, ISLA VISTA, CA 93117 (MLS# 22-616)

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ISLA VISTA, CA 93117

$5,850,000

Property Type: Res Inc Square Footage: 7,525 Lot Size (sq. ft.): 13,068 Status: Closed

Current Price: $5,850,000 List Date: 5/18/2022 Last Modified: 9/15/2024

Overview

Description

This wonderful, extensively remodeled triplex is located on the ocean side of Del Playa Drive, which runs along Isla Vista's bluff top and remains the most sought after street for student housing in this UCSB adjacent community. Isla Vista is one of the country's most beautiful places to live, work and attend school, and this area of the community commands higher rents and is the first to lease up annually. Leases are typically signed nine (9) months prior to expiration for the following school year. This triplex has (1) 5 bedroom/2 bathroom, (1) 6 bedroom/3 bathroom, and (1) 6 bedroom/4 bathroom. The units have multiple refrigerators, dishwashers, granite counters, stainless appliances, common laundry with 2 washers/2 dryers and an oversized patio to enjoy sweeping ocean views.

Supplements: Recent capital improvements include new plumbing and heating along with a roof system that is just 3 years old. The property has been reconfigured and sits approximately 30' from the cliff. There are also building plans that add 5 additional rooms over the parking lot! They were approved and the current seller decided not to proceed as tenants were ... (Read more)

Listing Details MLS# 22-616

Location Info

District: 35 - SB/GOL NORTH
State: CA
Country: US
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: E13
County: Santa Barbara
Cross Street: Camino Pescadero

Contract Info

Price: 5950000
Buyers Agent $/%: 2.5
Begin Date: 2022-03-01

Status Information

Sold Date: 2022-08-12
Under Contract Date: 2022-06-08

Property Information

Number of Units: 3
Stories: 2
Year Built: 1968
Main House SqFt: 7525
Apx # Acres: 0.3
Apx Lot SqFt: 13068
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 30 - University Village

Remarks

Hot Sheet Comment: new

More Information

Owner Info

Deposit: 3

Unit 1

# Units: Yes
# Bedrooms: 6
# Baths: 4
Furnished: N
Rent: 900
Monthly Total: 9000
# Half Baths: 0

Unit 2

# Units: Yes
# Bedrooms: 6
# Baths: 3
Rent: 1354.17
Monthly Total: 16250

Unit 3

# Units: Yes
# Bedrooms: 5
# Baths: 2
Rent: 1354.17
Monthly Total: 16250

Neighborhood/Schools

Elementary School: Brandon
Junior High School: Gol Valley
High School: Dos Pueblos

Condition

Good: Yes

Proximity

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

Laundry

Bldg: Yes

Amenities

Patio: Yes
Beach Front: Yes
Washer: Yes
Dryer: Yes
Refrigerator: Yes

Income/Expenses

Gross Rent Multiplr: 11.96
Capitalization Rate: 6.11%
Taxes: 62918
NOI: $363,511

Heating

Heat Other: Yes

Zoning

Other: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Parking Info

Outside: Yes

Pub Listing Details

Other: Yes

Contingent Remarks

CONTACT AGENT: Yes

Property Features

Condition: Good Parking Info: Outside Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping Laundry: Bldg Amenities: Patio; Beach Front; Washer; Dryer; Refrigerator Heating: Heat Other Zoning: Other Terms: Cash; Conventional Listing Type: ER Pub Listing Details: Other Contingent Remarks: CONTACT AGENT

Listing Office: Radius Group Commercial R.E.

Last Updated: September - 15 - 2024

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