Prepared Exclusively for Miracle Center Church of Ventura
August 2026
| Address | Units | Sale Price | $/Unit | Distance | Closed |
|---|---|---|---|---|---|
| 40 N Brent St | 8 | $2,487,000 | $310,875 | 1.93 mi | 2024 |
| 1200 N H St | 18 | $4,647,332 | $258,185 | 6.91 mi | 2025 |
| 905 North A Street | 6 | $890,000 | $148,333 | 5.30 mi | 2016 |
Published team performance, laaa.com/track-record, as of September 2, 2026.
38 Teloma Drive is the gold marker. Navy markers are the 7 apartment buildings the LAAA Team has closed within 10 miles. Repeat sales at one building share a marker. Source: laaa.com/track-record, as of September 2, 2026.
Of those closings, 342 are apartment sales covering 4,703 units. CoStar ranked LAAA the most active multifamily team in Los Angeles County from 2019 through 2021, and the team has not finished a quarter without a closed sale since it was founded.
Volume matters on this assignment for a specific reason. A church campus that can be redeveloped has three separate buyer pools that rarely read the same listings: congregations and private schools looking for a home, affordable housing developers working the faith-land pathway, and market-rate builders pricing density. Reaching all three is a calling exercise, not a posting exercise, and it is the same exercise this team runs every quarter.
• Chairman's Club - Marcus & Millichap's top-tier annual honor
• National Achievement Award - multiple years, both partners
• #1 Most Active Multifamily Team in LA County - CoStar 2019-2021
• Sales Recognition Award - every year since 2016
• 494 closed transactions - $1.56B in sales volume
Our public, continuously maintained reach combines active email subscribers, owner and investor contacts, a building-owner database, and targeted direct buyer calls for each listing.
Congregations and private schools are reached by direct calling and denominational networks, not by portals. Affordable developers are a short, known list in Ventura County. Market-rate builders respond to density, so their package leads with the General Plan analysis rather than with photographs. The property is marketed three times, to three lists, with three different opening arguments.
Every figure in this opinion traces to a recorded document, a confirmed comparable sale, a published statute, or the underwriting model behind it. Where a number could not be supported, it is not published.
The density analysis in this document was built from the City's adopted 2050 General Plan, the state density bonus statute and the faith-lands statute, with the unit counts derived rather than estimated. A buyer will check it, so we checked it first.
The risks section of this opinion names the assumptions that would move the value against the seller, including the one the development math is most sensitive to. A seller who knows where the pressure will come from negotiates better than one who finds out at the inspection.
The campaign runs on three tracks at once. Owner-user outreach goes to congregations, private and charter schools, daycare operators and denominational property offices across Ventura and western Los Angeles counties. Development outreach splits between the affordable developers active in Ventura County and the market-rate builders working the coastal corridor. All three receive the same underwriting, because a seller is best served when every bidder is working from the same facts.
Campus properties of this type take time. The two comparable assets currently in escrow reached that point after 74 and 153 days on market. A marketing period measured in months rather than weeks should be expected, and the pricing in this opinion assumes a properly exposed sale rather than a distressed one.
Religious and school campuses trade thinly and price on a wide band. The seven comparable sales and escrows in this opinion range from $179.69 to $581.62 per building SF, with the spread driven mostly by building size: the four assets between 5,244 and 6,228 SF trade well above the two near 14,800 SF. The subject is the largest improvement in the set at 17,669 SF.
Two statutory pathways have changed what sites like this are worth in California. The Affordable Housing on Faith and Higher Education Lands Act made land owned by religious institutions eligible for ministerial approval of 100% affordable housing. Separately, Ventura adopted its 2050 General Plan in November 2025, which assigns many parcels a residential density well above their existing zoning.
Land is the second market this property sits in, and it prices on its own logic. The five land sales carried here run from $26.44 to $179.42 per land SF, and the ordering is chronological and geographic rather than random: the most recent corridor trade, a multifamily development site that closed in January 2026, is the low figure, while the highest are small downtown parcels and sales struck in 2021 and 2022 under materially cheaper capital. A 1.93-acre corridor site carrying a statutory density pathway belongs between those poles rather than at either one.
The opinion of value in this document rests on the owner-user comparable sales, not on the development math. That is a deliberate choice and it is what the evidence supports: at the recommended price the property is below the median price per building SF of its comparable set, while a developer working purely from a residual analysis at a 5.25% exit reaches a lower number. The density is real and it widens the buyer pool, but the campus itself is what carries the price.
A growing congregation, a private or charter school, or a childcare operator buying a campus it can occupy. This buyer pays for the sanctuary, the classrooms and the parking, values the corner location, and needs no entitlement to proceed. The comparable set is built from exactly these transactions, and this is the buyer the recommended price is calibrated to.
A mission or affordable developer using the faith-lands statute to build up to 104 units, every one of them restricted to lower income households at an affordable rent. This buyer's economics come from tax credit equity, soft financing and, where a qualifying nonprofit owns and operates the property, exemption from property tax. The site has been in religious ownership since 2016 and so clears the statute's ownership test comfortably.
A market-rate builder pursuing 78 units under the 2050 General Plan and a State Density Bonus, with 15% of the base units deed restricted to very low income households. This buyer underwrites a finished building rather than a campus, and their number is the most sensitive to construction cost and to the capitalization rate at which the completed property is valued.
The comparable evidence supports the price on the buildings as they stand. The density analysis explains why a second and third buyer type will compete for the same site. Leading with the campus and supporting with the density puts the strongest evidence first and keeps the redevelopment case as upside rather than as the whole argument.
38 Teloma Drive is a 1.93-acre church and school campus on the corner of Telegraph Road and Teloma Drive in east Ventura. The site carries seven buildings of approximately 17,669 SF built in 1959, arranged around a surface lot: a 5,075 SF A-frame sanctuary, a 3,376 SF fellowship hall, Montessori and classroom space of 5,348 SF across two levels, a 1,440 SF coffee and bookstore building, 1,200 SF of offices and a 1,230 SF kitchen. Two daycare operators occupy part of the campus.
The property is three different assets depending on who buys it, and that is the central fact of this assignment. To a congregation or a private school it is a working campus that can be occupied on day one. To an affordable housing developer it is one of the few sites in Ventura that qualifies under the state's faith-lands statute. To a market-rate builder it is a corner parcel whose General Plan designation carries far more density than its zoning suggests. Each of those buyers reaches a different number, and the recommendation in this document reflects the highest of them that comparable sales will actually support.
The opinion of value in this document rests on the owner-user comparable sales, not on the development math. That is a deliberate choice and it is what the evidence supports: at the recommended price the property is below the median price per building SF of its comparable set, while a developer working purely from a residual analysis at a 5.25% exit reaches a lower number. The density is real and it widens the buyer pool, but the campus itself is what carries the price.
The site sits on the north side of Telegraph Road at Teloma Drive, roughly a mile west of Ventura College and within the established single-family neighbourhoods of east Ventura. Telegraph Road is one of the city's principal east-west arterials, carrying Gold Coast Transit Routes 10 and 21 between the Pacific View Mall, the Ventura Transit Center and Saticoy.
The site is not within one-half mile of a major transit stop as that term is defined in Public Resources Code Section 21064.3. Route 10 runs hourly and Route 21 every 30 minutes, neither reaching the 15-minute peak headway the definition requires. A development on the site therefore provides parking at up to one space per unit and does not receive the additional height or the removal of density limits that a transit-adjacent site would.
For an owner-user the location is the point: a corner site on an arterial, surrounded by rooftops, with the visibility a congregation or a school needs and the parking that most urban campuses cannot offer. The nearest comparable campus currently in escrow sits 3.4 miles east on Henderson Road in a similar residential setting.
| Property & Location Details | |
|---|---|
| Address | 38 Teloma Drive |
| City | Ventura, CA 93003 |
| APN | 082-0-120-445 |
| Year Built | 1959 |
| Building SF | 17,669 |
| Lot Size | 84,071 SF (1.93 ac) |
| Units | 0 |
| Parking | Surface parking throughout; the site is improved with a church campus and surface lot |
| Property Overview | |
|---|---|
| Units | 0 |
| Year Built | 1959 |
| Building SF | 17,669 |
| Lot SF | 84,071 |
| APN | 082-0-120-445 |
| Unit Mix |
|---|
The improvements date from 1959 and are arranged as a campus rather than a single structure, which is what gives the site its flexibility and also what limits its value as a conventional investment. The sanctuary is a full-height A-frame; the remaining buildings are single-storey and modest. Parking is surface throughout and generous relative to the building area.
The recorded legal description excepts a portion granted to the Ventura County Flood Control District in 1974, and reserves one half of the oil, gas and hydrocarbon interest to the YMCA of Ventura County under a 1959 deed. That mineral reservation carries no right of surface entry within 550 feet of the surface, so it does not affect development of the site.
Buildings of this age and type are typically bought for the land they sit on or for the use they already serve, not for their construction. A buyer should budget for systems, roofing and accessibility work if the campus is to be occupied rather than replaced.
Click any image to enlarge. Images depict the property and representative interiors. Source: listing media and site photography.
| Address | Yr | Bldg SF | Land SF | Sale Price | $/SF | $/Land SF | Date |
|---|---|---|---|---|---|---|---|
| 1375 S K St, Oxnard | 1966 | 5,500 | 62,726 | $2,400,000 | $436 | $38.26 | 2026-07-31 |
| 2400 Skyway Dr, Camarillo (St. Demetrios Church) | - | 6,076 | 44,431 | $2,176,000 | $358 | $48.97 | 2024-10-28 |
| 310549 Haskell Ave, Granada Hills (Granada Preschool) | 1935 | 6,228 | 33,541 | $1,895,000 | $304 | $56.50 | 2025-07-17 |
| 49244 Zelzah Ave, Northridge | 1964 | 5,244 | 40,946 | $3,050,000 | $582 | $74.49 | 2026-04-13 |
| 523986 Pine St, Santa Clarita | 1960 | 6,192 | 26,572 | $2,050,000 | $331 | $77.15 | 2025-12-16 |
| Median (5 comps) | 1962 | 6,076 | 40,946 | $2,176,000 | $358 | $56.50 | - |
| Address | Land SF | Sale Price | $/Land SF | Date |
|---|---|---|---|---|
| 6234 Johnson Rd, Oxnard | 34,412 | $910,000 | $26.44 | 2026-01-23 |
| 71028 E Front St, Ventura (Laurel Court) | 52,272 | $5,250,000 | $100.44 | 2024-05-29 |
| 8102 S Garden St, Ventura | 10,311 | $1,850,000 | $179.42 | 2023-09-14 |
| 9297 E Main St, Ventura (Anacapa Court) | 21,845 | $3,500,000 | $160.22 | 2022-01-25 |
| 10211 E Thompson Blvd, Ventura | 37,026 | $3,425,000 | $92.50 | 2021-12-28 |
| Median (5 comps) | 34,412 | $3,425,000 | $100.44 | - |
Religious and school campuses trade thinly and price on a wide band. The seven comparable sales and escrows in this opinion range from $179.69 to $581.62 per building SF, with the spread driven mostly by building size: the four assets between 5,244 and 6,228 SF trade well above the two near 14,800 SF. The subject is the largest improvement in the set at 17,669 SF.
Two statutory pathways have changed what sites like this are worth in California. The Affordable Housing on Faith and Higher Education Lands Act made land owned by religious institutions eligible for ministerial approval of 100% affordable housing. Separately, Ventura adopted its 2050 General Plan in November 2025, which assigns many parcels a residential density well above their existing zoning.
Land is the second market this property sits in, and it prices on its own logic. The five land sales carried here run from $26.44 to $179.42 per land SF, and the ordering is chronological and geographic rather than random: the most recent corridor trade, a multifamily development site that closed in January 2026, is the low figure, while the highest are small downtown parcels and sales struck in 2021 and 2022 under materially cheaper capital. A 1.93-acre corridor site carrying a statutory density pathway belongs between those poles rather than at either one.
1. 375 S K St, Oxnard - The most recent confirmed closing in the set and the nearest closed sale geographically. Its land basis is the more transferable metric given how much smaller its building is. 1.44 acres, about 75% of the subject's site.; 5,500 SF of improvements, under a third of the subject's, which is why its price per building SF runs far above the subject's likely level. Confirmed closed sale, the most recent in the set at July 2026.
2. 400 Skyway Dr, Camarillo (St. Demetrios Church) - A Ventura County congregational sale, directly on point as to buyer type, but on half the land and nearly two years old. 1.02 acres, roughly half the subject's site.; 6,076 SF of improvements against 17,669 SF. Confirmed closed sale, October 2024, the oldest observation carried.
3. 10549 Haskell Ave, Granada Hills (Granada Preschool) - Included for use-type support on the school side of the subject's income. Too small and too distant to weigh heavily on price. 0.77 acres, under half the subject's site.; A preschool rather than a mixed church and school campus, which is the subject's closest use analogue for its Montessori and daycare space. Confirmed closed sale at full value, July 2025.
4. 9244 Zelzah Ave, Northridge - A recent closed specialty sale, but the smallest building and one of the most distant. Carried for trend rather than for level. 0.94 acres against the subject's 1.93.; 5,244 SF of improvements, the smallest building in the set, and the highest price per building SF at $581.62, which is the size-inverse effect rather than a premium the subject can claim. Confirmed closed sale, April 2026.
5. 23986 Pine St, Santa Clarita - Vintage match only. The site is far too small for its land basis to transfer to a 1.93-acre campus. 0.61 acres, the smallest site in the set at under a third of the subject.; Built 1960, the closest vintage match to the subject's 1959 campus. Confirmed closed sale, December 2025.
6. 234 Johnson Rd, Oxnard - The most recent land trade in the set and the closest analogue in kind: a multifamily development site, bought by an owner-user buyer rather than a merchant builder, at $26.44 per land SF. It anchors the low end of the land evidence. 0.79 acres against the subject's 1.93.; Vacant development land with no improvements to demolish. Confirmed closed sale, January 2026, the most recent land sale carried.; Oxnard rather than Ventura, so a different jurisdiction and a different density regime.
7. 1028 E Front St, Ventura (Laurel Court) - A named development site at $100.44 per land SF, roughly four times the recent east-Ventura level. It shows what a Ventura parcel fetches when it is downtown-adjacent and further along, and it is the upper anchor of the local land range. 1.20 acres, under two thirds of the subject.; Downtown-adjacent Front Street rather than an arterial corridor. Confirmed closed sale, May 2024.; Recorded as a 1031 exchange, so the buyer was working to an exchange deadline, which typically supports price.
8. 102 S Garden St, Ventura - Sold for land value at $179.42 per land SF, the highest in the set and on the smallest parcel. Carried to show the ceiling downtown mixed-use zoning reaches, not as a level the subject can claim. 0.24 acres, an eighth of the subject.; Downtown Ventura with a proposed mixed-use scheme, a density and a walkability the subject's corridor location does not have. Confirmed sale, September 2023, recorded as a redevelopment project sold for land value.
9. 297 E Main St, Ventura (Anacapa Court) - $160.22 per land SF on Downtown Main Street in January 2022, at the bottom of the interest-rate cycle. Carried for the era it represents rather than for the level: it is the clearest example of what cheap capital did to land pricing. 0.50 acres, a quarter of the subject.; Downtown Main Street, the most valuable retail frontage in the city. Confirmed closed sale, January 2022, before the rate cycle turned.
10. 211 E Thompson Blvd, Ventura - $92.50 per land SF in December 2021, the oldest sale carried and the other half of the cheap-capital picture. Weighted lightly for the same reason as Main Street. 0.85 acres, under half the subject.; Downtown Ventura on Thompson Boulevard. Confirmed closed sale, December 2021, nearly five years before the date of this opinion.
| Basis | Price | $/SF | $/Land SF | $/Buildable Unit |
|---|---|---|---|---|
| Suggested list price | $5,100,000 | $288.64 | $60.66 | $49,038 |
| Range top | $5,100,000 | $288.64 | $60.66 | $49,038 |
| Midpoint | $4,600,000 | $260.34 | $54.72 | $44,231 |
| Range bottom | $4,100,000 | $232.04 | $48.77 | $39,423 |
| 38 Teloma Drive | 10400 Henderson Rd, Ventura | |
|---|---|---|
| List Price | $5,100,000 | $2,650,000 |
| Price per Unit | - | - |
| Price per SF | $288.64 | $179.69 |
| Cap Rate | - | - |
| GRM | - | - |
| Units | 0 | - |
| Year Built | 1959 | 1987 |
| Building SF | 17,669 | 14,748 |
| 38 Teloma Drive | 11315 White Oak Ave, Granada Hills | |
|---|---|---|
| List Price | $5,100,000 | $5,295,000 |
| Price per Unit | - | - |
| Price per SF | $288.64 | $357.29 |
| Cap Rate | - | - |
| GRM | - | - |
| Units | 0 | - |
| Year Built | 1959 | 1965 |
| Building SF | 17,669 | 14,820 |
| Address | Yr | Bldg SF | Land SF | List Price | $/SF | $/Land SF | Date |
|---|---|---|---|---|---|---|---|
| 110400 Henderson Rd, Ventura | 1987 | 14,748 | 83,200 | $2,650,000 | $180 | $31.85 | 2026-08-31 |
| 211315 White Oak Ave, Granada Hills | 1965 | 14,820 | 122,456 | $5,295,000 | $357 | $43.24 | 2026-08-31 |
| Median (2 comps) | 1976 | 14,784 | 102,828 | $3,972,500 | $268 | $37.55 | - |
10400 Henderson Rd, Ventura - The single best as-is comparable: a Ventura religious campus on a nearly identical site area, currently in escrow. Carries the most weight of any observation in the set. 1.91 acres against the subject's 1.93, the closest site match in the set.; 14,748 SF of improvements against the subject's 17,669 SF.; Built 1987, roughly a generation newer than the subject's 1959 campus.
11315 White Oak Ave, Granada Hills - Matches the subject on building size and campus character, but sits in Los Angeles County and is an asking price rather than a closing. 2.81 acres, about 45% larger than the subject.; 14,820 SF of improvements, the closest building-size match in the set alongside Henderson.
The recommended price of $5.10M is $288.64 per building SF across 17,669 SF and $60.66 per land SF across 84,071 SF. Against the seven comparable religious and school campus sales, that sits below the median of $357.29 per building SF and above the median of $48.98 per land SF. The closest comparable by site area, a 1.91-acre campus in escrow on Henderson Road, is priced at $179.69 per building SF and $31.85 per land SF; the most recent confirmed closing, in Oxnard in July 2026, cleared at $38.26 per land SF.
A market-rate development of 78 units under the 2050 General Plan produces a net operating income of $1.47M on completion. Capitalized at 5.25%, that is a finished value of $28.03M. After a 2.5% cost of sale, development costs of $17.63M across 61,312 gross SF, construction loan interest and holding costs, a buyer paying $5.10M for the land would earn a profit of roughly 10.9% of net revenue. The same analysis supports approximately $4.10M at a 15% margin.
That difference is the honest shape of this deal, and it should be understood before the property is exposed. We price the property at $5.10M because that is what an owner-user buyer can support on the comparable evidence. A developer building multifamily on the site would most likely work toward the $4.10M end of the range. The opinion of value is stated as a range across both, with the recommended list price at the top of it, because the campus buyer is the one the price is built for and the density buyer is the one who broadens the field.
The land evidence brackets that range rather than setting it. At $5.10M the subject is $60.66 per land SF and at $4.10M it is $48.77, against five land sales running from $26.44 to $179.42. Both figures sit above the most recent corridor trade and well below the downtown parcels and the sales struck under cheaper capital, which is where a 1.93-acre arterial site carrying a statutory density pathway and no entitlement in hand should sit.
Three things would move this opinion materially. A written General Plan and zoning verification from the City would convert the density argument from a statutory reading into a documented one. A closed sale at Henderson Road would turn the strongest comparable in the set from an asking price into evidence. And a general contractor's cost estimate would settle the assumption to which the development math is most sensitive.
Supported value range: $4,100,000 to $5,100,000
In-place income of $108,000 per year is stated by the seller. No leases, rent roll or operating statement has been produced, and operating expenses are unquantified. No operating statement is published in this opinion and no capitalization rate or gross rent multiplier is stated for the property as it stands, because neither could be supported.
Building area of 17,669 SF is the sum of the seller's itemised schedule of seven spaces. The seller separately describes the campus as approximately 17,203 SF, which is also the figure published in the prior marketing. The itemised schedule is carried here and should be confirmed against the assessor's record or as-built plans.
The market-rate density analysis assumes the parcel carries the Neighborhood Medium 2 designation under the 2050 General Plan. That designation and its density are confirmed from the City's adopted land use descriptions; that it applies to this parcel is not independently confirmed. Zoning remains R1-7 and has not been conformed to the General Plan, and the pathway to General Plan density runs through Government Code Section 65589.5(j)(4). A buyer should obtain land use counsel and written verification from the City.
The 2016 deed of trust names the owner as Miracle Center Church of Ventura, Inc., while the California Secretary of State record for the corporation reads Miracle Center Church Of Ventura County, Inc. Title should reconcile the naming before close, since eligibility under the faith-lands statute runs to the owning entity.
The land comparables span December 2021 to January 2026 and range from $26.44 to $179.42 per land SF. Three things drive that spread and none of them is averaged away here. The December 2021 and January 2022 sales were struck at the bottom of the interest-rate cycle, when the cost of capital was far lower, inflation had not set in and construction cost less. The highest figures are downtown Ventura parcels between a quarter and two thirds of an acre, where mixed-use zoning and walkability support a density an arterial corridor site does not. And some of the set sold fully entitled, with the buyer having already carried the approvals through the City. The CoStar export records entitlement status for none of them, so no individual sale is described as entitled or not in this document. We will take a seller through each transaction one at a time.
One further land sale is known and is not carried: a 4.95-acre redevelopment parcel on Mesa Verde Avenue that closed in December 2025 at $25.97 per land SF. It is the most local land trade available, roughly a mile and a half away, but it is a vacant parcel with no street address and no rooftop-verified location, and this document does not plot a pin it cannot verify.
Likely buyer: A congregation, private or charter school, or childcare operator
Bought and occupied as it stands. The sanctuary, classrooms, fellowship hall and surface parking are the asset, and no entitlement is needed to proceed. This is the buyer the recommended price is calibrated to, and the only one of the two whose value is evidenced by closed comparable sales.
Basis: Seven religious, school and specialty campus sales, five closed and two in escrow. At $5.10M the subject is $288.64 per building SF against a median of $357.29 across that set.
Likely buyer: A market-rate residential builder, or an affordable developer under SB 4
The campus is cleared and replaced with housing. Under the 2050 General Plan and a State Density Bonus that is 78 units with 15% deed restricted to very low income households; under the faith-lands statute it is up to 104 units, every one of them income restricted. A developer underwrites a finished building rather than a campus, so this value is the most sensitive to construction cost and to the capitalization rate the completed property is valued at.
Basis: A land residual on the 78-unit General Plan scheme at a 5.25% exit capitalization rate, cross-checked against five land sales from $26.44 to $179.42 per land SF. No comparable land sale carries a recorded entitlement status, so this rests on the residual rather than on a directly comparable transaction.