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 shovel-ready, 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.
The roughly 1.14-acre site sits adjacent to the Ojai Valley Bike Trail and is surrounded by everything that makes Ojai one of the most desirable small towns in California. Downtown shops, restaurants, and bars are a four-minute walk.
The Ojai Athletic Club is next door. Two championship golf courses — Soule Park Golf Course and the Ojai Valley Inn & Spa’s private course — are both within easy reach. This is the kind of location where lifestyle sells the home before the floor plan does.
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. On a development program priced at a $1,489,800 per-home exit — $1,300/SF on 1,146 SF of brand-new living space — against a total all-in build cost of approximately $6.1M, the residual model leaves a developer with roughly $2.34M of profit, an 18.4% margin on net revenue, at the current ask.
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Listed by:
Logan Ward
logan.ward@marcusmillichap.com
DRE #: CA 02200464
(909) 663-4689
https://laaa.com/logan-ward