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:
11/15/2022
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!
More Information MLS# 22-1553
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: $4,500,000
Price: 4500000
Buyers Agent $/%: 2.5
Begin Date: 2022-05-14
Status: Pending
Status Information
Under Contract Date: 2022-06-10
Property Information
Number of Units: 4
Stories: 2
Year Built: 1967
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: 8200
Monthly Total: 8200
Unit 2
# Units: 1
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 8000
Monthly Total: 8000
Unit 3
# Units: 1
# Bedrooms: 4
# Baths: 2
Furnished: N
Rent: 8200
Monthly Total: 8200
Unit 4
# Units: 1
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 6500
Monthly Total: 6500
Income/Expenses
Total Monthly Income: 30900
Other Income: 400
Annual Income: 375600
Gross Rent Multiplr: 11.98
Capitalization Rate: 5.29%
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
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Parking Info
Total # Unconvered Spaces: 12
Property Features
Income/Expenses: Actual
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; Ctnl
Listing Type: ER
Contingent Remarks: HOME INSPECTN; LOAN APPROVAL; REPORTS
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: November - 15 - 2022
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