Grand East Oak Apartments

Highlights:

• 1960s Built | Heart of Ojai
• Two 16-Unit Properties
• High Barrier of Entry Market
• Great Upside & ADU Potential
• Private Backyards/Patios
• Swimming Pool, Bike Storage
• Next to Ojai Valley Inn Resort

Description:

The LAAA Team of Marcus & Millichap is pleased to present Grand East Oak Apartments, a 32-unit multifamily portfolio in the heart of Ojai, California. Spanning 2.75 acres across 601 Grand Avenue and 514–516 E Oak Street, this offering represents one of the largest multifamily landholdings in the city where new supply is virtually impossible to replicate. After more than six decades of family ownership, the properties are available for the first time since the 1960s, marking a true generational opportunity.

Investment Highlights
The portfolio includes 63% two-bedroom units and 34% one-bedroom units, averaging 772 SF. Current rents average $1,890 per unit ($2.45/SF), well below market levels of $2,503 per unit ($3.24/SF), offering 32% rental upside through natural turnover and light renovations.

Select units are already modernized with granite countertops, stainless appliances, recessed lighting, and upgraded bathrooms. Community amenities include a resurfaced 20' × 40' swimming pool with dedicated facilities, plus large private backyards and patios in many units.

ADU Potential
In addition to embedded rent growth, the properties offer rare ADU expansion opportunities. An existing non-residential space could be converted into a studio ADU today. Under Senate Bill 1211 (2025), the two parcels can accommodate up to 16 detached ADUs (eight per parcel), plus potential interior ADUs through conversion of storage or utility spaces.

Location
Situated in one of California’s most desirable lifestyle markets, the Grand East Oak Apartments are walking distance to Libbey Park, Ojai Avenue retail, and cultural landmarks such as the Ojai Art Center and Bart’s Books. The properties are adjacent to the Ojai Valley Inn & Spa, one of the area’s largest employers and a Forbes Five-Star resort, and minutes from Soule Park Golf Course and Nordhoff High School.

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