Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
Isla Vista, CA 93117,6745-6747 Del Playa DR Drive
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$ 4,500,000
Est. payment | /mo

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$ 4,500,000
Est. payment | /mo
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Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

MLS Listing ID 22-1553

Originating Board Santa Barbara Multiple Listing Service

Year Built 1967

Property Description

2 adjacent parcels each with an extra-large oceanfront duplex, representing an opportunity for fantastic cash flow in perhaps the most captive student tenant micro-market in the country. Over 40,000 UC Santa Barbara and City College students compete to try and rent only ~80 oceanfront buildings on Del Playa. Current rents are ~20%-30% below what a renovated building could bring in, for example a $100/SF surface renovation of the total ~4,739+/-SF, could up the cap rate to ~6.5% incl. reno costs. Fronted by a grandfathered seawall for better bluff stability, and there remains ~67 linear feet of property to the street for long-term re-development value. Rented to June 2023 rents listed are actual, Offering Memorandum and floorplans in Documents. Don't miss this value opportunity!

Location

State CA

County Santa Barbara

Building

Lot Description Near Public Transit

Foundation Slab

New Construction No

Others

Tax ID 075-193-045

Acceptable Financing Cash, Ctnl

Listing Terms Cash, Ctnl

Listed by Berkshire Hathaway HomeServices California Properties
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6745-6747 Del Playa DR Drive