Fully Entitled Small-Lot Subdivision

601 Pearl Street
Ojai, California

Nine detached single-family homes on ten platted lots in the heart of Ojai. Approved Architectural, Civil, Landscape, and Structural sets in hand. Shovel-ready.

$3,700,000
Asking Price
9 Homes
Buildable Units
10 Lots
Platted (Tract 5964)
$411,111
Per Buildable Unit
Investment Overview

A Shovel-Ready Subdivision in One of California’s Most Coveted Towns

The LAAA Team is proud to present 601 Pearl Street, a rare opportunity to acquire a fully entitled, fully platted small-lot subdivision steps from downtown Ojai. The seller has completed the heavy lifting: ten lots recorded under Tract No. 5964, full approved plan sets across Architectural, Civil, Landscape, and Structural disciplines, and a development program for nine detached homes averaging 1,835 SF each. A buyer steps into a project ready to permit and pour foundations, in a market where new construction is exceptionally scarce.

Ojai’s housing market is supply-constrained by design. The city’s strict growth controls and small-town zoning have protected its character for generations, and the result is one of the most consistently priced lifestyle markets in coastal Southern California. Recent single-family sales near downtown have traded at a median of $1.25M with a $/SF distribution that runs from the $600s for older product to north of $1,200/SF for premium and renovated homes. New construction trades at the top of that range and is the rarest product in the submarket.

At an asking price of $3,700,000, the offering represents $411,111 per buildable home and $73 per land square foot. Against a development program with a $1,835,000 per-home exit at $1,000/SF on 1,835 SF of brand-new product and a total all-in build cost of approximately $6.4M, the residual model leaves a developer with roughly $5.0M of profit at a 32% margin on net revenue. The price already reflects movement from the seller’s original $4.5M ask.

$3.7M
List Price
9
Buildable Homes
1,835 SF
Avg Home Size
$1,000/SF
Brand-New Exit Price
32.2%
Developer Profit Margin
Investment Highlights

Why 601 Pearl Stands Out

Fully Entitled and Platted

Ten individually recorded lots under Tract No. 5964, with approved Architectural, Civil, Landscape, and Structural sets. No further mapping required. A buyer can pull permits and begin construction without entitlement risk.

Scarcity-Driven Ojai Market

Ojai’s growth controls suppress new supply by design. Across a 36-comp set of recent sales near downtown, virtually none are new construction. Subject is the only entitled small-lot project of meaningful scale in the immediate downtown corridor.

Defensible Residual at the Ask

At $3.7M land, $380/SF hard cost, $1,000/SF brand-new exit and 18-month carry, the residual leaves $5.04M in developer profit (32.15% on net revenue). Independent residual run by the LAAA Team produces similar results across multiple cost scenarios.

Multiple Exit Strategies

The same nine-home program supports a build-to-sell exit at $16.5M gross sellout or a build-to-rent hold at $5.5M–$6.2M in stabilized value (NOI of $605K–$632K at $6,000–$6,250 monthly rents). Optionality reduces market-cycle risk.

Walkable Downtown Location

Steps from the Ojai Avenue Arcade, downtown shops, restaurants, and the Saturday farmers’ market. Buyers in this corridor pay premiums for walkability. Pearl Street is one of the few residential blocks where buyers can have both town life and lot privacy.

Distressed Seller, Clean Title

Property tax has been delinquent on all ten parcels since 2023-2024, signaling a capital-constrained seller. Total redemption is approximately $22,000 across all lots, easily cured at closing from seller proceeds. Title is held in a single California LLC vesting; no partition or partnership cleanup required.

Design & Plans

What’s Been Approved — in Detail

A buyer is not acquiring raw entitlement. The project has been designed, engineered, and approved across all four disciplines. Below is what the approved plan set actually delivers: a nine-home Craftsman cottage community, single-story, oriented around a private drive, with full civil and landscape engineering ready to permit.

Per-Home Program

Stories
1 (single-story)
Building Height
17 ft (plate 9′-1″)
Interior Floor Area
1,146 SF (conditioned)
Attached Garage
451 SF
Covered Porch
238 SF
Total Under-Roof
1,835 SF
Construction Type
V-B wood frame
Occupancy
R-3/U
Code
2016 CRC
Fire Sprinklers
Required (NFPA 13D)

Site Composition (49,540 SF)

Lot Coverage (buildings)
16,515 SF (35%)
Landscape Area
18,672 SF (38%)
Interlocking Pavers
7,428 SF (15%)
Asphalt Drive
2,385 SF (5%)
Site Hardscape
2,530 SF (5%)
Floor Area Ratio
0.208 (interior)
Density Allowed
8 units / acre
Units Approved
9
Frontages
Pearl St (N), Ojai Valley Trail (S), Bald St (E)
Access
Private asphalt drive with 2 fire-dept turnarounds

Site Plan

Nine detached homes arranged around a private east-west drive, with frontage on Pearl Street to the north and Ojai Valley Trail to the south. Existing mature trees are preserved along the drive. Each home sits on its own deeded lot with an individual driveway off the common drive. Two fire-department turnarounds are built into the plan.

Approved Site Plan showing 9 homes around private drive
Approved Site Plan, Sheet A2 — Mark Shelnutt, Architect, Inc.

Elevations — California Craftsman Vernacular

The architectural language is on-brand for Ojai: gabled rooflines with deep overhanging eaves, stone wainscot at the base, horizontal lap siding above, multi-pane wood-trim windows, and cedar-shake roof texture. The homes read as cottages rather than tract product — a deliberate choice that supports the per-home premium the residual model assumes.

Approved Elevations - North, South, East, West, Alternate
Approved Elevations, Sheet A4 — North, South, East, West, plus Alternate variants. Stone wainscot, lap siding, gabled cedar-shake roofs.

Four Plan Configurations

The approved set delivers four floor plan variants — Plan A (base), Plan B (Plan A mirrored), Plan C (Plan A with end garage), and Plan D — distributed across the nine lots to create visual variety along the drive. Each plan keeps the same 1,146 SF interior program with a primary suite, secondary bedrooms, two bathrooms, and an open kitchen-living layout opening to the covered porch.

Floor Plan Configurations - Plans A, B, C
Plan Configurations, Sheet A2.3 — Plan A, Plan B (mirror image), Plan C (end-garage variant).

Landscape

Designed by Gregg Toland Landscape Architect (LARC #2243). The landscape package includes the planting plan, irrigation system design, site-lighting plan, and a soils management program tied to grading. Thirty-eight percent of the site is dedicated landscape — well above what typical small-lot product delivers — producing a real-yard feel for each home.

Approved Landscape Plan
Landscape Cover, Sheet L1 — Gregg Toland LA.

Civil & Infrastructure

Six-sheet civil set covering existing topography, street improvements (Pearl Street curb cut, Bald Street frontage), precise grading, water line improvements to serve all nine lots, erosion control, and sections/details. All off-site infrastructure has been engineered — a buyer is not exposed to design risk on utilities or street work.

Approved Civil Plan
Civil Cover Sheet — Existing Topography, Street Improvements, Grading, Water Line, Erosion Control.

Project Team

Discipline Firm / Lead Set
ArchitectureMark Shelnutt, Architect, Inc. (Oak View, CA)18-sheet set, A1–A8+
Civil Engineering(named on architectural cover)6 sheets including Water Line, Grading, Erosion Control
Structural EngineeringLaima B. Reeder, P.E.7-sheet set, foundation through lateral
Landscape ArchitectureGregg Toland, LARC #2243 (Sherman Oaks)9 sheets including irrigation, lighting, planting
Applicant / OwnerPearl Street Associates, LLC

Note on Square Footage

The approved plans show 1,146 SF interior conditioned area per home plus 451 SF attached garage and 238 SF covered porch, totaling 1,835 SF under roof. The development pro forma uses the 1,835 SF figure for cost-per-SF construction analysis (the standard convention for builder economics) and prices the brand-new exit on the same under-roof basis at $1,000/SF, producing $1,835,000 per home. New construction is essentially absent from the recent comp set, and brand-new product in this corridor commands a structural premium over re-sale stock — a premium the model captures.

Development Pro Forma

The Residual Model at $3,700,000

The pro forma below is built at $380 per SF hard cost, an 18-month build, and a $1,000/SF brand-new exit. At the $3.7M asking price, a developer earns approximately $5.04M of profit on $15.69M of net sale proceeds, equating to a 32.15% margin on net revenue.

Development Cost Build-Up

Line Item Calculation Amount
Hard Construction Cost16,515 SF × $380/SF$6,275,700
Soft CostsEngineering, permits, legal$90,000
Total Development Cost$6,365,700
Construction Loan Interest7.5% × 18 months$475,623
Property Tax + Insurance (during build)18 months$104,063
Total Carry & Financing$579,686
Land Cost (Asking)$3.7M ÷ 9 units$3,700,000
Total Project Cost$10,645,386

Sale Revenue & Profit

Line Item Calculation Amount
Gross Sales Proceeds9 × $1,835,000$16,515,000
Closing Costs of Sale5.00%($825,750)
Net Sale Proceeds$15,689,250
Less: Total Project Cost($10,645,386)
Developer’s Profit32.15% on Net Revenue$5,043,864

Alternative Exit: Build-to-Rent

The same nine-home program supports a build-to-rent hold. At $6,000 to $6,250 in monthly rent per home, the program generates $605,000 to $632,000 of NOI. On an all-in basis of approximately $7.0M (land plus development), this implies a stabilized yield in the 9 to 10 percent range — a credible Plan B for a buyer who wants to retain the asset through a softer for-sale cycle.

Comparable Sales

What 1,200 to 2,000 SF Homes Are Trading For Near Downtown Ojai

The comp set below pulls every recorded single-family sale within a one-mile radius of downtown Ojai over the trailing 24 months, then filters to the 17 transactions most directly comparable to the subject’s 1,835 SF target product. Median sale price across the subset is approximately $1.23M; $/SF runs from the high-$500s on tired vintage product up past $1,300/SF on renovated downtown homes. Critically, virtually none of these comps are new construction — brand-new product is essentially absent from the market and commands a structural premium when delivered.

Address Bd/Br SF Lot SF Year Sale Date Sale Price $/SF
202 N. Fulton St3/21,1967,4051977Jul 2025$1,293,500$1,082
309 N. Fulton St3/21,4307,5001928May 2024$1,205,000$843
309 Topa Topa Dr2/21,3847,5041946May 2025$1,230,000$889
314 W. Aliso St #A3/19146,9691929Jun 2025$1,200,000$1,313
312 E. Matilija St3/21,3258,7271957Sep 2024$1,000,000$755
413 Crestview Dr3/21,2605,8501957Jun 2024$1,200,000$952
301 Park Rd2/21,6598,9571947Sep 2025$1,300,000$784
405 Oriole St3/21,5319,8531977Jul 2024$1,330,000$869
1117 Golden West Ave3/21,53110,0181977Jul 2023$1,275,000$833
1207 San Ramon Way3/22,31212,4931985May 2023$1,579,000$683
1209 San Ramon Way3/21,98712,1961985Oct 2025$1,395,000$702
503 Drown Ave2/21,1887,1001927Oct 2023$1,330,000$1,120
209 Bald St4/22,1798,1311951Nov 2024$1,275,000$585
412 N. Signal St3/11,1007,5001951Jul 2024$1,035,000$941
201 Fox St3/21,1354,7911948Feb 2026$1,029,500$907
216 E. Matilija St (Premium tier)2/31,9558,0001957Feb 2024$2,400,000$1,228
216 E. Matilija St (Re-sale at premium)2/31,9557,8401957Dec 2025$2,475,000$1,266

Source: MLS-tracked closed sales near downtown Ojai over the trailing 24 months, filtered to 1,200–2,000 SF range (with two premium-tier reference points). Full 36-sale comp set on file with the LAAA Team. The two 216 E. Matilija sales are the same property selling twice in 22 months at premium pricing — a direct demonstration of buyer willingness to pay above $1,200/SF for premium downtown product.

How the Comps Support the Exit Assumption

Location

Ojai — Coastal California’s Most Protected Small Town

Ojai sits 14 miles inland from Ventura and roughly 80 miles northwest of Los Angeles, in a long east-west valley sheltered by the Topa Topa Mountains. The city’s population is roughly 7,500, and growth controls keep it that way. Strict zoning, a town-wide architectural overlay, height restrictions, and a tightly capped subdivision pipeline make new for-sale product genuinely rare. The result is one of the most supply-constrained lifestyle markets on the Southern California coast.

What Drives Demand in Ojai

  • Destination economy. Ojai Valley Inn, the Ojai Music Festival, downtown wellness and arts scene draw a steady flow of high-income visitors who often convert to second-home buyers.
  • Lifestyle migration. Buyers from Los Angeles, Santa Barbara, and the Bay Area continue to pay a premium for the climate, the hiking and biking access, and the small-town character.
  • School district. Ojai Unified is the local district and a major draw for permanent residents with families.
  • Tight supply. Growth controls cap new subdivisions. The result is a structurally undersupplied housing market that has resisted broader California softness.
  • Downtown walkability. Pearl Street is steps from the Arcade, the post office, restaurants, and the Saturday farmers’ market. Buyers in this corridor pay premiums for the ability to walk.

Site Snapshot

Address
601 Pearl Street, Ojai, CA 93023
County
Ventura
City
Ojai
School District
Ojai Unified
Walk to Downtown
Steps to Ojai Avenue Arcade
Drive to Ventura
~20 minutes
Drive to Santa Barbara
~50 minutes
Drive to Downtown LA
~90 minutes
Your Team

Exclusively Marketed By

Ventura County deals are led by Logan Ward, the LAAA Team’s specialist for the Ventura and Santa Barbara County corridor. Logan partners with co-founders Glen Scher and Filip Niculete — senior managing directors who together have closed more than $1.4 billion in transactions across Los Angeles, Ventura, and Santa Barbara counties.

Logan Ward

Logan Ward

Associate — Ventura/SB Specialist
CA License 02200464
Glen Scher

Glen Scher

Senior Managing Director Investments
CA License 01962976
Filip Niculete

Filip Niculete

Senior Managing Director Investments
CA License 01905352

We Didn’t Invent Great Service. We Just Work Relentlessly to Provide It.

Ready to tour the site, walk the plans, or discuss the underwriting? Reach out to any member of the team above. We’ll coordinate site access, deliver the full due diligence package, and walk you through the model line by line.