6745-6747 Del Playa Drive, ISLA VISTA, CA 93117 (MLS# 19-3682)

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6745-6747 Del Playa Drive, ISLA VISTA, CA 93117

$2,600,000

Property Type: Res Inc Square Footage: 4,739 Status: Closed

Current Price: $2,600,000 List Date: 10/28/2019 Last Modified: 9/15/2024

Overview

Description

Highest investment returns! The 2 adjacent duplexes at 6745 and 6747 Del Playa Drive offer the best investor returns in the area, and are priced below recent Del Playa blufftop sales using comparable metrics. Current income is $330K annual, gross rent multiplier is 8.9, and actual cap rate is 8.0%. With a property length much deeper than most Del Playa Drive properties, the approx. 67 feet of distance from the front of the building to the street curb, allows an investor to incorporate additional reserves for future building reconfiguration and still realize an estimated adjusted net cap rate over 7%, while maintaining financial stability at a high level over time. Please contact agent for geologic assessments and land-use information.

Listing Details MLS# 19-3682

Location Info

District: 30 - SB/GOL SOUTH
Street #: 6745-6747
Street Name: Del Playa
Street Suffix: Drive
State: CA
Country: US
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: E13
County: Santa Barbara
Parcel Number: 075-193-045
Cross Street: Camino Lindo

Contract Info

Price: 2950000
Financing: Cash
Buyers Agent $/%: 2.25
Begin Date: 2019-10-28

Status Information

Sold Date: 2020-09-25
Under Contract Date: 2020-06-15

Property Information

Number of Units: 4
Year Built: 1967
Main House SqFt: 4739
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Miscellaneous

Parking Spaces: 12

Unit 1

# Units: Yes
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 7200
Monthly Total: 7200
# Half Baths: 0

Unit 2

# Units: Yes
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 7200
Monthly Total: 7200
# Half Baths: 0

Unit 3

# Units: Yes
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 6905
Monthly Total: 6905
# Half Baths: 0

Unit 4

# Units: Yes
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 6105
Monthly Total: 6105
# Half Baths: 0

Meters

Sep Meter Wtr: N
Sep Meter Elec: Y

Parking Info

Total # Unconvered Spaces: 12
Outside: Yes

Neighborhood/Schools

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

Condition

Average: Yes

Foundation

Slab: Yes

Proximity

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

Laundry

Laundry Room: Yes

Income/Expenses

Total Monthly Income: 27410
Other Income: 1260
Annual Income: 330180
Gross Rent Multiplr: 8.9
Capitalization Rate: 8.01
Actual: Yes
Taxes: 32450
Insurance: 10000
Water Expense: 4700
Electric Expense: 250
Trash Expense: 7500
Maintenance Expense: 19200
Total Monthly Exp: 7825
Total Annual Exp: 93910
NOI: 236270

Zoning

Other: Yes

Reports Available

Other: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Contingent Remarks

HOME INSPECTN: Yes

Owner Provides

Water: Yes
Trash: Yes

Property Features

Condition: Average Foundation: Slab Parking Info: Outside Proximity: Near Bus; Near Ocean; Near Park(s) Laundry: Laundry Room Owner Provides: Water; Trash Zoning: Other Reports Available: Other Terms: Cash; Conventional Listing Type: ER Contingent Remarks: HOME INSPECTN

Documents

Offering Memorandum ›

PEAD-V Form ›

Listing Office: Berkshire Hathaway HomeServices California Properties

Last Updated: September - 15 - 2024

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