6521 Del Playa Drive, ISLA VISTA, CA 93117 (MLS# 24-2076)

6521 Del Playa Drive, ISLA VISTA, CA 93117

$3,900,000

Property Type: Res Inc Square Footage: 6,870 Lot Size (sq. ft.): 12,632 Status: Closed

Current Price: $3,900,000 List Date: 6/25/2024 Last Modified: 11/26/2024

Overview

Description

Amazing student housing cash-flow opportunity on the oceanfront of Del Playa Drive, and on a sloped section of blufftop adjacent to the UC Santa Barbara campus, with a seawall below and caissons in place. Geologic and condition reports available. Current cap rate is ~5.75%, adjustment to market rents the following school year projected to increase the cap rate above 7%. 4 units face the ocean directly for top rents, the 5th unit faces the street. Generous rooms sizes provide potential for additional-bed income beyond capturing market rents, along with a possible ADU. Offering Memorandum (non-branded) is under Documents, it includes floorplans, measured site plan and financials. Don't miss this great value investment for your portfolio!

Listing Details MLS# 24-2076

Location Info

District: 30 - SB/GOL SOUTH
Street #: 6521
Street Name: Del Playa
Street Suffix: Drive
State: CA
Country: US
Postal Code: 93117
Compass Map: Santa Barbara
Map Grid: F13
County: Santa Barbara
Parcel Nbr: 075-223-022
Cross Street: El Embarcadero

Contract Info

Price: 3950000
Begin Date: 2024-06-24

Status Information

Sold Date: 2024-11-22
Under Contract Date: 2024-07-08

Property Information

Number of Units: 5
Year Built: 1969
Main House SqFt: 6870
Apx Lot Size FxD: 50 x 250
Apx # Acres: 0.29
Apx Lot SqFt: 12632
Recurring Fees: No

Remarks

COVID Showing Remarks: Do not enter building if feeling sick. Follow local guidelines for Covid.
Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Miscellaneous

Parking Spaces: 8

Unit 1

# Units: 3
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 5950
Monthly Total: 17850

Unit 2

# Units: Yes
# Bedrooms: 4
# Baths: 2
Rent: 6800
Monthly Total: 6800

Unit 3

# Units: Yes
# Bedrooms: 2
# Baths: 2
Rent: 3400
Monthly Total: 3400

Meters

Sep Meter Wtr: N
Sep Meter Elec: Y

Parking Info

Total # Carport Spaces: 3
Total # Unconvered Spaces: 5

Property Features

Unit 1: Lease Unit 2: Lease Unit 3: Lease Condition: Good Foundation: Slab Parking Info: Carport; Carport; Outside; Unc #5 Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Zoning: Other Reports Available: Home Inspection; Pest Inspection; Prelim; Roof; Soils; Other Exchange: Poss Terms: Cash; Conventional Listing Type: ER

Documents

Offering Memorandum (unbranded) ›

Unit Floor Plans ›

Property Site Plan with Measurements ›

Vicinity Map ›

Listing Office: Berkshire Hathaway HomeServices California Properties

Last Updated: November - 26 - 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.