Five Points Portfolio

Overview

Four Parcels, Valued One at a Time

The four parcels sit together on assessor's block 204-0-060, on the southwest side of South Oxnard Boulevard, with the largest reaching back to Saviers Road. The Five Points intersection of Oxnard Boulevard, Saviers Road and Wooley Road lies 900 to 1,200 feet northwest.

You hold four appraisals from Lunetta Appraisal Company, dated May 2, 2026, that together conclude $8,545,000. Those reports carry a retrospective date of value of February 2, 2024. Two and a half years have passed, cap rates have moved, one tenant has vacated, and the land market in Oxnard has repriced. Our opinion of value reflects where these parcels stand today.

We value each parcel separately below, because each has a different buyer, a different approval path and a different reason its number has moved. The assemblage question comes at the end, where it belongs.

Portfolio at a Glance

Parcels: Four, contiguous, block 204-0-060
Total Land: 174,012 SF / 3.99 acres
Total Building: 17,440 SF
Base Zoning: C-2 and C-2-PD
Housing Overlay: AHD on 1225 and 1260; AHP on 1251 and 1263
Base Density: 30 dwelling units per acre
Height: 5 stories, not over 56 feet, for residential
Frontage: 300 feet on S. Oxnard Bl., 32.56 feet on Saviers Rd.
Topography: Flat, level, at curb grade
Utilities: All available and connected
Current Gross Rent: $20,705 per month

Every Number Has Moved

All four parcels come in below the appraised figures. The reasons differ by parcel: a lost nonconforming use on Saviers, a repriced land residual on 1251, cap rate expansion on 1263, and a modest market adjustment on 1225.

Two Approval Paths

1251 and 1263 carry the ministerial AHP overlay. 1225 and 1260 carry the discretionary AHD overlay and need a Special Use Permit. That distinction drives both value and marketing strategy.

Sell Together or Separately

Each parcel has its own APN, its own frontage and its own buyer pool. Three of the four produce income. The whole four acres is also a genuinely scarce product on this corridor.

The Appraisals Are Two Years Stale

Retrospective to February 2, 2024. Since then the terminal went dark, 234 Johnson traded at $26.44 per land foot, and an entitled 150-unit site on Oxnard Boulevard failed to sell at $4.2 million.

The Framework

Zoning, Density and the Two Approval Paths

Everything in the parcel sections below depends on this. Oxnard adopted two affordable housing additive zones in October 2021 under City Code Division 7C. They are a suffix on the underlying zoning rather than a replacement, so the owner keeps every existing right and gains a residential right on top.

dwelling units per acre by right, regardless of what the base zone would allow

5 stories

maximum height, not to exceed 56 feet, under Sec. 16-420H(B)

20%

of units set aside for extremely low, very low or low income households

R-4

High Rise Residential development standards govern, per Sec. 16-420H(A)

Mixed use is expressly permitted, with commercial floors following the base zone setbacks and residential floors following R-4. A no net loss provision requires the City to reassign the additive zoning to a replacement site if a designated parcel is developed for something other than affordable housing. The additive zones also stack with the state density bonus under Division 7A rather than being absorbed by it.

A material correction to the appraisals. All four reports describe the height limit as two stories or 35 feet under the base C-2-PD zone. Under Division 7C a residential project is permitted five stories and 56 feet outright. That is a very different building envelope than the appraisals were working from, and it is what makes the density scenarios in the package section physically achievable.

AHP and AHD: Same Rights, Different Process

	AHP, Affordable Housing Permitted	AHD, Affordable Housing Discretionary
Parcels	1251 and 1263 S. Oxnard Bl.	1225 S. Oxnard Bl. and 1260 Saviers Rd.
Share of assemblage	34.5%, 59,954 SF	65.5%, 114,058 SF
Approval path	Ministerial Site Plan Review, Sec. 16-523	Special Use Permit, Sec. 16-530 to 16-553
Public hearing	None	Required
Discretionary findings	None	Required by the approval authority
Decision maker	Staff	Planning Commission
Appeal exposure	None	Normal appeal window applies
Maximum density	30 DU/AC	30 DU/AC
Height	5 stories, 56 feet	5 stories, 56 feet
Affordability trigger	20% lower income	20% lower income
Stacks with state bonus	Yes, Division 7A	Yes, Division 7A

City of Oxnard zoning map showing C-2 AHD and C-2-PD AHP parcels — City zoning map. The large C-2 AHD block sits behind the narrow C-2-PD AHP strips fronting South Oxnard Boulevard.

Entitlement Timeline

Duration	Stage
2 to 3 months	Pre-application
2 to 3 months	Revise plans and submit formal application
6 to 8 months	City review of the formal application
10 to 14 months	To ministerial approval on the AHP parcels

The AHD parcels sit outside this timeline. A Special Use Permit adds a public hearing, discretionary findings and an appeal window on top. Every buyer will also run a Phase I environmental, survey, title, utility and zoning review, and developers will ask for a long due diligence period. Agreeing in advance how much time you will grant is worth doing before the first offer arrives.

Conflict to resolve before this goes out

Three of our own sources disagree on the zoning, and this should be settled with the City rather than papered over.

The four appraisal reports describe all four parcels as C-2-PD, AHP, and never mention AHD.
Our BOV summary has 1225 and 1260 as C2, AHD and 1251 and 1263 as C2-PD, AHP. The City zoning map supports this. This page follows the BOV summary.
Our valuation chart contains two notes running the other way: one describing 1260 as C2-PD, AHP, and another stating that AHD eliminates discretionary approval and carries no entitlement risk. The code text says the opposite. Sec. 16-420D(B) grants ministerial review to AHP; Sec. 16-420D(C) requires a Special Use Permit for multifamily in AHD, and the C-2 land use matrix lists AHD multifamily as SUP against AHP multifamily as permitted.

A written zoning verification on all four APNs, plus a yield study from a land use attorney or civil engineering firm, resolves all of it. That is our standing recommendation and it should happen before the offering is finalized.

Parcel One · APN 204-0-060-120

1251 South Oxnard Boulevard

C-2-PD, AHP

Vacant land with a ministerial approval path, which makes it the cleanest development story in the portfolio. It is also the parcel priced most directly by arithmetic rather than by comparison, because vacant land is worth what a builder can afford to pay for it, not what comparable dirt sold for.

Appraised Value

$1,555,000

$42.00 per land SF

Our Opinion of Value

$1,150,000

$31.06 per land SF

Variance

26.0%

($405,000)

Per Buildable Unit

$31,081

on 37 units

Site

Land Area: 37,026 SF / 0.85 acres
Frontage: 100 feet on S. Oxnard Bl.
Shape: 75% rectangular at 100 by 275.4 feet
Rear: Approximately 9,200 SF irregular triangle jutting west
Improvements: None, fully vacant
Income: None
Approval Path: Ministerial Site Plan Review
Buildable Units: 37 at 43.5 DU/AC

The Development Program Modeled

Units: 37 total
Mix: 20 one-bed at 700 SF, 17 two-bed at 950 SF
Gross Building: 30,150 SF
Rents Assumed: $2,500 one-bed, $3,200 two-bed
Scheduled Income: $1,252,800 per year
Expenses: $452,282, 36.1% of gross
Stabilized NOI: $762,934
Finished Value: $13,500,000 at a 5.65% cap

The Land Residual

Land value here is the finished value less what it costs to build, less the profit a developer requires to take the risk. Hard cost is modeled at $250 per square foot across 30,150 square feet, with soft costs at 15 percent of hard, and a construction loan at 8.5 percent over two years.

$8,668,125

total development cost, or $287.50 per square foot

$234,274

development cost per buildable unit before land

$13,500,000

finished value, $364,865 per unit at $447.76 per SF

$12,960,000

net of a 4% cost of sale

Land Price	Per Buildable Unit	Per Land SF	Total Cost	Developer Profit	Profit Margin	Developer Cap
Our opinion of value, $1,150,000	$31,081	$31.06	$9,818,413	$2,397,428	18.50%	7.22%
$1,050,000	$28,378	$28.36	$9,718,413	$2,508,318	19.35%	7.30%
$950,000	$25,676	$25.66	$9,618,413	$2,619,208	20.21%	7.38%
$850,000	$22,973	$22.96	$9,518,413	$2,730,098	21.07%	7.46%
Bottom of sales range, $750,000	$20,270	$20.26	$9,418,413	$2,840,988	21.92%	7.54%

Our $1,150,000 leaves a developer an 18.50 percent margin on net revenues and a 7.22 percent return on cost, which is the thinnest defensible point in this ladder and therefore the right place to price. Below it the deal gets easier for the buyer, not harder. Above it the arithmetic breaks: at the appraised $1,555,000 a developer pays $42,027 per buildable unit, pushing total cost to roughly $10.2 million against a $12.96 million net sale and leaving a margin well under this range. That is why the appraised figure does not survive contact with a builder's spreadsheet.

Supporting Land Trades

234 Johnson Road, 0.79 acres, closed January 2026 at $910,000, or $26.44 per square foot, with expired entitlements. A five acre Ventura site sold for $5,600,000, or $25.97 per square foot, for a rezoning to 77 units with Mesa Verde and freeway frontage. In Thousand Oaks, 0.54 acres entitled for 33 units sold at $1,500,000, which works out to $45,455 per entitled unit. Our $31.06 per square foot and $31,081 per buildable unit sits above the unentitled trades and below the entitled ones, which is where an unentitled parcel with a ministerial approval path belongs.

The Closest On-Market Test: First and A Street

137 W. 1st Street, at the corner of West 1st and South A Street in downtown Oxnard, is the single most useful live comparable for this parcel. It is a half acre carrying approved plans, listed in May 2026 and reduced since.

137 W. 1st Street, As Marketed

Asking Price: $1,925,000, reduced
Land Area: 21,000 SF / 0.4821 acres
Per Land SF: $91.67
Entitlement: Approved plans, 6 stories, 53 units, 44,338 SF
Per Entitled Unit: $36,321
Unit Mix: 48 one-bedroom at 547 to 964 SF, 5 two-bedroom at 964 SF
Affordable: 6 units
Construction: Type III-A, no podium required
Parking: 29 covered spaces
Amenities: Balconies to each unit, 2,846 SF rooftop terrace
Existing: 5,900 SF commercial building and 3,900 SF garage
In-Place Income: $2,500 per month
Zoning: DT-G, Downtown Oxnard Specific Plan
Included: Plans, reports and City approvals
Financing: Owner may carry a first at agreed terms
MLS: V1-36336, listed May 9, 2026

What It Tells Us About 1251

Compare it on the metric a developer actually uses. First and A asks $36,321 per entitled unit. Our opinion prices 1251 at $31,081 per buildable unit, a 14 percent discount, and that discount is doing a lot of work: it is buying entitlement risk, since 1251 has approved density under the AHP overlay but no approved plans.

On land area the two look nothing alike, $91.67 against $31.06, but that comparison is misleading. First and A is downtown DT-G at roughly 110 units per acre in a six-story Type III-A building. 1251 is a Five Points site at 43.5 units per acre. Per square foot of dirt, a site that can hold two and a half times the density should trade at a large multiple. Per door, the two converge, and per door is the honest test.

The other lesson is about timing. First and A has been on the market since May under a price reduction, with plans, reports, City approvals and seller financing all included. Entitlements are not, by themselves, producing a fast sale in this city. That argues against paying up for entitled comparables and in favor of pricing 1251 where a builder can still make an 18 percent margin.

Parcel Two · APN 204-0-060-130

1263 South Oxnard Boulevard

The Ramsey Apartments

C-2-PD, AHP

The Ramsey Apartments. Nine fully renovated units, and the only parcel valued on its income rather than its dirt. It is also the parcel with the smallest variance, and the reason is worth stating plainly: the property is performing better than it was in 2024, but cap rates moved against it.

Appraised Value

$2,320,000

4.85% cap on $112,440 NOI

Our Opinion of Value

$2,195,000

6.07% cap on $133,226 NOI

Variance

5.4%

($125,000)

Per Unit

$243,889

$571.61 per SF

Income Up 18.5 Percent, Value Down 5.4 Percent

The appraiser capitalized $112,440 of net operating income at 4.85 percent. Today the property produces $133,226, an increase of nearly nineteen percent, driven by rents that have moved from $15,081 a month to $16,649. But the market now prices nine-unit Oxnard product closer to six percent than to five. Applying today's cap rate to today's income produces a lower number than applying a 2024 cap rate to 2024 income. That is not a criticism of the appraisal. It is what two years of rate movement does.

Rent Roll and Unit Mix

Units	Type	Avg SF	Current Rent	Rent/SF	Market Rent
1	2 bed / 1 bath	540	$2,261	$4.19	$2,450
7	1 bed / 1 bath	440	$1,858	$4.22	$1,899
1	Studio	220	$1,382	$6.28	$1,450
9	Total, 3,840 SF	427	$16,649	$4.34	$17,193

Built as a motel and completely rebuilt in 2012, with further work in 2023. Four structures: a single free-standing unit, a six-unit building, a two-unit building and a laundry building. Every unit is separately metered, with 18 open parking spaces on site.

Operating Statement

	Current	Pro Forma
Gross Scheduled Rent	$199,776	$206,280
Less vacancy at 3%	($5,993)	($6,188)
Other income	$2,400	$2,400
Effective Gross Income	$196,183	$202,492
Less expenses	($62,957)	($63,223)
Net Operating Income	$133,226	$139,269

Expenses run 32.1% of effective gross, $6,995 per unit, $16.40 per square foot. Largest lines are real estate taxes at $26,508, management at $9,809, repairs and maintenance at $7,650, and water and sewer at $7,000. At our value the current cap is 6.07% and the pro forma cap is 6.34%, on a 10.99 GRM.

Oxnard Apartment Sales

Address	Submarket	Units	Bldg SF	Built	Price	$/Unit	$/SF	GRM	Cap	Date
710 Janetwood Dr.	Carriage Square	5	5,596	1965	$1,250,000	$250,000	$223.37	n/a	n/a	01-08-2026
506 S. G St.	Hobson Park East	10	2,994	1954	$1,330,000	$133,000	$444.22	n/a	4.96%	12-23-2025
541 Cuesta Del Mar Dr.	South Winds	14	8,424	1962	$2,825,000	$201,786	$335.35	9.40	6.77%	12-05-2025
145 S. Garfield Av.	La Colonia	5	3,074	1959	$1,100,000	$220,000	$357.84	12.20	5.38%	11-14-2025
611 S. E St.	Hobson Park East	9	5,880	1965	$1,575,000	$175,000	$267.86	14.58	4.57%	09-19-2025
Averages	5 sales	8.6	5,194	1961	$1,616,000	$195,957	$325.73	12.06	5.42%	n/a
1263 S. Oxnard Bl.	Subject at our value	9	3,840	2012/2023	$2,195,000	$243,889	$571.61	10.99	6.07%	n/a

The subject prices above the comp set on both per unit and per square foot, and that is defensible: it is by far the newest product in the group, rebuilt in 2012 with further work in 2023 against a comp set built between 1954 and 1965, and its units are small, which lifts rent per square foot to $4.34. The 506 S. G Street figure of $444 per square foot on ten units in 2,994 square feet should be verified before it is relied on. What holds the subject value in check is the cap rate: at 6.07% it prices above the 5.42% average of this set, which is the right side of the trade for a buyer.

Open rear area at 1263 — The nine units cover only 17.5% of the parcel, leaving substantial open area at the rear.

Nine separate electrical meters. Each unit is individually metered.

Diligence item worth real money

The units are reported to sit outside any local rent control ordinance and to be subject only to statewide AB 1482, which caps sitting tenants at 5 percent plus CPI to a 10 percent ceiling and leaves new tenancies uncapped. But AB 1482 exempts housing issued a certificate of occupancy within the previous 15 years, and that exemption rolls forward. This property was a motel completely rebuilt in 2012 and 2013. If that work produced a new certificate of occupancy, the units may fall outside AB 1482 entirely, and the sitting rents could be moved to market now rather than at 8 percent a year. Pull the certificates of occupancy and confirm with counsel before the offering is finalized.

Parcel Three · APN 204-0-060-260

1260 Saviers Road

C-2, AHD

The largest parcel in the portfolio at 2.01 acres, and the one where our opinion departs furthest from the appraisal. A change in zoning status, not a change in the market, drives that gap.

Appraised Value

$3,500,000

$39.96 per land SF

Our Opinion of Value

$2,496,401

$28.50 per land SF

Variance

28.7%

($1,003,599)

Land Area

87,593

square feet, 2.01 acres

Aerial of 1260 Saviers Road — The yard dominates the parcel. Note U-Store-It immediately to the southwest, the closest local precedent for a self-storage use, and Sonora Motors to the northeast, one of the two tenants at 1225.

Site and Improvements

Land Area: 87,593 SF / 2.01 acres
Configuration: Flag lot, 32.56 feet of frontage
Access Pole: 32.56 by 200 feet, 6,512 SF shared driveway
Main Body: 307.53 feet wide, 224.55 to 294.20 feet deep
Building Area: 10,800 SF total
Breakdown: 5,600 SF cross-dock warehouse, 1,200 SF office, 3,600 SF warehouse and workshop, 400 SF storage
Lot Coverage: 15.4%
Condition: Low clearance structure, asphalt in poor condition, improvements over 40 years old
Occupancy: Vacant
Prior Rent: $11,142.68 per month, gross

The Nonconforming Use Is Gone

The building sat vacant for more than six months. With that, the legal nonconforming status that allowed the industrial use lapsed. Any new use now has to comply with current C-2 zoning, which does not permit the truck terminal operation this building was designed and built for.

That is the single largest driver of our opinion of value on this parcel, and it appears nowhere in the appraisal. The appraiser valued the site at $40 per foot as multifamily land and separately tested it as a continuing industrial use at $25.46. Neither test contemplates that the industrial path has closed.

What Remains Available

Self-storage may be permitted subject to a Special Use Permit and Planned Development approval. There is precedent on both sides: U-Haul operates a 202,741 square foot facility at 35 feet of height in a C-2 zone at 2420 N. Oxnard Boulevard, and a U-Store-It sits immediately southwest of this parcel.

Multifamily at 30 units per acre under the AHD overlay, subject to a Special Use Permit. A short-term yard re-lease would restore part of the carry without encumbering an entitlement timeline.

What the Comparables Say

The cleanest test is 965 Maulhardt, a functional twin: a cross-dock building of about 8,000 square feet on 2.23 acres, sold to a freight logistics operator running 148 cross-dock properties nationally. It cleared at $27.28 per land square foot with M-2 zoning that permits the use. Our subject cannot even offer the use.

Address	Bldg SF	Land SF	Price	$/Bldg SF	$/Land SF	Date	Zoning
965 Maulhardt, cross-dock	7,994	97,138	$2,650,000	$331.50	$27.28	01-2024	M-2
2571 Cortez Cir.	43,200	196,020	$5,500,000	$127.31	$28.06	06-2026	M-2
2951 W. 5th St.	35,000	87,120	$3,000,000	$85.71	$34.44	08-2025	MPD
1114-1230 E. 5th St.	22,360	93,654	$4,000,000	$178.89	$42.71	10-2025	M-2
635 S. Rose Av.	10,800	32,670	$2,050,000	$189.81	$62.75	03-2026	M-2
220 Bernouli Cir.	14,189	33,977	$2,875,000	$202.62	$84.62	05-2026	Industrial
6541 Ventura Bl.	5,000	10,063	$950,000	$190.00	$94.41	09-2024	MPD
1801 Sunkist Cir.	8,113	12,632	$1,612,500	$198.76	$127.65	03-2026	M-1PD
Totals and averages	138,662	466,136	$19,987,500	$167.59	$67.80	n/a	n/a

Every one of these sits in an M-1, M-2 or MPD zone that permits the uses the buyer needed. The $67.80 average is the value this parcel cannot reach, and the $27.28 twin is the honest ceiling for a building like ours. Our $28.50 sits just above it, which is appropriate given the larger site and the residential overlay.

Open paved yard — Two acres of flat, paved, at-grade land behind a low-slung building.

Loading docks at dusk — The cross-dock configuration that C-2 zoning no longer supports.

Saviers Road frontage — Only 32.56 feet of frontage on Saviers, through a 200 foot access pole.

Parcel Four · APN 204-0-060-030

1225 South Oxnard Boulevard

C-2, AHD

The smallest of the three commercial parcels and the one that holds its value best. Small auto-related commercial property on a boulevard corner trades at a premium per square foot, and this one has two tenants paying rent today.

Appraised Value

$1,170,000

$44.21 per land SF

Our Opinion of Value

$1,005,670

$38.00 per land SF

Variance

14.0%

($164,330)

Per Building SF

$359

on 2,800 SF

Aerial of 1225 South Oxnard Boulevard — 100 feet of boulevard frontage with two curb cuts. Roughly 17,000 square feet of the site is vehicle display lot rather than building.

Site and Improvements

Land Area: 26,465 SF / 0.61 acres
Frontage: 100 feet on S. Oxnard Bl., two curb cuts
Depth: 211.40 to 317.90 feet, trapezoidal
Building: 2,800 SF, built 1937, plus a 650 SF metal canopy
Display Lot: Approximately 17,000 SF
Paving: Roughly 10,000 SF asphalt and concrete
Lot Coverage: 10.6%
Effective Age: 35 years, 5 years remaining economic life
Quality: Average minus

Tenancy and Income

Tenants: Sonora Motors, used car dealer, and Airport Smog Test
Lease Structure: Both month to month
Current Rent: $4,056 per month, $48,672 per year
Breakdown: $1,650 smog garage, $2,406 used car lot
Market Rent: 2,800 SF at $1.25 plus 17,000 SF at $0.20 equals $7,180 per month
Projected NOI: Approximately $59,380
Cap at Our Value: 5.90%

Both tenancies being month to month matters twice over. It means the in-place rent is well below market and can be reset quickly, and it means a redevelopment buyer can clear the site without a lease buyout.

What the Comparables Say

1101 Saviers Road is the closest analog in the market. Used car and auto repair on 1.54 acres at the Five Points signalized intersection, one tenth of a mile from the subject, with the same additive zone treatment. Small building on a large parcel, so the value is in the land, and it traded at $38.26 per land square foot. It is a better site than ours: a corner with an efficient rectangular shape. Our $38.00 sits just underneath it.

Address	Type	Bldg SF	Land SF	Price	$/Bldg SF	$/Land SF	Date	Zoning	Mi.
1101 Saviers Rd.	Used car and auto repair	4,814	65,340	$2,500,000	$519.32	$38.26	11-2025	C-2 AHP	0.1
1177 Saviers Rd.	Used car lot	3,034	25,265	$1,200,000	$395.52	$47.50	07-2026	C-2	0.1
2010 Saviers Rd.	Retail storefront	3,966	8,419	$500,000	$126.07	$59.39	05-2026	C-2	0.5
3150 Saviers Rd.	Retail store	7,000	20,473	$1,500,000	$214.29	$73.27	08-2024	C-2	1.1
1505 S. Oxnard Bl.	Retail storefront	3,800	7,405	$575,000	$151.32	$77.65	09-2025	C-2	0.2
1555 S. Oxnard Bl.	Auto parts retail with yard	6,325	22,651	$2,400,000	$379.45	$105.96	03-2025	C-2	0.18
1712-1722 Saviers Rd.	Retail storefront	9,459	27,007	$3,200,000	$338.30	$118.49	07-2026	C-2	0.4
338 W. 5th and 548 W. 6th St.	Retail storefront	10,323	15,079	$2,420,000	$234.43	$160.49	06-2026	CBD	0.8

The parcels at the top of this range are corners with better visibility, shape and access, and several sold at a premium to owner-users under plain C-2 zoning, which permits more uses than C-2 with the AHD suffix. Sorted by land value, the subject belongs at the lower end.

Summary

The Four Parcels Side by Side

Sold one at a time, on their own merits, against the appraised figures.

Parcel	Overlay	Land SF	Appraised	Appr. $/SF	Our Opinion	Our $/SF	Variance
1260 Saviers Rd.	AHD	87,593	$3,500,000	$39.96	$2,496,401	$28.50	28.7%
1225 S. Oxnard Bl.	AHD	26,465	$1,170,000	$44.21	$1,005,670	$38.00	14.0%
1251 S. Oxnard Bl.	AHP	37,026	$1,555,000	$42.00	$1,150,000	$31.06	26.0%
1263 S. Oxnard Bl.	AHP	22,928	$2,320,000	$101.19	$2,195,000	$95.73	5.4%
Portfolio	n/a	174,012	$8,545,000	$49.11	$6,847,071	$39.35	19.9%

1263 is valued on income rather than land, which is why its per square foot figure is not comparable to the other three. The aggregate reduction against the appraisals is $1,697,929. The two AHD parcels together come to $3,502,071, or $30.70 per land square foot; the two AHP parcels come to $3,345,000, or $55.79 per land square foot.

Why Each Number Moved

Parcel	Variance	Principal Reason
1260 Saviers Rd.	28.7%	Loss of legal nonconforming status after six months vacant. The industrial use, and the industrial buyer pool, are gone.
1251 S. Oxnard Bl.	26.0%	Land residual. At the appraised figure a developer cannot clear an acceptable margin on a 37-unit program.
1225 S. Oxnard Bl.	14.0%	Market adjustment to the nearby C-2 sales, anchored by 1101 Saviers at $38.26 per land square foot.
1263 S. Oxnard Bl.	5.4%	Cap rate expansion from 4.85% to 6.07%, partly offset by an 18.5% increase in net operating income.

$20,705

current monthly gross rent across 1263 and 1225

$248,460

annualized, before the vacant Saviers yard is re-leased

$39.35

portfolio value per land square foot at our opinion

17,440

total building square feet across the four parcels

Market Context

What Oxnard Land Is Actually Doing

The parcel valuations above rest on this evidence. It is not a flattering picture, and the offering material is stronger for acknowledging it up front rather than letting a buyer discover it.

Recent Land Sales

Address	Land SF	Price	$/Land SF	Date	Zoning	Notes
234 Johnson Dr.	34,412	$910,000	$26.44	01-23-2026	R-2 AH	Infill site for roughly 35 units, utilities on site, seller financing offered. On market 184 days across four price cuts, closing 34% below the original ask. Entitlements had expired.
1501 N. Oxnard Bl., also known as 1345	130,680	$4,000,000	$30.61	In escrow	C-2-PD	Northerly 3 acres of an auto dealership, entitled for 150 units. Marketed by our team at $4,200,000 without a sale, now reported in escrow at $4,000,000. The escrow price, not the ask, is the clearing level.
145 N. Harrison Av.	68,174	$2,170,000	$31.83	In escrow	C-2-PD, AHD	On market 35 months at the price shown. Closing price not available. Carries the same AHD overlay as our two largest parcels.
2100 E. Pleasant Valley Rd.	22,216	$985,000	$44.34	03-09-2026	C-2-PD, AHD	Half-acre signalized corner across from Oxnard College. Zoning allowed 9 market rate townhomes or 15 affordable units. Buyer is building EV charging stations.
6001 Arcturus Av.	392,476	$10,400,000	$26.50	02-26-2025	M-1	Purchased to build refrigerated storage serving Port Hueneme agricultural logistics.
Average across the five	n/a	n/a	$31.94	n/a	n/a	n/a

Note the holding periods as much as the prices. 234 Johnson took 184 days and four reductions. 145 N. Harrison sat 35 months. This is not a market where land clears quickly at asking.

Entitled Sites Are Not Clearing Either

Property	Status	Price	Units	Per Unit	$/Land SF	Notes
1501 N. Oxnard Bl.	Offered unsold, now in escrow	$4,200,000	150	$28,000	$31.41	Fully entitled, 125,916 net rentable SF, four stories, 181 parking spaces. Withdrawn unsold at the price shown, now in escrow at $4,000,000.
1620 Ives Av.	Went to auction, December	$5,100,000	78	$65,385	$40.37	2.90 acres, BRP with the same AHD overlay as our largest parcels, entitled for 78 units. Carried an accepted offer at the price shown, then went to auction. Outcome to be confirmed.
137 W. 1st St., First and A	On market since May 2026, reduced	$1,925,000	53	$36,321	$91.67	0.4821 acres on a corner with alley access, entitled for a six-story, 44,338 SF building: 48 one-bedroom, 5 two-bedroom, 6 affordable, Type III-A with no podium, 29 covered spaces and a 2,846 SF rooftop terrace. Existing 5,900 SF commercial building and 3,900 SF garage produce $2,500 a month. Plans, reports and City approvals included; owner may carry a first. Zoned DT-G in the Downtown Specific Plan, a stronger location than Five Points. Discussed in full in the 1251 section.

Entitlements alone are not moving product in this city. That cuts two ways for us: it argues against paying up for an entitled comp, and it argues for the ministerial certainty that 1251 and 1263 already carry.

Competing Product on the Market Now

Address	Type	Bldg SF	Land SF	Asking	$/Bldg SF	$/Land SF	Notes
1258 Saviers Rd.	Retail storefront	17,500	27,878	$2,750,000	$157.14	$98.64	Directly adjacent to the subject. 125 to 140 feet of frontage, 28 rear spaces, 1964 construction with 9 foot 8 inch ceilings. On market 7 months under price reductions, also offered for lease at $0.75 per foot. No AHD overlay.
1222-1230 Saviers Rd.	Multi-tenant industrial, 42 units	40,213	103,673	$6,700,000	$166.61	$64.63	At Five Points. 94% occupied, proforma NOI $381,232, 5.69% cap, built 1978. Units of 576 to 1,200 SF with roll-up doors and 3-phase power.
1032 and 1060 S. Oxnard, 119 E. Wooley	Retail and restaurant	8,756	35,718	$5,300,000	$605.30	$148.38	Three contiguous parcels at the NE corner of Five Points, roughly 50,000 vehicles per day. Month-to-month tenants at low rents, marketed as a redevelopment play.
2100-2228 Saviers Rd.	Multi-tenant retail	23,284	73,869	$6,450,000	$277.01	$87.32	Stabilized center, 5.66% cap on $365,341 NOI, 91% occupied, 443 feet of frontage, built 1980. 17 days on market.
536-546 S. Oxnard Bl.	Retail storefront	12,555	13,939	$2,550,000	$203.11	$182.94	Two contiguous vacant storefronts available for an owner-user. On market 2 months.
258 W. Pleasant Valley Rd.	Mixed use	3,000	38,224	$3,500,000	n/a	$91.57	Two houses and a small restaurant generating $110,400 a year gross. Marketed as a covered land play while pursuing entitlements.

Asking prices here average $212.42 per building square foot and $112.86 per land square foot. Our site is discounted against them for its unconventional configuration, poor visibility and constrained access, and because the building at 1260 is not well suited to most commercial operations, which narrows the buyer pool.

Location and Demand

Oxnard and the Saviers Corridor

Oxnard is the largest city in Ventura County at just over 200,000 people, and the only city in the county without a strict growth control ordinance. Saviers Road runs three miles from Five Points south to Hueneme Road, anchored at Channel Islands Boulevard by the 290,000 square foot Walmart-anchored Centerpoint Mall and the 180,000 square foot Island Plaza across the street.

Trade Area and Traffic

2024	1 Mile	3 Miles	5 Miles
Population	28,148	193,241	233,904
Employees	10,147	46,044	69,033

Traffic Counts	Vehicles per Day
Saviers Rd. at Wolff St.	30,100
S. Oxnard Bl. at E. Wooley Rd.	19,344
Five Points intersection, NE corner	roughly 50,000

Radius demographics and the first two traffic counts are from the marketing flyer for 1258 Saviers Road, the parcel adjacent to the subject.

The City Has Targeted This Corridor

Housing Element Program 31 covers the Oxnard Boulevard Corridor and High Quality Transit Corridor site selection. In 2016 the City completed a $250,000 study on transforming a 7.2 mile stretch of Oxnard Boulevard into complete streets capable of serving new medium and high density transit-oriented mixed use and affordable housing. Program 31 added Saviers Road to that study area, and the City has since been awarded a SCAG grant to implement it. The subject sits at the junction of the two streets that define the corridor.

Oxnard Against Its Benchmarks

Metric	Oxnard	Ventura Co.	California
Population	200,637	n/a	n/a
Median age	35.4	40.2	38.4
Median household income	$101,184	$114,238	$100,149
Median home value	$698,000	$869,300	$759,500
Renter share	42.5%	34.0%	44.2%
Average renter household	3.74	2.92	2.63
Median gross rent	$2,111	$2,313	$2,104
Renter households overcrowded	28.6%	14.9%	12.9%

U.S. Census Bureau, American Community Survey 2024 one-year estimates. Overcrowded means more than one occupant per room.

Oxnard's median household income is roughly the same as California's and its rent is roughly the same as California's. What is not the same is how many people are packed into each unit. The average Oxnard renter household holds 3.74 people against 2.63 statewide, and 28.6 percent of renter households live at more than one person per room, more than double the state rate.

Housing Obligation and the Population Counterpoint

Income Level	RHNA	Permitted	Remaining	Complete
Very Low	1,840	215	1,625	11.7%
Low	1,071	656	415	61.3%
Moderate	1,538	79	1,459	5.1%
Above Moderate	4,100	793	3,307	19.3%
Total	8,549	1,743	6,806	20.4%

City of Oxnard 2024 General Plan Annual Progress Report, Table 3, covering the 2021 to 2029 cycle. Roughly half the cycle has elapsed and 20.4% of the obligation has been permitted, leaving 3,499 income-restricted units outstanding.

City	2020	2025	Change	Percent
Oxnard	202,066	198,733	(3,333)	1.65%
Ventura	110,737	108,985	(1,752)	1.58%
Camarillo	70,744	68,927	(1,817)	2.57%
Port Hueneme	21,958	20,838	(1,120)	5.10%
West Ventura County	405,505	397,483	(8,022)	1.98%

A shrinking population is not, on its face, an argument for building more housing, and a buyer will raise it. The counterargument is the appraiser's own: growth across these cities turned negative around 2020, and he attributes the trend to a deficit of affordable housing rather than a lack of demand for it. Households that cannot find a unit they can afford leave, or double up. The 28.6 percent overcrowding rate is what that looks like for the households that stayed.

The Assemblage

What the Four Are Worth Together

Everything above prices these parcels as what they are today: four ordinary South Oxnard commercial properties worth $6,847,071 between them. The assemblage argument is different, and it is the reason this portfolio may be worth more than the sum of its parts.

Aerial of the Five Points area with parcel lines — Four contiguous parcels on one assessor's block, 174,012 square feet, with 300 feet of frontage on South Oxnard Boulevard and access through to Saviers Road.

The Case for a Package Buyer

Four Acres Is Scarce Here

Oxnard infill trades in half-acre and one-acre pieces. The recent land sales range from 0.51 to 3.0 acres. Four contiguous acres already in one ownership, needing no assemblage risk, is a different product entirely.

All Four Carry a Housing Right

30 units per acre and a five-story, 56 foot envelope across the whole site, with a 20 percent affordability trigger and the state density bonus stacking on top. That applies to every parcel, AHP and AHD alike.

Phasing Is Available

1251 and 1263 can go through ministerial Site Plan Review while the Special Use Permit for 1225 and 1260 runs in parallel. A buyer is not held hostage to one Planning Commission calendar.

Income Through Entitlement

$248,460 a year in place from the nine apartments and the two auto tenants, with a two-acre yard available to re-lease on a short term. Entitled Oxnard dirt with no income has struggled to sell.

Street map of the Five Points area — The Five Points junction of Oxnard Boulevard, Saviers Road and Wooley Road, 900 to 1,200 feet northwest of the site.

Aerial of 1260 Saviers Road and surroundings — The two-acre Saviers parcel that forms the back half of the assemblage, with U-Store-It to the southwest.

Open paved yard at 1260 Saviers Road — Flat, paved, at-grade land across the largest parcel. Buildings cover under twelve percent of the whole assemblage.

Loading docks in daylight — The existing improvements are obsolete for their original use and carry no economic value in the appraisal.

Open rear area at 1263 South Oxnard Boulevard — Open area behind the Ramsey Apartments. The nine units cover only 17.5 percent of that parcel.

City zoning map — The C-2 AHD block sits behind the C-2-PD AHP strips fronting the boulevard, which is the two-path split described above.

Warehouse interior — Interior of the Saviers warehouse. A redevelopment buyer is acquiring land, not buildings.

Density and Price per Door

The value of this site to a housing developer is a function of density achieved, not land area. Nearby approvals on this boulevard are running well above the 30 unit base: The Pointe at 2800 N. Oxnard Boulevard is 280 units on 4.85 acres, or 57.7 per acre, and 1501 N. Oxnard is entitled at 48.9 per acre.

Total Price	Per Land SF	119 Units 30 DU/AC base	179 Units 45 DU/AC	231 Units 58 DU/AC
$8,545,000 appraised aggregate	$49.11	$71,807	$47,737	$36,991
$6,847,071 our opinion, sum of parts	$39.35	$57,538	$38,252	$29,641
$7,500,000	$43.10	$63,025	$41,899	$32,468
$8,000,000	$45.97	$67,227	$44,693	$34,632

Unit counts are 3.9948 acres multiplied by the stated density, rounded down. Illustrative planning assumptions only, not confirmed with the City. At 20 percent, the affordability trigger produces 24, 36 and 47 lower-income units respectively.

This is the argument for a package premium. At our sum-of-parts number the site prices at $38,252 per door at 45 units per acre and $29,641 at 58, squarely inside the $28,000 to $40,000 band where entitled Oxnard sites have been trading, and this site is not yet entitled. There is room between $6,847,071 and the appraised $8,545,000 for a developer who believes in the density, and the two rows in between show what that costs per door.

Sale Configurations

Configuration	Land SF	Acres	Units at 30 DU/AC	Our Value	Path	Most Likely Buyer
All four parcels	174,012	4.00	119	$6,847,071	Mixed	Affordable or mixed-income developer wanting scale on the corridor
1251 + 1263, the AHP half	59,954	1.38	41	$3,345,000	AHP only	Developer wanting ministerial approval and 200 feet of boulevard frontage
1225 + 1260, the AHD half	114,058	2.62	78	$3,502,071	AHD only	Developer or owner-user who can absorb a Special Use Permit process
1260 Saviers Rd. alone	87,593	2.01	60	$2,496,401	AHD	Self-storage operator or land buyer; industrial use is no longer available
1225 S. Oxnard Bl. alone	26,465	0.61	18	$1,005,670	AHD	Auto-related owner-user; two month-to-month tenants in place
1251 S. Oxnard Bl. alone	37,026	0.85	25	$1,150,000	AHP	Small infill builder wanting clean, vacant, ministerial land
1263 S. Oxnard Bl. alone	22,928	0.53	n/a	$2,195,000	AHP	Private or 1031 apartment buyer, sold as nine stabilized units

1263 is shown as an existing nine-unit sale rather than a redevelopment site, since standing alone it is worth more as income than as half an acre of dirt.

Recommendation

Take this to market on two tracks at once. Publish the four individual parcel prices, because each has a real and separate buyer pool: an auto owner-user for 1225, a self-storage operator or land buyer for 1260, a small infill builder for 1251, and a private or 1031 apartment buyer for 1263. At the same time, offer the whole four acres to the affordable and mixed-income developers already active in this city, priced above the sum of the parts, and let the density argument justify the premium.

If the package buyer does not materialize, the pieces still have a market, and nothing has been lost by asking. If one does, the premium over $6,847,071 is the entire prize.

Before the Offering Goes Out

Get a written zoning verification on all four APNs. Our own sources disagree on which parcels carry AHP and which carry AHD, and on what AHD requires. A developer will ask this question first.
Commission a yield study from a land use attorney or civil engineering firm. Establishing whether the site supports 45 units per acre or better is worth more to the pricing than any additional comparable. The gap between 119 and 231 units is the gap between $57,538 and $29,641 a door.
Scope the alternatives on Saviers. With the industrial use gone, self-storage subject to a Special Use Permit is the most credible non-residential path. Knowing whether it survives a zoning check is what keeps that conversation off $28.50 a foot.
Re-lease the Saviers yard, or price the option. Two acres of fenced, paved, dock-served yard near the Port of Hueneme should re-lease short term without encumbering the entitlement path, and it restores carry.
Pull the certificates of occupancy at 1263 and settle the AB 1482 exemption question with counsel. If the 2012 rebuild reset the fifteen-year clock, the rents can be marked to market now.
Agree the due diligence period in advance. Developers will ask for long feasibility windows. Deciding now how much time you will grant, and at what deposit, avoids negotiating it under pressure.

Four Parcels, Valued One at a Time

Portfolio at a Glance

Every Number Has Moved

Two Approval Paths

Sell Together or Separately

The Appraisals Are Two Years Stale

Zoning, Density and the Two Approval Paths

AHP and AHD: Same Rights, Different Process

Entitlement Timeline

1251 South Oxnard Boulevard

Site

The Development Program Modeled

The Land Residual

Supporting Land Trades

The Closest On-Market Test: First and A Street

137 W. 1st Street, As Marketed

What It Tells Us About 1251

1263 South Oxnard Boulevard

Income Up 18.5 Percent, Value Down 5.4 Percent

Rent Roll and Unit Mix

Operating Statement

Oxnard Apartment Sales

1260 Saviers Road

Site and Improvements

The Nonconforming Use Is Gone

What Remains Available

What the Comparables Say

1225 South Oxnard Boulevard

Site and Improvements

Tenancy and Income

What the Comparables Say

The Four Parcels Side by Side

Why Each Number Moved

What Oxnard Land Is Actually Doing

Recent Land Sales

Entitled Sites Are Not Clearing Either

Competing Product on the Market Now

Oxnard and the Saviers Corridor

Trade Area and Traffic

The City Has Targeted This Corridor

Oxnard Against Its Benchmarks

Housing Obligation and the Population Counterpoint

What the Four Are Worth Together

The Case for a Package Buyer

Four Acres Is Scarce Here

All Four Carry a Housing Right

Phasing Is Available

Income Through Entitlement

Density and Price per Door

Sale Configurations

Recommendation

Before the Offering Goes Out

Prepared By

Logan Ward

Gary Cohen

Glen Scher

Filip Niculete

Next Step