6521 Del Playa Drive, ISLA VISTA, CA 93117
$3,950,000
Property Type:
Res Inc
Square Footage:
6,870
Lot Size (sq. ft.):
12,632
Status:
Active
Current Price:
$3,950,000
List Date:
6/25/2024
Last Modified:
7/03/2024
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!
More Information MLS# 24-2076
Location Info
District: 30 - SB/GOL SOUTH
Street #: 6521
Street Name: Del Playa
Street Suffix: Drive
State/Province: CA
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: F13
County: Santa Barbara
Parcel Number: 075-223-022
Cross Street: El Embarcadero
Contract Info
Current Price: $3,950,000
Price: 3950000
Buyers Agent $/%: 2.5
Begin Date: 2024-06-24
Status: Active
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
Neighborhood/Schools
Elementary School: Isla Vista
Junior High School: Gol Valley
High School: Dos Pueblos
Remarks
COVID Showing Remarks: Do not enter building if feeling sick. Follow local guidelines for Covid.
Hot Sheet Comment: new
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 8
Unit 1
# Units: 3
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 5950
Monthly Total: 17850
Unit 2
# Units: 1
# Bedrooms: 4
# Baths: 2
Rent: 6800
Monthly Total: 6800
Unit 3
# Units: 1
# Bedrooms: 2
# Baths: 2
Rent: 3400
Monthly Total: 3400
Income/Expenses
Total Monthly Income: 28050
Annual Income: 336600
Gross Rent Multiplr: 11.73
Capitalization Rate: 5.74
Taxes: 44240
Insurance: 10000
Water Expense: 6172
Electric Expense: 1260
Trash Expense: 6955
Maintenance Expense: 21663
Total Annual Exp: 109932
NOI: 226,668
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Parking Info
Total # Carport Spaces: 3
Total # Unconvered Spaces: 5
Property Features
Unit 1: Lease
Unit 2: Lease
Unit 3: Lease
Income/Expenses: Actual
Condition: Good
Foundation: Slab
Parking Info: Carport; Uncovered; Unc #5
Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping
Laundry: Laundry Room
Flr/Wdw Coverings: Carpet; Tile
Zoning: Other
Reports Available: Home Inspection; Pest Inspection; Prelim; Roof; Soils; Other
Exchange: Poss
Terms: Cash; Ctnl
Listing Type: ER
Documents
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: July - 03 - 2024
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