Rare opportunity to acquire two (2) adjacent student housing investment properties at UCSB (University of California Santa Barbara) on the prime Del Playa Drive in Isla Vista, CA. Unobstructed ocean views and unrivalled location within walking distance to the university, Camino Del Sur beaches, and center of town’s best restaurants and nightlife. Recently renovated with updated flooring, kitchens, and bathrooms throughout. Both 6-bedroom, 14-bed properties have been 100% occupied for over 20+ years due to strong demand and virtually no new supply in the market while university enrollment continues to grow to all-time highs. These homes pre-lease well in advance and are already rented for the 2024-2025 school year with monthly income of $19,000 each, totaling $38,000/month for both properties. Offering price of $5.85mm for both properties is just $209k/bed, a material discount to recent comparable sales and yields a 5.5% cap rate / 12.6 GRM on 2024-2025 rents. Significant potential upside in the future as rents are still well below market, and additional revenue streams available through laundry and parking. Great properties for new investors, current parents of students, or long-term holders seeking durable cash flow. Further information available upon request. Property Details:6647 Del Playa – 6 bedrooms, 14 beds, 4 bathrooms – 2024/2025 leased at $19,000/month6649 Del Playa – 6 bedrooms, 14 beds, 2.5 bathrooms – 2024/2025 leased at $19,000/monthPortfolio Total – 12 bedrooms, 28 beds, 6.5 bathrooms – 2024/2025 leased at $38,000/month
Property Details
Price:
$5,850,000
MLS #:
V1-22653
Status:
Active
Baths:
0
Address:
6647 Del Playa Drive
Type:
Residential Income
Subdivision:
Santa Barbara: Other
Neighborhood:
vc81santabarbara
City:
Goleta
Listed Date:
Mar 27, 2024
State:
CA
ZIP:
93117
Lot Size:
11,324 sqft / 0.26 acres (approx)
Year Built:
1967
See this Listing
Full-time Real Estate Broker, sold 1100+ Properties in SLO and SBC County. 38 years of local real estate knowledge and experience. I understand each sale is about you and your goals. I know as we get older, we don’t have time to make up for any mistakes especially when it comes to one the most significant investments. I care about my clients and work very hard to share my knowledge and protect you along the way. I place the appropriate verbiage in the listing and listing agreement depending …
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Schools
Interior
Cooling
None
Fireplace Features
None
Exterior
Community Features
Biking, Sidewalks, Street Lights, Park
Garage Spaces
0.00
Lot Features
Sprinklers None
Parking Spots
8.00
Pool Features
None
Spa Features
None
Financial
Association Fee
0.00
Buyer Agent Compensation
2.000
Map
Community
- Address6647 Del Playa Drive Goleta CA
- AreaVC81 – Santa Barbara
- CityGoleta
- CountySanta Barbara
- Zip Code93117
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Courtesy of Radius Group Commercial RE. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Outland and Associates Real Estate include the name of the listing broker. Neither the listing company nor Outland and Associates Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
6647 Del Playa Drive
Goleta, CA
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