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.
Last Updated: September - 15 - 2024
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