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Spanning 2.75 acres across 601 Grand Avenue and 514516 E Oak Street, the offering represents one of the largest multifamily landholdings in the city, where new supply is virtually impossible to replicate. The scale, location, and nearly three acres of contiguous land make this a rare opportunity for an investor to become one of Ojai's largest private landowners.After more than six decades of family ownership, the properties are available for the first time since the 1960s, marking a generational opportunity in one of Southern California's most tightly held markets. The unit mix consists of 63% two-bedroom units and 34% one-bedroom units, with an average unit size of 772 SF. Current average rents of $1,890/unit ($2.45/SF) trail market averages of $2,503/unit ($3.24/SF), creating a 32% rental upside through natural turnover and light renovations. The property is subject to the City of Ojai's local rent stabilization ordinance, which generally limits annual rent increases to 4% for non-exempt multifamily properties built before 1995, while still allowing landlords to set initial rents at market upon vacancy. Select units have already been modernized with granite countertops, stainless steel appliances, recessed lighting, and upgraded bathrooms, demonstrating the property's ability to capture premium rents. Community amenities include a resurfaced 20' 40'swimming pool with its own bathroom and storage room, and many units feature large private backyards and/or patios, a rarity in multifamily properties of this size. Beyond the embedded rent growth, the portfolio offers rare ADU development potential. An existing non-residential space can be easily converted into a studio ADU today, and under California Senate Bill 1211 (2025), the two parcels can support up to 16detached ADUs (eight per parcel). Additional interior ADUs may be created through the conversion of existing storage or utility spaces, further increasing long-term density and returns.At the current list price of $8,650,000 ($270,313/unit | $350/SF), the portfolio generates a 5.37% CAP rate on current income with a clear path to an 8.12% CAP rate on pro forma rents, offering both immediate cash flow and significant long-term upside. The Grand East Oak Apartments are ideally located in the heart of Ojai, one of California's most desirable lifestyle markets. Nestled in a tranquil valley surrounded by the Topa Topa Mountains and adjacent to the Los Padres National Forest, Ojai has cultivated a global reputation as a sanctuary for wellness, arts, and outdoor living. Ojai's unique identity is fiercely protected. The city maintains a ban on chain stores, ensuring a vibrant downtown of independent boutiques, art galleries, and restaurants. 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This marks the property's first offering in nearly 40 years, an exceptionally rare opportunity to acquire a well-maintained coastal apartment asset in an irreplaceable infill location where multifamily turnover is extremely limited and barriers to entry remain high. The property features an attractive two-story design centered around a landscaped courtyard and pool on a half-acre parcel. Units average approximately 900 square feet and include a mix of one- and two-bedroom layouts, many with private patios or balconies that take advantage of abundant natural light, mountain views, and open-air living. Two units will be delivered fully furnished at closing, offering flexibility for a buyer to operate them as short-term rentals or premium long-term offerings. Three apartments, plus the on-site manager's unit, will be delivered vacant, allowing an investor to immediately reposition to market rents and realize approximately 18% rental upside through natural turnover and light renovation. 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This irreplaceable parcel, located just two blocks from the University of California, Santa Barbara (UCSB), provides a unique solution to one of the most challenging aspects of real estate development carrying costs. Investors can immediately collect substantial income from the existing 22 units, offsetting much or all of the holding expenses typically associated with development. This built-in income hedge mitigates risk, enhances returns, and allows positive cash flow from day one through the entire development timeline. The income-producing portion consists of 22 fully renovated units (48 beds) across two contiguous buildings at 759 Embarcadero Del Mar and 6587 Cervantes Road. Together, the properties total approximately 12,757 square feet of gross building area on 28,560 square feet of allocated lot area. Both properties underwent comprehensive renovations in 2023, including major system replacements, fully remodeled kitchens and bathrooms, in-unit laundry installation, and exterior upgrades. Durable finishes, modern amenities, and professional management creating an operationally stable, turnkey asset ideal for student housing. Adjacent to the multifamily portfolio, 6589 Cervantes Road occupies approximately 15,000 square feet and is entitled for a 27-unit, 22,677 square-foot four-story podium building with 27 on-site parking spaces. The approved unit mix 24 one-bedrooms and 3 two-bedrooms is designed to maximize rent per bed in a market defined by severe undersupply and consistent demand. While fully entitled, the project is not yet Ready-to-Issue (RTI); the buyer will complete the remaining plan check and permitting before construction can begin. McCarthy Companies, a highly experienced regional general contractor, has estimated hard costs at approximately $10.4 million, with total all-in costs (including soft costs, fees, and contingencies) projected at approximately $14.4 million. 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Live in one and rent the others. Location is fabulous; close to schools, downtown, county beaches and a short drive to iconic Santa Barbara! Our entire coastline offers a pushing economy and a beautifully unique climate. 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