The offering at a glance.
A ±1.14-acre shovel-ready 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 Downtown Ojai — the Avenue Arcade, downtown shops, restaurants, and the Saturday farmers' market.
$1,300/SF brand-new exit on livable area · 18.4% margin on net revenue at the ask · $2.34M 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 · $1,300/SF brand-new exit on livable area · 18-month carry. Residual leaves $2.34M of developer profit (18.4% on net revenue).
Multiple Exit Strategies
$13.4M 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.
±1.14 AC · 10 platted lots.
Steps from Downtown Ojai, Soule Park Golf Course, and the Ojai Valley Inn.
A 4-minute walk to Downtown Ojai.
Nine Craftsman cottages around a private drive.
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 |
$2.34M developer profit · 18.4% margin.
| Line Item | Basis | Amount |
|---|---|---|
| Gross Sales Proceeds | 9 × $1,489,800 | $13,408,200 |
| Closing Costs of Sale | 5.00% | ($670,410) |
| Net Sale Proceeds | $12,737,790 | |
| Less: Total Project Cost | ($10,400,813) | |
| Developer's Profit | 18.4% on Net Revenue | $2,336,977 |
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.
Seven closed sales within a one-mile radius of downtown Ojai over the trailing 12 months.
| # | Address | Bd/Ba | SF | Year | Close | Price | $ / SF |
|---|---|---|---|---|---|---|---|
| ★ | 601 Pearl St · Subject (brand-new exit, livable basis) | 3/2 | 1,146 | 2027 | Pro Forma | $1,489,800 | $1,300 |
| 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 |
| 7 | 216 E. Matilija St ↗ | 2/3 | 1,955 | 1957 | Dec 2025 | $2,475,000 | $1,266 |
| Comp Median | 1,384 | $1,293,500 | $907 |
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.
Arcade
- · 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 |
|---|---|
| Population (2020 Census) | 7,637 |
| Median Age | 49.7 |
| Median Household Income | $79,202 |
| Per Capita Income | $60,511 |
| Bachelor's Degree or Higher | 46.2% |
| Owner-Occupied Housing | 54.3% |
| Population Density (per sq mi) | 1,753 |
Source: 2020 U.S. Census · ACS 5-Year Estimates. Ojai's resident profile skews older, more educated, and more equity-rich than the surrounding county and state — the buyer base that sustains premium pricing in a supply-constrained market.
The 220-acre resort that turned Ojai into a lifestyle market.
A century-old Spanish Colonial resort on the western edge of downtown Ojai — 218 rooms, the 31,000 SF Spa Ojai, and an 18-hole George C. Thomas golf course. The Inn's draw from Los Angeles, the Bay Area, and Santa Barbara is the single largest reason Ojai sustains premium $/SF residential pricing through cycles — visitors become second-home buyers, then full-time residents.
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.