Lucrum Real Estate Group is proud to present, The Wynema, located at 861 Jane Drive. The Wynema is a multifamily investment property located in the beachside community of Port Hueneme, California. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add asset with significant rental upside potential.
The apartment building is comprised of 5 spacious units in one two-story building totaling ±3,533 building square feet. The building construction is of wood frame with flat roof and painted stucco exterior. The property is situated on a ±6,029 square foot lot zoned R2 and development of the property was completed in 1963.
The building is accessible in the front of the property off of Jane Drive and offers residence (6) covered carport parking spaces located at the rear of the property, which equates to 1.2 spaces per unit.
The unit mix is comprised of:
The emerging beach community of Port Hueneme in Ventura County is known for its pristine beaches, great weather and outdoor aquatic activities such as surfing, boating and fishing.
Located just 60 miles from Downtown Los Angeles, Port Hueneme is becoming a preferred destination for families and individuals looking to leave a busy city lifestyle and and relocate to an affordable beach community which is adjacent to both the Cities of Oxnard and Ventura.
In addition to its beautiful beaches and countless outdoor activities, Port Hueneme offers a host of entertainment options for both residents and visitors alike, including;
In addition to the many places and things to do, Port Hueneme is home to several annual festivals that draw visitors from all over Southern California.
Port Hueneme in Ventura County is primarily a single-family housing market, with additional competition for apartment demand coming from mobile home parks. Apartments have historically been difficult to build here due to local neighborhood opposition, but downtown areas have obsolete properties that are being converted to multifamily uses and a wave of new garden-style apartments have been developed that meet the trends of modern apartment dwellers in suburban locations.
After a run of strong demand beginning in 2020 and lasting into 2021, the vacancy rate is trending at 3.2% compared to the longer-term average of 3.9%. It is trending near the record low that was reached in 2021. Meanwhile, rental growth has accelerated, up 11.3% year over year. While still historically high, rent growth has moderated from the all-time high in 2021.
Cities in the coastal area of the market have adopted pro-growth policies to spur new multifamily developments. For example, Oxnard adopted a policy that lowered parking requirements for new buildings in its downtown area near its train station. These policies, combined with an increase in developer and investor interest in suburban garden-style apartments have resulted in hundreds of new units under construction and in proposal. Additionally, a sizable share of older inventory draws value-add investors to the market.