6531 Del Playa Drive, ISLA VISTA, CA 93117 (MLS# 26-1661)

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6531 Del Playa Drive, ISLA VISTA, CA 93117

$4,550,000

Property Type: Res Inc Square Footage: 6,445 Lot Size (sq. ft.): 12,632 Status: Active

Current Price: $4,550,000 List Date: 5/20/2026 Last Modified: 5/20/2026

Overview

Description

6531 Del Playa Drive offers an investor generous cash-flow on the oceanfront of Isla Vista, in an A+ location nearly adjacent to the campus of the University of California at Santa Barbara, and benefiting from the more favorable blufftop geology in this part of Del Playa. Consider for a pure investor or for a UC Santa Barbara parent looking for a favorable cap rate for balance in a diversified real estate portfolio. With a captive student housing tenant pool willing to pay the very highest rents for the chance to enjoy the oceanfront lifestyle, and with voluntary student tenant turnover in Isla Vista, a new owner would have the ability to realize substantial returns into the future. The est. cap rate based on new 2026-2027 school year rents is ~6.64% (using a Buyer's new property taxes),

Supplements: with adjustment to market rents the following school year estimated to increase the cap rate above 7%. Four of the apartments face the ocean directly for top rents, the 5th unit faces the street and is smaller and rents for a little less per bed. Generous rooms sizes (see Floor Plan page) provide potential for additional income beyond the capturi ... (Read more)

Listing Details MLS# 26-1661

Location Info

District: 30 - SB/GOL SOUTH
Street #: 6531
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: 075-223-008
Cross Street: El Embarcadero

Contract Info

Price: 4550000
Begin Date: 2026-05-19

Property Information

Number of Units: 6
Units Furnished: None
Stories: 2
Year Built: 1968
Main House SqFt: 6445
Apx # Acres: 0.29
Apx Lot SqFt: 12632
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

Miscellaneous

Parking Spaces: 10
# Refrigerators: 6

More Information

Unit 1

# Units: 5
# Bedrooms: 3
# Baths: 2
Rent: 7117
Monthly Total: 35585
# Half Baths: 0
Lease: Yes

Unit 2

# Units: Yes
# Baths: Yes
Rent: 2500
Monthly Total: 2500
# Bedrooms: 0
Lease: Yes

Meters

Sep Meter Elec: Y
Sep Meter Gas: Yes

Parking Info

Total # Carport Spaces: 3
Total # Unconvered Spaces: 7
Carport: Yes
Outside: Yes

Neighborhood/Schools

Elementary School: Isla Vista
Junior High School: Gol Valley
High School: San Marcos

Condition

Good: Yes

Foundation

Slab: Yes

Proximity

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

Income/Expenses

Total Monthly Income: 38085
Other Income: 9828
Annual Income: 466848
Gross Rent Multiplr: 9.75
Capitalization Rate: 6.64
Actual: Yes
Taxes: 50960
Insurance: 13000
Water Expense: 7912
Trash Expense: 7591
Maintenance Expense: 44800
Total Monthly Exp: 13514
Total Annual Exp: 162171
NOI: 302321

Heating

Forced Air: Yes

Zoning

Other: Yes

Reports Available

Home Inspection: Yes
Pest Inspection: Yes
Roof: Yes
Soils: Yes
Other: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Flr/Wdw Coverings

Wood/Laminate: Yes
Tile: Yes
Vinyl Plank: Yes

Exchange

Poss: Yes

Property Features

Unit 1: Lease Unit 2: Lease Condition: Good Foundation: Slab Parking Info: Carport; Carport; Outside Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping Heating: Forced Air Zoning: Other Reports Available: Home Inspection; Pest Inspection; Roof; Soils; Other Exchange: Poss Terms: Cash; Conventional Listing Type: ER

Documents

Offering Memorandum (unbranded) ›

Listing Office: Berkshire Hathaway HomeServices California Properties

Last Updated: May - 20 - 2026

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