186 Bell Way, Ventura — New-Construction 12-Unit Multifamily

Investment Overview

A Brand-New 12-Unit Residential Asset in Supply-Constrained Coastal Ventura

The LAAA Team is proud to present 186 Bell Way, a newly constructed 12-unit residential property in the heart of Ventura’s 93001 coastal corridor. The asset comprises eight well-appointed apartments plus four ground-floor units the City of Ventura has approved for residential use, offering an investor a turnkey, new-construction income stream with no deferred maintenance, modern systems, and built-in rent upside.

Because the property was just delivered, a buyer steps into brand-new physical condition — new roof, mechanical, plumbing, and electrical — eliminating the capital-expenditure drag that defines most value-add multifamily in coastal California. The residential units are fully leased to quality tenants on one-year leases that roll to month-to-month, providing both stability and the flexibility to mark rents to market over time.

Ventura’s 93001 ZIP code is one of the most supply-constrained submarkets on California’s Gold Coast. Wedged between the Pacific and the hillsides, the downtown and west-side neighborhoods carry a renter-heavy household base — roughly 41% of city households rent — against a backdrop of limited developable land and high barriers to new construction. New product like 186 Bell Way is genuinely scarce.

At an asking price of $4,500,000, the offering represents $375,000 per unit. On an as-is basis — reassessed property taxes and professional management included — the property is underwritten to $288,338 of net operating income, a 6.41% capitalization rate, rising to a 6.80% pro forma cap as the eight apartments mark to market. The four ground-floor units have been approved by the City of Ventura for residential use; a buyer can convert and remodel them as they prefer, with each underwritten at a $2,100 residential rent.

$4.5M

List Price

Total Units

$390K

Gross Scheduled Rent

6.80%

Pro Forma Cap Rate

New

Construction

Investment Highlights

Why 186 Bell Way Stands Out

Brand-New Construction

Just delivered, with new roof, mechanical, plumbing, and electrical systems. A buyer inherits zero deferred maintenance, modern energy efficiency, and minimal near-term capital expenditure — a rarity in coastal California multifamily.

Twelve Residential Units

Eight residential apartments (2–4 bedrooms) plus four ground-floor suites approved for residential conversion — a flexible, effectively all-residential income profile under one roof on a single parcel.

Strong In-Place Income

The eight apartments are fully leased and the four converted suites carry $2,100 residential rents, for $390,000 of as-is scheduled income. At the $4.5M ask, that pencils to a 6.41% in-place cap, rising to 6.80% as the apartments mark to market.

Approved Residential Conversion

The four ground-floor commercial suites (643 SF each) have City of Ventura approval to convert to residential. A buyer can convert and remodel them as they prefer; each is underwritten at a $2,100 residential rent, and the eight existing apartments carry further mark-to-market upside.

Supply-Constrained 93001 Location

Downtown-adjacent west Ventura is hemmed in by the ocean and hills, with a 41% renter household base and high barriers to new supply. Walkable to Main Street, the Ventura Pier, and the beach.

The Property

Twelve Units, Brand New, on a Single Coastal Parcel

186 Bell Way (the “Bell & Olive Apartments”) is a newly built 12-unit residential property comprising eight apartments and four ground-floor units approved by the City for residential use. The residential program spans 2-, 3-, and 4-bedroom configurations; the four ground-floor units (643 SF each) have been approved by the City of Ventura for residential use, and a buyer can convert and remodel them as they prefer. See the full rent roll and operating financials below.

Property Summary

Address: 186 Bell Way, Ventura, CA 93001
Property Name: Bell & Olive Apartments
Property Type: Multifamily (12 Residential Units)
Total Units: 12 residential (4 approved for conversion)
Construction: New — built 2023
Building Area: 10,831 SF
Lot Size: 0.41 acres (±17,860 SF)
Parking: 12 spaces

Title & Pricing

Vested Owner: Bell LLC
Estate: Fee Simple
APNs: 071-0-022-380 & 071-0-022-010 (2 parcels)
Zoning: C-2 (Commercial)
List Price: $4,500,000
Price / Unit: $375,000
Cap Rate (Pro Forma): 6.80%
GRM (Gross Scheduled): 11.5×

Unit Mix

Unit Type	Count	Beds / Baths	Monthly Rent
Residential — Large	1	4 BD / 3 BA	$3,900
Residential — 3 Bedroom	3	3 BD / 2 BA	$3,000 – $3,600
Residential — 2 Bedroom	4	2 BD / 1 BA	$2,400 – $2,600
Commercial → Residential (approved)	4	—	$2,100
Total / Blended	12	—	$32,500 / mo

Building Systems & Amenities

Every unit is fully self-contained — individually metered electric, in-unit water heater, mini-split HVAC, and in-unit laundry — which keeps owner-paid operating costs low and tenant turnover simple.

Building Systems

Electric: Individually metered per unit (meters located outside); tenants pay their own electricity
Hot Water: In-unit water heater in every unit
Heating & Cooling: In-unit mini-split system (heat & A/C) per unit
Plumbing: Assumed adequate and compliant with local building code
Fire Protection: Fully sprinklered

Unit Features & Layout

Laundry: In-unit washer & dryer in every unit
Layout: Two-story units; one interior staircase from the ground floor to the second floor
Finishes: New-construction interiors — shaker cabinetry, stone counters, tile & wood-look flooring
Security: Keyed door locks
Construction: New — built 2023

Property Photos

186 Bell Way — kitchen open to dining and living — Open-concept kitchen with shaker cabinetry and stone counters, flowing into the dining and living area.

186 Bell Way — bedroom — Light-filled bedroom with closet and wood-look flooring.

186 Bell Way — full bathroom — Full bathroom with new vanity and tub/shower.

186 Bell Way — street view of the building — Street-corner view of the newly built two-story residential building.

Rent Roll

Current Rent Roll — June 2026

All eight residential apartments are leased on one-year terms that roll to month-to-month and carry mark-to-market rent upside. The four ground-floor commercial suites — each 643 SF — have received City of Ventura approval to convert to residential; although they remain commercial today, a buyer can convert and remodel them as they prefer, and each is underwritten at a $2,100 residential rent. Total scheduled rent is $32,500 per month ($390,000 annualized).

Unit	Type	Monthly Rent	Status	Deposit	Lease Start	Term
101	Residential — 3 BD / 2 BA	$3,600	Leased	$3,600	3/1/2025	1 yr, then MTM
102	Residential — 3 BD / 2 BA	$3,000	Leased	$3,000	2/1/2026	1 yr, then MTM
103	Residential — 2 BD / 1 BA	$2,600	Leased	$2,600	12/1/2025	1 yr, then MTM
104	Residential — 2 BD / 1 BA	$2,400	Leased	$2,400	12/1/2025	1 yr, then MTM
105	Residential — 2 BD / 1 BA	$2,600	Leased	$2,700	1/1/2025	1 yr, then MTM
106	Residential — 2 BD / 1 BA	$2,500	Leased	$2,500	11/1/2025	1 yr, then MTM
107	Residential — 3 BD / 2 BA	$3,500	Leased	$3,500	12/1/2025	1 yr, then MTM
108	Residential — 4 BD / 3 BA	$3,900	Leased	$3,900	12/1/2025	1 yr, then MTM
103-C	Commercial → Res.	$2,100	Approved for residential	—	—	—
104-C	Commercial → Res.	$2,100	Approved for residential	—	—	—
105-C	Commercial → Res.	$2,100	Approved for residential	—	—	—
106-C	Commercial → Res.	$2,100	Approved for residential	—	—	—
Totals		$32,500	8 leased + 4 approved res.	$25,100	—	—

Source: Owner’s rent roll for 186 Bell Way / Bell & Olive Apartments, updated June 10, 2026. The eight apartments are fully occupied; the four ground-floor suites are approved by the City of Ventura for residential conversion and are underwritten at $2,100 each. Deposits shown for the converted suites are pending.

Financials

Operating Statement & Valuation at $4,500,000

The table below presents the property’s as-is operations alongside a pro forma. Both columns are underwritten on a buyer’s basis — reassessed property taxes (California Prop 13), a 3% vacancy factor, and a 5% management fee — and exclude mortgage interest and amortized construction costs, which are financing and non-operating items. The four approved residential conversions are carried at $2,100 each in both columns; the pro forma layers in mark-to-market rent growth on the eight existing apartments.

Income & Expense

Line Item	Actual	Stabilized Pro Forma
Scheduled Rental Income	$390,000	$409,200
Utility & Other Income	$10,868	$10,868
Gross Potential Income	$400,868	$420,068
Less: Vacancy & Collection (3%)	($12,026)	($12,602)
Effective Gross Income	$388,842	$407,466
Real Estate Taxes	$51,750	$51,750
Insurance	$10,385	$10,385
Utilities	$10,927	$10,927
Repairs & Maintenance	$6,000	$6,000
Legal & Administrative	$2,000	$2,000
Management Fee (5% of EGI)	$19,442	$20,373
Total Operating Expenses	$100,504	$101,435
Net Operating Income	$288,338	$306,031
Cap Rate @ $4,500,000	6.41%	6.80%

Source: Bell LLC Income Statement (owner-provided). Both columns reassess property taxes at approximately 1.15% of the $4,500,000 purchase price, apply a 3% vacancy factor and a 5% management fee, normalize repairs & maintenance to $6,000 and legal & administrative to $2,000, and carry the four City-approved residential conversions at $2,100 each; the pro forma reflects mark-to-market rents on the eight existing apartments. Operating expenses exclude mortgage interest ($192,800) and amortized construction costs ($42,500), which are non-operating items. Figures are estimates and should be independently verified.

Valuation Summary

Metric	Value
List Price	$4,500,000
Number of Units	12
Price per Unit	$375,000
Gross Scheduled Income	$390,000
Gross Rent Multiplier	11.5×
Net Operating Income (As-Is)	$288,338
Cap Rate (As-Is)	6.41%
Net Operating Income (Pro Forma)	$306,031
Cap Rate (Pro Forma)	6.80%

FY2026 year-to-date figures reflect the property’s prior commercial configuration and predate the City-approved residential conversions. The as-is column above carries the four converted suites at their approved $2,100 residential rents; the pro forma adds mark-to-market growth on the eight existing apartments.

Value-Add: City-Approved Residential Conversion

The four ground-floor commercial suites — 643 SF each — have been approved by the City of Ventura for conversion to residential. Although they remain commercial today, a new buyer can convert and remodel them as they prefer, with each underwritten at a $2,100 residential rent. Combined with mark-to-market upside on the eight existing apartments, the plan lifts the cap rate from 6.41% as-is to 6.80% pro forma — a built-in value-add on top of a brand-new, fully built asset.

Sales Comparables

Recent Ventura-Area Multifamily Sales

The comparable set below reflects recent multifamily transactions and active listings across the City of Ventura. Reported cap rates range from 3.20% to 5.80% (median near 5.0%), with improved values running from roughly $248 to $627 per square foot and $250,000 to $342,000 per unit. Where year built is known, the comparables are mid-century product (1958–1984) — 186 Bell Way is brand-new 2023 construction, offering a cap rate above the recent range with none of the deferred capital expenditure that older product carries.

#	Address	City	Units	Yr Built	Sale Date	Price	$/Unit	$/SF	Cap Rate
1	176 W Ramona St.	Ventura	12	1974	On Market	—	—	—	5.75%
2	293 W Park Row Ave.	Ventura	10	1974	5/7/26	$3,420,000	$342,000	$363.52	5.60%
3	92–114 East Center St.	Ventura	12	1964	1/27/26	$3,875,000	$322,917	$490.20	5.80%
4	50 Dakota Dr.	Ventura	24	1971	10/13/25	$7,350,000	$306,250	$247.78	5.40%
5	688 Poli St.	Ventura	10	—	8/15/25	$2,500,000	$250,000	$363.37	—
6	212 College Dr.	Ventura	6	1958	12/19/24	$1,896,000	$316,000	$407.22	4.85%
7	57 N Ann St.	Ventura	20	1972	11/15/24	$5,180,000	$259,000	$338.69	5.03%
8	1881 Ocean Ave.	Ventura	7	1965	5/9/24	$2,100,000	$300,000	$375.00	3.20%
9	40 N Brent St.	Ventura	8	1950	2/29/24	$2,487,000	$310,875	$626.76	4.78%
★	186 Bell Way (Subject)	Ventura	12	2023	Offered	$4,500,000	$375,000	$415.47	6.80%

Source: broker-compiled comparables, City of Ventura multifamily, trailing 24 months plus current listings. Subject cap rate shown on a pro forma basis (6.41% as-is). Figures are estimates and should be independently verified.

How the Comps Support the Pricing

Recent Ventura multifamily has traded at cap rates from 3.20% to 5.80%, with a median near 5.0% — predominantly on mid-century, 40-to-65-year-old buildings.
At a 6.80% pro forma cap (6.41% as-is), 186 Bell Way is priced above the entire recent comp range while being the only brand-new, 2023-built asset in the set.
On a per-unit basis the comps span $250,000 to $342,000; the subject’s $375,000 per unit reflects its 2023 construction and larger 3- and 4-bedroom floor plans — a quality premium over the older, smaller-unit comparables.
New construction eliminates the near-term roof, mechanical, and systems capital expenditure embedded in older comparables — a meaningful real-yield advantage over the headline cap rate.

Location

Ventura — California’s Gold Coast

Ventura (officially San Buenaventura) is the county seat of Ventura County, a coastal city on California’s “Gold Coast” between Santa Barbara and Los Angeles. The 93001 ZIP code — downtown and west Ventura — is the city’s most walkable, supply-constrained core, steps from Main Street, the Ventura Pier, and the beach. 186 Bell Way sits in the heart of this corridor.

What Drives Demand in Ventura

Renter-heavy household base. Roughly 41% of Ventura households are renters — a deep tenant pool supporting consistent residential occupancy.
Coastal lifestyle. Beaches, the Ventura Pier and harbor, and a historic, walkable Main Street draw residents and visitors year-round.
Supply-constrained coast. Limited developable land between ocean and hillsides, plus high entitlement barriers, keep new housing supply tight — especially in the 93001 core.
Regional position. On the US-101 corridor, roughly 30 minutes to Santa Barbara and about 75 minutes to Downtown Los Angeles.
Affluent, educated base. A median household income above $100,000 underpins both rental demand and local commercial activity.

Site Snapshot

Address: 186 Bell Way, Ventura, CA 93001
County: Ventura
City: Ventura (San Buenaventura)
Submarket: Downtown / West Ventura (93001)
Drive to Santa Barbara: ~30 minutes
Drive to Downtown LA: ~75 minutes
Freeway Access: US-101 corridor

Area Demographics

Ventura’s resident base is affluent, educated, and established — with a renter share that sustains demand for well-located rental housing like 186 Bell Way. The figures below reflect the City of Ventura.

Ventura at a Glance

Population: ~96,955
Households: 36,332
Median Household Income: $103,761
Average Household Income: $122,928
Median Age: 41 years
Owner-Occupied Housing: 58.8%
Renter-Occupied Housing: 41.2%

Source: U.S. Census Bureau / American Community Survey estimates (City of Ventura). Figures are approximate and provided for general reference.

Downtown Ventura & the Coast

The 93001 corridor anchors Ventura’s identity. Downtown’s Main Street is a historic, pedestrian-oriented district of restaurants, breweries, boutiques, and the San Buenaventura Mission, just blocks from the Ventura Pier, Promenade, and miles of public beach.

This walkable, amenity-rich setting is exactly what coastal renters pay a premium for — and it is precisely the kind of close-in, supply-limited location where new rental product is hardest to build and most durable to own.

For a buyer, the combination of a brand-new asset, an irreplaceable coastal location, in-place income, and lease-up upside makes 186 Bell Way a rare entry point into one of Southern California’s most protected small coastal markets.

Your Team

Exclusively Marketed By

Ventura County deals are led by Logan Ward, the LAAA Team’s specialist for the Ventura and Santa Barbara County corridor. Logan partners with co-founders Glen Scher and Filip Niculete — senior managing directors who together have closed more than $1.4 billion in transactions across Los Angeles, Ventura, and Santa Barbara counties.

Logan Ward

Associate — Ventura/SB Specialist

(818) 212-2675
Logan.Ward@marcusmillichap.com

CA License 02200464

Glen Scher

Senior Managing Director Investments

(818) 212-2808
Glen.Scher@marcusmillichap.com

CA License 01962976

Filip Niculete

Senior Managing Director Investments

(818) 212-2748
Filip.Niculete@marcusmillichap.com

CA License 01905352

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Ready to tour the property, review the financials, or discuss the underwriting? Reach out to any member of the team above. We’ll coordinate access, deliver the full due diligence package, and walk you through the model line by line.