Community Memorial Hospital
  • Located 0.5 of a mile from Pacific View Mall
  • Just 1.9 miles from Ventura City Beach
  • Just east of the signalized corner of East Main Street and Telegraph Road
  • East Main Street is the main retail thoroughfare that runs through Ventura, CA

 

Unique Value-Add or Owner-User Opportunity

 

  • Significant rental upside, with current rents averaging $0.77 per square foot
  • The lease on the rear retail/automotive use space expires in July 2022, allowing an owner-user Buyer to occupy the rear portion of the property while generating income from the front portion of the property
  • The front retail/warehouse building is occupied by BMC, the nation’s premier supplier of building materials and services
  • In January 2021, BMC merged with Builders FirstSource, Inc. to create the nation’s premier supplier of building materials and services.
  • The combined company, which will operate under the Builders FirstSource name, has over 550 distribution and manufacturing locations, a presence in 39 states and 84 of the top 100 metropolitan statistical areas, and with combined sales of $12.8 billion as of the twelve months ended December 31, 2020
  • The Ventura location serves as a window and door showroom

 

Affluent Sub-market with Significant Development and Strong Underlying Demographics

 

  • Average household income within one mile of the property is $103,312
  • There are 14,762 people located within one mile of the property, 59,028 within three miles, and 118,579 within five miles
  • There are over 6,098 households located within one mile of the property, 23,980 within three miles of the property, and 43,292 within five miles of the property.
  • Vibrant local single-family market has a median home value of $717,353.
  • Over 1,000 multi-family units currently under construction or recently completed in the immediate area