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

$4,500,000
Property Type: Res Inc Status: Pending
Current Price: $4,500,000 List Date: 5/14/2022 Last Modified: 2/10/2026

Overview

Description

2 adjacent parcels each with an extra-large oceanfront duplex, representing an opportunity for fantastic cash flow in perhaps the most captive student tenant micro-market in the country. Over 40,000 UC Santa Barbara and City College students compete to try and rent only ~80 oceanfront buildings on Del Playa. Current rents are ~20%-30% below what a renovated building could bring in, for example a $100/SF surface renovation of the total ~4,739+/-SF, could up the cap rate to ~6.5% incl. reno costs. Fronted by a grandfathered seawall for better bluff stability, and there remains ~67 linear feet of property to the street for long-term re-development value. Rented to June 2023 rents listed are actual, Offering Memorandum and floorplans in Documents. Don't miss this value opportunity!

Listing Details MLS# 22-1553

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
4500000
Begin Date
2022-05-14

Status Information

Under Contract Date
2022-06-10

Property Information

Number of Units
4
Stories
2
Year Built
1967
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
8200
Monthly Total
8200
# Half Baths
0

Unit 2

# Units
Yes
# Bedrooms
4
# Baths
2
Furnished
N
Rent
8000
Monthly Total
8000
# Half Baths
0

Unit 3

# Units
Yes
# Bedrooms
4
# Baths
2
Furnished
N
Rent
8200
Monthly Total
8200
# Half Baths
0

Unit 4

# Units
Yes
# Bedrooms
3
# Baths
2
Furnished
N
Rent
6500
Monthly Total
6500
# Half Baths
0

Meters

Sep Meter Wtr
N
Sep Meter Elec
Y

Parking Info

Total # Unconvered Spaces
12

Neighborhood/Schools

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

Condition

Good
Yes
Average
Yes

Foundation

Slab
Yes

Proximity

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

Amenities

Beach Front
Yes

Income/Expenses

Total Monthly Income
30900
Other Income
400
Annual Income
375600
Gross Rent Multiplr
11.98
Capitalization Rate
5.29%
Actual
Yes
Taxes
55670
Insurance
10000
Water Expense
4500
Electric Expense
250
Trash Expense
9500
Maintenance Expense
27500
Total Monthly Exp
11460
Total Annual Exp
137500
NOI
238100

Zoning

Other
Yes

Reports Available

Other
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Contingent Remarks

HOME INSPECTN
Yes
LOAN APPROVAL
Yes
REPORTS
Yes

Owner Provides

Water
Yes
Trash
Yes

Property Features

Condition: Good; Average Foundation: Slab Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s) Amenities: Beach Front Owner Provides: Water; Trash Zoning: Other Reports Available: Other Terms: Cash; Conventional Listing Type: ER Contingent Remarks: HOME INSPECTN; LOAN APPROVAL; REPORTS
IDX
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: February - 10 - 2026
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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