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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

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 in place. A new owner would just need to resubmit the plan for processing and permitting. PLEASE DO NOT DISTURB THE OCCUPANTS.

More Information MLS# 22-616

Location Info

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

Contract Info

Buyers Agent $/%: 2.5 Current Price: $5,850,000 Price: 5950000 Begin Date: 2022-03-01 Status: Closed

Property Information

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

Neighborhood/Schools

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

Owner Info

Deposit: 3

Remarks

Hot Sheet Comment: new

Condition

Good: 1

Proximity

Near Bus: 1 Near Ocean: 1 Near Park(s): 1 Near School(s): 1 Near Shopping: 1

Laundry

Bldg: 1

Amenities

Patio: 1 Beach Front: 1 Washer: 1 Dryer: 1 Refrigerator: 1

Unit 1

# Units: 1 # Bedrooms: 6 # Baths: 4 # Half Baths: 0 Furnished: N Rent: 900 Monthly Total: 9000

Income/Expenses

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

Heating

Heat Other: 1

Unit 2

# Units: 1 # Bedrooms: 6 # Baths: 3 Rent: 1354.17 Monthly Total: 16250

Zoning

Other: 1

Terms

Cash: 1 Conventional: 1

Listing Type

ER: 1

Unit 3

# Units: 1 # Bedrooms: 5 # Baths: 2 Rent: 1354.17 Monthly Total: 16250

Parking Info

Outside: 1

Pub Listing Details

Other: 1

Contingent Remarks

CONTACT AGENT: 1

Status Information

Sold Date: 2022-08-12 Sold Price: $5,850,000 Under Contract Date: 2022-06-08

NeighborhoodSchools

Neighborhood: 30 - University Village

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.
IDX
Last Updated: September - 15 - 2024
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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