186 Bell Way, Ventura — New-Construction Mixed-Use

Investment Overview

A Brand-New Mixed-Use Asset in Supply-Constrained Coastal Ventura

The LAAA Team is proud to present 186 Bell Way, a newly constructed 12-unit mixed-use property in the heart of Ventura’s 93001 coastal corridor. The asset pairs eight well-appointed residential homes with four ground-floor commercial suites, offering an investor a turnkey, new-construction income stream with no deferred maintenance, modern systems, and built-in upside as the remaining commercial space is leased and converted.

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 a stabilized, fully normalized basis — reassessed property taxes and professional management included — the property is underwritten to $256,270 of net operating income, a 5.69% capitalization rate, with three commercial suites currently vacant and in the process of being converted to residential use, representing clear lease-up and rent-growth upside on top of the in-place income.

$4.5M

List Price

Total Units

$336K

Gross Scheduled Rent

5.69%

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.

Diversified 12-Unit Mix

Eight residential homes (2–4 bedrooms) plus four commercial suites blend the stability of housing demand with the income diversity of commercial tenancy — all under one roof on a single parcel.

Strong In-Place Income

The residential units are fully leased, with current scheduled rents of $336,000 per year. At the $4.5M ask, the property is underwritten to a 5.69% stabilized cap rate — with further upside as the vacant suites lease up.

Lease-Up & Conversion Upside

Three commercial suites are currently vacant, with residential-conversion permits in process at the City. Residential units in the building rent for $2,400–$3,900 versus roughly $1,000 for commercial — a clear path to higher stabilized income.

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 mixed-use property comprising eight residential homes and four commercial suites. The residential program spans 2-, 3-, and 4-bedroom configurations; the commercial suites front the street, with three currently being repositioned to residential use. 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: Mixed-Use (Multifamily + Commercial)
Total Units: 12 (8 residential, 4 commercial)
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): 5.69%
GRM (Gross Scheduled): 13.4×

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 Suites	4	—	$900 – $1,000
Total / Blended	12	—	$28,000 / 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 mixed-use building.

Rent Roll

Current Rent Roll — June 2026

All eight residential units are leased on one-year terms that roll to month-to-month. Of the four commercial suites, one is leased and three are vacant pending residential-conversion permits with the City — the primary lease-up opportunity in the deal. Total scheduled rent is $28,000 per month ($336,000 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	$1,000	Vacant — residential permit in process	—	—	—
104-C	Commercial	$900	Leased	$900	2/1/2026	1 yr, then MTM
105-C	Commercial	$1,000	Vacant — residential permit in process	—	—	—
106-C	Commercial	$1,000	Vacant — residential permit in process	—	—	—
Totals		$28,000	9 of 12 leased	$25,100	—	—

Source: Owner’s rent roll for 186 Bell Way / Bell & Olive Apartments, updated June 10, 2026. Residential units fully occupied; three commercial suites vacant pending City conversion permits.

Financials

Operating Statement & Valuation at $4,500,000

The table below presents the property’s actual operations alongside a stabilized 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 pro forma layers in the higher scheduled income achieved as the vacant suites lease up.

Income & Expense

Line Item	Actual	Stabilized Pro Forma
Scheduled Rental Income	$336,000	$355,200
Utility & Other Income	$10,868	$10,868
Gross Potential Income	$346,868	$366,068
Less: Vacancy & Collection (3%)	($10,406)	($10,982)
Effective Gross Income	$336,462	$355,086
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)	$16,823	$17,754
Total Operating Expenses	$97,885	$98,816
Net Operating Income	$238,577	$256,270
Cap Rate @ $4,500,000	5.30%	5.69%

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, and normalize repairs & maintenance to $6,000 and legal & administrative to $2,000; all other line items reflect owner-reported operations. 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	$336,000
Gross Rent Multiplier	13.4×
Net Operating Income (Actual)	$238,577
Cap Rate (Actual)	5.30%
Net Operating Income (Stabilized Pro Forma)	$256,270
Cap Rate (Stabilized Pro Forma)	5.69%

FY2026 YTD (through June 10, 2026) reported $156,600 of total income and $41,413 of operating expenses (excluding mortgage interest), reflecting the three vacant commercial suites currently undergoing conversion. Stabilizing those suites is the bridge from in-place to pro forma income.

Value-Add: Commercial-to-Residential Conversion

Three of the four commercial suites are vacant, with residential-conversion permits in process at the City of Ventura. Residential units in this building rent for $2,400 to $3,900 per month versus roughly $1,000 for commercial space. Converting and leasing those suites as residential offers a clear path to grow income well beyond the in-place rent roll — a built-in value-add for the next owner 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 at the upper end of 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, Mixed-Use)	Ventura	12	2023	Offered	$4,500,000	$375,000	$415.47	5.69%

Source: broker-compiled comparables, City of Ventura multifamily, trailing 24 months plus current listings. Subject cap rate shown on a stabilized pro forma basis (5.30% on actuals). 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 5.69% stabilized cap (5.30% on actuals), 186 Bell Way is priced toward the upper end of that 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, larger 3- and 4-bedroom floor plans, and mixed-use income — 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

We Didn’t Invent Great Service. We Just Work Relentlessly to Provide It.

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.