As the exclusive listing agent, we are pleased to present the opportunity to acquire the Sunnyside Apartments in the coastal sub market of Port Hueneme. This offering includes fifty eight (58) units across two (2) buildings with an approximately 40,032 SF foot print sitting on a 67,074 SF lot zoned R2. The buildings have been owned and managed by the current ownership for the past 30 years and is one of the largest buildings in the Port Hueneme sub market. Sunnyside Apartments offers an investor a true value add opportunity with approximately 45% (+/-) potential upside in rents as well as seven (7) vacant units allowing an immediate path to realizing potential upside. Per CoStar, only one building 20 Units or larger has sold in the Port Hueneme sub market in the last 10 years. The coastal community of Port Hueneme has seen compressed vacancy rates as well as an increase in average annual growth of rents with a shortage of new product. Ventura County is primarily a single-family housing market, with limited housing supply which has helped propel rents and demand. Developing in Ventura County is a difficult process with roughly only 3,500 units being delivered over the past ten years. Therefore, low vacancies and the proximity to Los Angeles tend to keep the Ventura market liquid and attractive to investors.
This well located apartment complex offers an investor a rare opportunity to secure a large sized asset in a high demand coastal sub market with a true value add story and strong growth potential.