Entitled
9-home
development
in downtown Ojai.
The offering at a glance.
A ±3.43-acre entitled small-lot subdivision in downtown Ojai — 10 recorded lots, 9 approved homes, complete Architectural, Civil, Landscape, and Structural plan sets.
Executive
Summary.
A shovel-ready 9-home subdivision in one of California's most coveted, supply-constrained small towns.
Fully approved Architectural, Civil, Landscape, and Structural plan sets. 10 lots recorded under Tract No. 5964.
Steps from the Ojai Avenue Arcade, downtown shops, restaurants, and the Saturday farmers' market.
$1,000/SF brand-new exit · 33.7% margin on net revenue at the ask · $5.29M projected developer profit.
Six reasons 601 Pearl stands apart.
Fully Entitled, Fully Platted
Ten lots recorded under Tract No. 5964. Approved plans across Architectural, Civil, Landscape, and Structural disciplines — ready to permit and pour foundations.
Walkable Downtown
Steps from the Ojai Avenue Arcade. Buyers in this corridor pay premiums for walkability — one of the few residential blocks with both town life and lot privacy.
Defensible Residual at the Ask
$3.7M land · $365/SF hard cost · $1,000/SF brand-new exit · 18-month carry. Residual leaves $5.29M of developer profit (33.7% on net revenue).
Multiple Exit Strategies
$16.5M gross sellout on a build-to-sell program, or a build-to-rent hold with $605K–$632K of NOI at $6,000–$6,250 monthly rents.
Scarce New-Construction Product
Virtually none of the recent 12-month comp set is new construction. Premium downtown re-sale already trades past $1,300/SF on aged vintages — brand-new clears at a premium.
On-Brand Ojai Architecture
California Craftsman cottages with gabled rooflines, stone wainscot, lap siding, and cedar-shake roofs. Designed to read as a cottage cluster, not tract product.
The
Property.
A platted subdivision, ready to build.
A finished entitlement package — ready to permit and pour.
Mark Shelnutt, Architect, Inc. (Oak View, CA) — 18-sheet set, A1–A8+.
Gregg Toland, LARC #2243 — 9 sheets including planting, irrigation, lighting.
Laima B. Reeder, P.E. — 7-sheet set, foundation through lateral.
±3.43 AC · 10 platted lots.
Steps from the Ojai Avenue Arcade and the heart of the valley.
Nine homes around a private drive.
Each home sits on its own deeded lot with an individual driveway off the common drive. Existing mature trees preserved along the axis.
California Craftsman vernacular.
Gabled rooflines with deep eaves, stone wainscot, horizontal lap siding, multi-pane wood-trim windows, and cedar-shake roof texture. Cottages — not tract product.
The Residual
at the Ask.
Total project cost · $10.40M.
| Line Item | Basis | Amount |
|---|---|---|
| Hard Construction Cost | 16,515 SF × $365/SF | $6,027,975 |
| School Fees | Remaining to break ground | $53,323 |
| Permit Fees | Remaining to break ground | $56,835 |
| Total Development Cost | $6,138,133 | |
| Construction Loan Interest | 7.5% × 18 months | $458,617 |
| Property Tax + Insurance (during build) | 18 months | $104,063 |
| Total Carry & Financing | $562,680 | |
| Land Cost (Asking) | $3.7M ÷ 9 units | $3,700,000 |
| Total Project Cost | $10,400,813 |
$5.29M developer profit · 33.7% margin.
| Line Item | Basis | Amount |
|---|---|---|
| Gross Sales Proceeds | 9 × $1,835,000 | $16,515,000 |
| Closing Costs of Sale | 5.00% | ($825,750) |
| Net Sale Proceeds | $15,689,250 | |
| Less: Total Project Cost | ($10,400,813) | |
| Developer's Profit | 33.7% on Net Revenue | $5,288,437 |
A credible Plan B through a softer for-sale cycle.
The same nine-home program supports a build-to-rent hold. Optionality across exit strategies de-risks the development by removing reliance on a single for-sale cycle, while the in-place asset retains entitlement value if held long-term.
Sale
Comparables.
What's trading near downtown Ojai.
Seven closed sales within a one-mile radius of downtown Ojai over the trailing 12 months, plus one premium-tier reference point.
| # | Address | Bd/Ba | SF | Year | Close | Price | $ / SF |
|---|---|---|---|---|---|---|---|
| ★ | 601 Pearl St · Subject (brand-new exit) | 3/2 | 1,835 | 2027 | Pro Forma | $1,835,000 | $1,000 |
| 1 | 202 N. Fulton St ↗ | 3/2 | 1,196 | 1977 | Jul 2025 | $1,293,500 | $1,082 |
| 2 | 309 Topa Topa Dr ↗ | 2/2 | 1,384 | 1946 | May 2025 | $1,230,000 | $889 |
| 3 | 314 W. Aliso St #A ↗ | 3/1 | 914 | 1929 | Jun 2025 | $1,200,000 | $1,313 |
| 4 | 301 Park Rd ↗ | 2/2 | 1,659 | 1947 | Sep 2025 | $1,300,000 | $784 |
| 5 | 1209 San Ramon Way ↗ | 3/2 | 1,987 | 1985 | Oct 2025 | $1,395,000 | $702 |
| 6 | 201 Fox St ↗ | 3/2 | 1,135 | 1948 | Feb 2026 | $1,029,500 | $907 |
| P | 216 E. Matilija St ↗ · Premium tier | 2/3 | 1,955 | 1957 | Dec 2025 | $2,475,000 | $1,266 |
| Comp Median (excl. premium) | 1,384 | $1,261,750 | $898 |
Where brand-new product clears.
Market
Overview.
One of California's most consistently priced lifestyle markets.
Ojai's housing market is supply-constrained by design. Strict growth controls and small-town zoning have protected its character for generations, producing a market that prices consistently through cycles. Recent SFR sales near downtown trade at a median of approximately $1.26M, with $/SF running from the low-$700s on tired vintage product up past $1,300/SF on renovated and premium product.
New construction is the rarest product in the submarket. The subject would deliver the only entitled small-lot subdivision of meaningful scale steps from downtown — and would trade as the scarce new-build option in the corridor.
- · Ojai Avenue Arcade · downtown retail
- · Saturday farmers' market
- · Libbey Park · Ojai Music Festival
- · Ojai Valley Trail · 9.5-mile rail-trail
A coastal lifestyle submarket.
Ojai Valley Inn & Spa, the Music Festival, and the Ojai Studio Artists tour drive sustained visitation from LA, Santa Barbara, and the Bay Area.
City growth controls and strict small-town zoning have produced one of the most consistently priced lifestyle markets in coastal Southern California.
Coastal-LA migrators, second-home buyers, and downsizing equity-rich locals — willing to pay premium $/SF for walkable downtown product.
An affluent, established resident base.
| Metric | Ojai City | Ventura County | California |
|---|---|---|---|
| Population (2020 Census) | 7,637 | 843,843 | 39.5M |
| Median Age | 49.7 | 38.4 | 37.3 |
| Median Household Income | $79,202 | $95,500 | $84,907 |
| Per Capita Income | $60,511 | $43,800 | $41,300 |
| Bachelor's Degree or Higher | 46.2% | 33.4% | 35.3% |
| Owner-Occupied Housing | 54.3% | 63.4% | 55.3% |
| Population Density (per sq mi) | 1,753 | 462 | 254 |
Sources: 2020 U.S. Census, ACS 5-Year Estimates. The Ojai resident profile skews older, more affluent, and more educated than both the county and state averages — the buyer base that sustains premium pricing in a supply-constrained market.
The anchor that turns visitors into homebuyers.
A 220-acre destination resort that has anchored Ojai's reputation as a lifestyle market since 1923. Roughly 218 guest rooms, an 18-hole championship golf course, and the 31,000 SF Spa Ojai.
- 01Established1923
- 02Property Size220 acres
- 03Guest Rooms218
- 04Spa Ojai31,000 SF
- 05Golf Course18 holes · George C. Thomas
- 06Historic Hotels of Americasince 1991
- 07Drive Time · LA~90 min
- 08Drive Time · Santa Barbara~45 min
- 09Annual Visitation DriverYear-round
- 10Buyer PipelineVisitors → Homebuyers
Offered at $3,700,000.
$411,111 per buildable home · $73 per land square foot. Approved plan set included.
Offers reviewed as received. Ask brokers for the data room link with the full plan set and entitlement documentation.
Approved Architectural / Civil / Landscape / Structural plan sets, residual model, recorded tract map, and title preliminary available on request.
Construction lender introductions available on request. Property tax redemption (~$22K) curable at closing from seller proceeds.