2484 Fernwood Drive, Ventura, California 93001, Ventura, 93001 - 0 bed, 0 bath
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Ventura, California 93001
This Value-Add Multi-Family Asset is a Strong Value Opportunity with a List Price of $1,299,000—positioned well below the $1,396,000 Fair Market Value by 6%. This valuation gap offers $97,000 in Instant Equity for strategic buyers. While maintaining a Functional Condition Rating, the property features significant rental upside through the modernization of its three units and Ocean View hillside setting. Located near Ventura High School with Dedicated Garage Parking, this is a high-demand acquisition for Buy-and-Hold Investors or Owner-Occupants looking to house-hack.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2484 Fernwood Drive Subject | $1,299,000* List Price | 0 | 0 | 2,035 | $686 | - |
A 2530 2532 Sunset Drive Sold | $1,060,000 | 2 | 4 | 1,750 | $606 | 0.0 mi |
B 2474 Fernwood Drive Active | $1,375,000 List Price | 4 | 3 | 2,035 | $676 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1959, this triplex is in functional but dated condition, consistent with a 'value-add' investment property. The kitchen features vintage painted cabinetry, older laminate countertops with wood trim, and aged appliances. Interior photos show older flooring and fixtures, while the exterior displays cracked concrete in the driveway and a worn laundry area. While the property appears maintained for its current use, it requires significant cosmetic updates and modernization to meet contemporary quality standards.
Situated in the prestigious Ventura Heights area above Ventura High School, the property boasts desirable ocean views and a premium hillside setting that commands high tenant demand.
The property presents a major value-add opportunity as current rents are below market value, allowing an investor to substantially increase the capitalization rate by adjusting leases to going rates.
Each of the three units includes its own private garage space, a rare and highly sought-after amenity in multi-family properties that enhances tenant retention and property value.
Constructed in 1959, the property may require significant capital expenditures for modernization or deferred maintenance to meet contemporary standards and justify premium rent increases.
Due to the current under-market rents, the initial return on investment may be lower than average until the units can be turned over or rents legally increased to market levels.
Ventura Hillside Tri-plex. Three units above Ventura High School. One 2-bedroom, 1 bath, and two 1-bedroom, 1 bath. 3 Car Garages one for each. Rents are low to be increased to get up to going rates. Great hillside location.
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades K-5 • 1.3 mi
Grades 6-8 • 1.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 2.5 | 38% |
| Baths | 0.0 | 2.5 | 38% |
| Square foot | 2,035 | 2,120 | 50% |
| Lot Size | 10,018 | 8,276 | 75% |
| Price | $1.30M | $1.04M | 75% |
| Price per sq ft | $638 | $470 | 88% |
| Built year | 1959 | 1945 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 5 | 169 | 13% |
Apr 17, 2026
$1,299,000
Initial Listing