6647-6649 Del Playa Drive,  Goleta  (93117)

$5,850,000

0 bedrooms 0   0 bathrooms 0   4196 square feet 4,196
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PROPERTY DETAILS

Address: view address
Goleta, CA 93117
Map Location
Bedrooms: 0
Square Feet:4,196 sq.ft.Year Built:1967
Property Type:Multi FamilyCounty:Santa Barbara
Listing Number:24-924Listed By:Radius Group Commercial R.E.

PROPERTY DESCRIPTION

Rare opportunity to acquire two (2) adjacent student housing investment properties at UCSB (University of California Santa Barbara) on the prime Del Playa Drive in Isla Vista, CA. Unobstructed ocean views and unrivalled location within walking distance to the university, Camino Del Sur beaches, and center of town's best restaurants and nightlife. Recently renovated with updated flooring, kitchens, and bathrooms throughout. Both 6-bedroom, 14-bed properties have been 100% occupied for over 20+ years due to strong demand and virtually no new supply in the market while university enrollment continues to grow to all-time highs. These homes pre-lease well in advance and are already rented for the 2024-2025 school year with monthly income of $19,000 each, totaling $38,000/month for both properties. Offering price of $5.85mm for both properties is just $209k/bed, a material discount to recent comparable sales and yields a 5.5% cap rate / 12.6 GRM on 2024-2025 rents. Significant potential upside in the future as rents are still well below market, and additional revenue streams available through laundry and parking. Great properties for new investors, current parents of students, or long-term holders seeking durable cash flow. Further information available upon request. Property Details: 6647 Del Playa - 6 bedrooms, 14 beds, 4 bathrooms - 2024/2025 leased at $19,000/month 6649 Del Playa - 6 bedrooms, 14 beds, 2.5 bathrooms - 2024/2025 leased at $19,000/month Portfolio Total - 12 bedrooms, 28 beds, 6.5 bathrooms - 2024/2025 leased at $38,000/month

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Exterior

Living Square Feet:4,196.00

Property and Lot Details

Elementary School:Isla VistaHigh School:Dos Pueblos
Lot Zoned:OtherMiddle School:Other
Transaction Type:SaleYear Built:1967

Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

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Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

Loading Data...

Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

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Listed By: Radius Group Commercial R.E.