ISLA VISTA, CA 93117
$5,950,000
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:
8/12/2022
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
District: 35 - SB/GOL NORTH
State/Province: CA
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: E13
County: Santa Barbara
Cross Street: Camino Pescadero
Contract Info
Current Price: $5,850,000
Price: 5950000
Buyers Agent $/%: 2.5
Begin Date: 2022-03-01
Status: Closed
Status Information
Sold Date: 2022-08-12
Sold Price: $5,850,000
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
Neighborhood/Schools
Neighborhood: 30 - University Village
Elementary School: Brandon
Junior High School: Gol Valley
High School: Dos Pueblos
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Unit 1
# Units: 1
# Bedrooms: 6
# Baths: 4
Furnished: N
Rent: 900
Monthly Total: 9000
Unit 2
# Units: 1
# Bedrooms: 6
# Baths: 3
Rent: 1354.17
Monthly Total: 16250
Unit 3
# Units: 1
# Bedrooms: 5
# Baths: 2
Rent: 1354.17
Monthly Total: 16250
Income/Expenses
Gross Rent Multiplr: 11.96
Capitalization Rate: 6.11%
Taxes: 62918
NOI: $363,511
Property Features
Condition: Good
Parking Info: Uncovered
Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping
Laundry: Bldg
Amenities: Patio; Beach Front; Washer; Dryer; Refrigerator
Heating/Cooling: Heat Other
Zoning: Other
Terms: Cash; Ctnl
Listing Type: ER
Pub Listing Details: Other
Contingent Remarks: CONTACT AGENT
Listing Office: Radius Group Commercial R.E.
Last Updated: August - 12 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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.