6745-6747 Del Playa Drive, ISLA VISTA, CA 93117
$2,950,000
Property Type:
Res Inc
Square Footage:
4,739
Status:
Closed
Current Price:
$2,600,000
List Date:
10/28/2019
Last Modified:
10/14/2021
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.
More Information MLS# 19-3682
Location Info
District: 30 - SB/GOL SOUTH
Street #: 6745-6747
Street Name: Del Playa
Street Suffix: Drive
State/Province: CA
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: E13
County: Santa Barbara
Parcel Number: 075-193-045
Cross Street: Camino Lindo
Contract Info
Current Price: $2,600,000
Price: 2950000
Financing: Cash
Buyers Agent $/%: 2.25
Begin Date: 2019-10-28
Status: Closed
Status Information
Sold Date: 2020-09-25
Sold Price: $2,600,000
Under Contract Date: 2020-06-15
Property Information
Number of Units: 4
Year Built: 1967
Main House SqFt: 4739
Recurring Fees: No
Neighborhood/Schools
Elementary School: Isla Vista
Junior High School: Gol Valley
High School: Dos Pueblos
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 12
Unit 1
# Units: 1
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 7200
Monthly Total: 7200
Unit 2
# Units: 1
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 7200
Monthly Total: 7200
Unit 3
# Units: 1
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 6905
Monthly Total: 6905
Unit 4
# Units: 1
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 6105
Monthly Total: 6105
Income/Expenses
Total Monthly Income: 27410
Other Income: 1260
Annual Income: 330180
Gross Rent Multiplr: 8.9
Capitalization Rate: 8.01
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
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Parking Info
Total # Unconvered Spaces: 12
Property Features
Income/Expenses: Actual
Condition: Average
Foundation: Slab
Parking Info: Uncovered
Proximity: Near Bus; Near Ocean; Near Park(s)
Laundry: Laundry Room
Owner Provides: Water; Trash
Zoning: Other
Reports Available: Other
Terms: Cash; Ctnl
Listing Type: ER
Contingent Remarks: HOME INSPECTN
Documents
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: October - 14 - 2021
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