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6521 Del Playa Drive, ISLA VISTA, CA 93117

$3,900,000
Property Type: Res Inc Square Footage: 6,870 Lot Size (sq. ft.): 12,632 Status: Closed
Current Price: $3,900,000 List Date: 6/25/2024 Last Modified: 11/26/2024

Overview

Description

Amazing student housing cash-flow opportunity on the oceanfront of Del Playa Drive, and on a sloped section of blufftop adjacent to the UC Santa Barbara campus, with a seawall below and caissons in place. Geologic and condition reports available. Current cap rate is ~5.75%, adjustment to market rents the following school year projected to increase the cap rate above 7%. 4 units face the ocean directly for top rents, the 5th unit faces the street. Generous rooms sizes provide potential for additional-bed income beyond capturing market rents, along with a possible ADU. Offering Memorandum (non-branded) is under Documents, it includes floorplans, measured site plan and financials. Don't miss this great value investment for your portfolio!

Listing Details MLS# 24-2076

Location Info

District
30 - SB/GOL SOUTH
Street #
6521
Street Name
Del Playa
Street Suffix
Drive
State
CA
Country
US
Postal Code
93117
Compass Map
Santa Barbara
Map Grid
F13
County
Santa Barbara
Parcel Number
075-223-022
Cross Street
El Embarcadero

Contract Info

Price
3950000
Begin Date
2024-06-24

Status Information

Sold Date
2024-11-22
Under Contract Date
2024-07-08

Property Information

Number of Units
5
Year Built
1969
Main House SqFt
6870
Apx Lot Size FxD
50 x 250
Apx # Acres
0.29
Apx Lot SqFt
12632
Recurring Fees
No

Remarks

COVID Showing Remarks
Do not enter building if feeling sick. Follow local guidelines for Covid.
Hot Sheet Comment
new

Owner Info

Deposit
3

More Information

Miscellaneous

Parking Spaces
8

Unit 1

# Units
3
# Bedrooms
3
# Baths
2
Furnished
N
Rent
5950
Monthly Total
17850
# Half Baths
0
Lease
Yes

Unit 2

# Units
Yes
# Bedrooms
4
# Baths
2
Rent
6800
Monthly Total
6800
Lease
Yes

Unit 3

# Units
Yes
# Bedrooms
2
# Baths
2
Rent
3400
Monthly Total
3400
Lease
Yes

Meters

Sep Meter Wtr
N
Sep Meter Elec
Y

Parking Info

Total # Carport Spaces
3
Total # Unconvered Spaces
5
Carport
Yes
Outside
Yes
Unc #5
Yes

Neighborhood/Schools

Elementary School
Isla Vista
Junior High School
Gol Valley
High School
Dos Pueblos

Condition

Good
Yes

Foundation

Slab
Yes

Proximity

Near Bus
Yes
Near Ocean
Yes
Near Park(s)
Yes
Near School(s)
Yes
Near Shopping
Yes

Laundry

Laundry Room
Yes

Income/Expenses

Total Monthly Income
28050
Annual Income
336600
Gross Rent Multiplr
11.73
Capitalization Rate
5.74
Actual
Yes
Taxes
44240
Insurance
10000
Water Expense
6172
Electric Expense
1260
Trash Expense
6955
Maintenance Expense
21663
Total Annual Exp
109932
NOI
226,668

Zoning

Other
Yes

Reports Available

Home Inspection
Yes
Pest Inspection
Yes
Prelim
Yes
Roof
Yes
Soils
Yes
Other
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Flr/Wdw Coverings

Carpet
Yes
Tile
Yes

Exchange

Poss
Yes

Property Features

Unit 1: Lease Unit 2: Lease Unit 3: Lease Condition: Good Foundation: Slab Parking Info: Carport; Carport; Outside; Unc #5 Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Zoning: Other Reports Available: Home Inspection; Pest Inspection; Prelim; Roof; Soils; Other Exchange: Poss Terms: Cash; Conventional Listing Type: ER
IDX
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: November - 26 - 2024
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by brokerage firms other than the displaying broker(s) are marked with the 'MLS' logo and detailed information about them includes the name of the listing brokers. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor displaying broker shall be responsible for any typographical errors, misinformation, or misprints. 2015 Santa Barbara Multiple Listing Service. All rights reserved.

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