723 Ivywood Drive, Oxnard, California 93030, Oxnard, - bed, bath

home-pic
ACTIVE UNDER CONTRACT$1,400,000
723 Ivywood Drive, Oxnard, California 93030
0Bed
0Bath
3,940Sqft
6,098Lot
Year Built
1974
Close
-
List price
$1.4M
Original List price
$1.4M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
SR25119167
Home ConditionGood
Features
Good View: Park/Greenbelt
Patio
ViewPark/Greenbelt

About this home

Rare Triplex Investment Opportunity in Northwest of Oxnard, great rental area. There are Three 2 bedroom and 2-bathroom units. Large size units each unit is proximately 1314 square feet. Two of units have been updated in less than 0ne and half years ago with new kitchen, bathrooms with granite counter tops and beautiful, durable title floors that looks like laminate. One unit rent is $3100 per month, one unit just became vacant which can be used as owner occupied or can be rented for $3100. One unit has a long-term month to month tenants that pay $1967, which can be increase to market rent that will provide new owners opportunity for rent growth. Building has 4 garages and one garage is also being rented as storage for $250 per month. Garages can possibly be converted to units. Please check with city. All three units have spacious Livingroom with fire place Dining room, kitchen and bedrooms. Great for entertaining and family gathering. Top unit has a large beautiful balcony with view of park, down stairs unit has a nice size patio with park view. There is a laundry room which isn’t at use at this time, but new owner can add coin machine and have extra income. Building is close to park, schools, shopping and Freeway. Primary buyers can be approved with less down payment!!

Nearby schools

3/10
Sierra Linda Elementary School
Public,K-50.7mi
2/10
Curren Elementary School
Public,K-80.2mi
3/10
Fremont Intermediate School
Public,6-80.4mi
4/10
Pacifica High School
Public,9-120.8mi
9/10
Rancho Campana High
Public,9-129.6mi
Neighborhood Comparison

 SubjectAverage HomeNeighbourhood Ranking (1 Listings)
Beds00
Baths00
Square foot3,9403,487
50%
Lot Size6,0986,607
50%
Price$1.4M$1.18M
50%
Price per square foot$355$334.5
50%
Built year19749845987
100%
HOA
Days on market158139
50%
Condition Rating
Good

The property was built in 1974, but the listing states that two of the units have been updated within the last 1.5 years with new kitchens and bathrooms featuring granite countertops and tile floors. The images confirm the updated kitchens and bathrooms in at least one unit. While the building is older, the recent renovations in some units bring the overall condition to 'good'. The appliances appear to be in good working order. The electrical meters appear to be in good condition.
Pros & Cons

Pros

Income Potential: Triplex offers immediate income with two units already generating rent and the potential to increase rent on the third unit to market value.
Updated Units: Two of the three units have been recently updated with new kitchens and bathrooms, featuring granite countertops and durable tile flooring, reducing immediate renovation costs.
Large Unit Size: Each unit is approximately 1314 square feet, offering spacious living areas that appeal to a wide range of tenants.
Garage Income & Conversion Potential: Four garages provide additional rental income, with the potential for conversion into additional units (subject to city approval), further increasing revenue.
Desirable Location: Located in a great rental area in Northwest Oxnard, close to parks, schools, shopping, and the freeway, enhancing tenant appeal and property value.

Cons

Below Market Rent: One unit is currently rented at $1967, significantly below the market rent of $3100, requiring immediate attention to increase income.
Laundry Room Inactive: The laundry room is currently not in use, representing a missed opportunity for additional income that requires activation and investment.
Garage Conversion Uncertainty: The potential to convert garages into units is subject to city approval, introducing uncertainty and potential delays in realizing this added value.

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