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:6
MLS #
CRV1-22653
MLS Source
California Regional MLS
Days on Site
53
Buyer's Brokerage Compensation*
2.00
Cooling
None
Pool
None
Garage/Parking
Garage: 0 Car(s)
HOA Fee
$0
# Buildings | # Leased Units | # Total Units |
---|---|---|
2 | – | – |
6647 6649 Del Playa Dr is a Residential Income in Goleta, CA 93117. This – square foot property sits on a 11,324 Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $5,850,000 and was built in 1967.
This address can also be written as 6647 6649 Del Playa Dr, Goleta, CA 93117.©2024 California Regional MLS. All rights reserved. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information provided is for personal, non-commercial use by the viewer and may not be redistributed without explicit authorization from California Regional MLS.
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* The offer of compensation is made subject to the MLS rules where the listing is filed. Please contact your agent for any questions concerning this subject matter.
This listing information is up-to-date as of April 15, 2024. For the most current information, please contact Steven Golis, (805) 965-5500