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$3,700,000
Est. payment /mo
1.14 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26839863
Lot Size 1.137 Acres
Acres 1.14
Property Description
We are pleased to present 601 Pearl Street, a rare shovel-ready residential subdivision opportunity located in the heart of Downtown Ojai. Situated on approximately 1.14 acres, the offering consists of 10 recorded lots with approvals in place for the development of nine detached single-family homes. The project includes fully approved Architectural, Civil, Landscape, and Structural plan sets, allowing a developer to immediately pursue permits and commence construction. Offered at $3,700,000, the property is priced at approximately $73 per land square foot and $411,111 per buildable home, presenting a compelling basis for one of Southern California's most supply-constrained lifestyle markets. The approved development is designed as a California Craftsman-inspired cottage community featuring nine detached homes averaging approximately 1,835 square feet under roof. The fully entitled subdivision includes private drive access, two fire department turnarounds, and frontage along Pearl Street, Bald Street, and the Ojai Valley Trail. In addition to a build-for-sale strategy, the property also supports a compelling build-to-rent alternative, with projected stabilized NOI between approximately $605,000 and $632,000 annually. Located just steps from Downtown Ojai, the property benefits from one of California's most desirable and tightly controlled residential markets. The site is within walking distance to the Ojai Avenue Arcade, Libbey Park, the Ojai Valley Trail, restaurants, boutiques, and the city's renowned farmers market. Ojai's strict growth controls, affluent buyer demographic, and limited new housing inventory have sustained premium residential pricing throughout market cycles. Demand is further supported by the Ojai Valley Inn & Spa, a world-renowned 220-acre luxury resort that continues to attract second-home buyers and lifestyle-driven migration from Los Angeles, Santa Barbara, and the Bay Area. As one of the only entitled small-lot subdivisions of scale in Downtown Ojai, 601 Pearl Street presents a highly differentiated opportunity to deliver scarce new-construction product into an exceptionally supply-constrained market.
Location
State CA
County Ventura
Area Ojai
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Listed by Marcus & Millichap
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