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