450 Hill St · Oxnard, CA 93033

$12,250,000

4416 bd · 2304.0 ba · 17,100 sqft · MultiFamily public records · 7 Days on market

Built 1963 1.19 ac lot

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +5.6/30.0
• Schools +3.6/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 48 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

450-508-516 W HILL ST presents a rare opportunity to acquire a 48-unit multifamily asset in one of Oxnard's most consistently sought-after rental markets. The property features an ideal workforce/family housing unit mix of 44 two-bedroom/one-bath units and 4 one-bedroom/one-bath units, a configuration that continues to experience strong tenant demand. Under long-term ownership, the property has maintained historically strong occupancy and stable operations. The asset currently operates at a 6.01% cap rate and 9.65 GRM based on in-place income, providing investors with immediate cash flow and proven performance. As rents continue to be adjusted toward market levels, the property offers the potential to achieve a 6.90% cap rate and 8.64 GRM, highlighting a clear path to additional income growth. Supported by strong rental demand, limited vacancy, and a durable tenant base, the property offers the scale and stability sought by multifamily investors. Opportunities to acquire a 48-unit asset of this size and quality in Oxnard are increasingly rare, making 450-508-516 W Hill Street a compelling investment opportunity with both current cash flow and future upside.

Key facts

• 1.19 acre lot
• 48 parking spots
• Built 1963

Property features AI

Finance

• Other: Cross street is S. C Street
• Financial info: Total of 48 units; Unit group rents reported: 2-bedroom units total rent listed as $98,374; 1-bedroom units listed as $7,458

Exterior

• Parking: Carport and mixed parking
• Home design: Zoned R-3
• Exterior features: Near public transit

Interior

• Bedrooms: Forty-four 2-bedroom units; Four 1-bedroom units
• Bathrooms: Forty-four units with 1 bath; Four units with 1 bath
• Interior features: Property in fair condition

What this means for you Summary

Snapshot

• This is a 44×2bd/1.0ba + 4×1bd/1.0ba units multifamily listed at $12.25M.

Deal economics

• At list price, monthly cash flow is $-26k ($-307k/yr) — negative. Per door: $-533/mo.
• To cash-flow at today's rent, offer at most $8.55M (30.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $7.48M (39.0% below list).
• Recommended offer: $7.48M (39.0% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 2.5% in Oxnard — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 54/100 on livability (#905 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A-, health & safety A-, housing B; Watch: schools F, crime F, amenities D-.
• Oxnard Union High (urban): math 28% / reading 51% proficiency, ranked #220 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 31 active listings in the ZIP; solid renter incomes; 1,759 units permitted in Ventura County in 2024 (1,196 in 5+ unit buildings).
• At $74,764/mo this rent would consume 1028% of the median local household income ($87k/yr) (locally 1968% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $85k of loan paydown is wiped out by about $368k of value loss. Plan a longer hold.
• Ventura County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $7,476,400 (39.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 3.79%
• Cash-on-cash: -8.95%
• DSCR: 0.60
• GRM: 13.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.01% rent growth · sell at horizon

5-year hold

• IRR: -35.5%
• Equity multiple: -0.12×
• Total profit: $-3,832,353
• Equity at exit: $1,826,515

10-year hold

• IRR: -70.5%
• Equity multiple: -0.83×
• Total profit: $-6,275,702
• Equity at exit: $1,059,156

Cash invested: $3,430,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93033

• Rents YoY: 0.0%
• Active inventory: 31
• Price-to-rent: 650.5×

Monthly cashflow live

• Estimated rent: $74,764 medium
• Mortgage (P&I): −$64,240
• Tax est. 1.5%: −$15,312 /mo · $183,750/yr
• Insurance: −$5,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,700
• Net cashflow: $-25,593

Break-even live

Break-even rent $107,161

Max offer price $8,546,589

Occupancy floor —

48-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 44× units	2	1	$69,036
▸ 4× units	1	1	$5,716
Total (48 units)			$74,764

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $3,062,500
• Closing costs: $367,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $12,250,000 Active 7 DOM
2. 2026-06-17
   days on market $12,250,000 Active 6 DOM
3. 2026-06-16
   days on market $12,250,000 Active 5 DOM
4. 2026-06-15
   days on market $12,250,000 Active 4 DOM
5. 2026-06-13
   days on market $12,250,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $12,250,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥85°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $897,168
• − Mortgage interest: −$686,190
• − Property taxes: −$183,750
• − Insurance: −$61,250
• − Repairs & maintenance: −$71,773
• − Management: −$71,773
• − Depreciation: −$356,364
• Taxable loss: −$533,933
• Est. tax savings @ 24.0%: +$128,144
• After-tax cash flow: $-178,977/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oxnard Union High
• NCES district ID: 0629270
• Math proficiency: 28% ▲ 7.00%
• Reading proficiency: 51% ▲ 11.00%
• Median HH income: $68,770
• Composite: 35.79/100
• National rank: #4835
• State rank: #220 of 517 in CA

Livability — Oxnard

• Score: 54/100
• State rank: #905
• US rank: #24028

Category grades

Amenities D- Commute F Cost of living F Crime F Employment A- Housing B Health & safety A- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oxnard, CA
• County: Ventura County · 829,955 people
• City population: 213,176
• Metro: Oxnard-Thousand Oaks-Ventura, CA
• Population (ZIP): 78,737
• Household income: $87,309
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1968.0

Population outlook (Ventura County) Hauer SSP2

• Today (2025): 895,754 people
• By 2030: 912,134 · +1.8%
• By 2040: 931,454 · +4.0%
• By 2050: 934,609 · +4.3%
• By 2075: 924,899 · +3.3%
• By 2100: 864,712 · -3.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (86%)
• Race & ethnicity: Hispanic / Latino 86% Two or more races 36% Asian 7% White 5% Native American 4%
• Hispanic origin (detail): Mexican 82%
• Foreign-born: 41% · Canada, Vietnam
• Languages at home: 20% English-only · Spanish 72% Tagalog/Filipino 4%

Political lean MEDSL · Ventura

• 2024 margin: D (+15.1) · D 56.1% · R 41.0% · Other 2.9%
• 2008→2024 swing: +2.8pp toward D · 2008: 12.3pp · 2024: 15.1pp
• All cycles: 2024: D+15.1 2020: D+21.1 2016: D+16.8 2012: D+5.3 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -824.11%
• Current HPI: 348.9793
• Rent YoY: ▬ 0.01%
• Metro: Oxnard-Thousand Oaks-Ventura, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-06-12 Listed $12,250,000 CRMLS
• 2026-06-11 Listed $12,250,000 SBMLS

Property tax history

+1.7%/yr

Latest (2025): $5,875 · +2.1% YoY. Source: county tax records.