Active
6647-6649 Del Playa Drive
GOLETA CA, 93117
$5,850,000
$1,394.18 per sqft
Active
12 Beds
7 Baths
4,196 sqft
Residential
Built in 1967
Courtesy of Steven J Golis, Radius Group Commercial R.E.
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
24-924
MLSⓇ ID
March 27, 2024
Listed
May 9, 2024
Updated
Map
6647-6649 Del Playa Drive
GOLETA CA, 93117
Interior Features
Bedrooms
12
Total Bathrooms
7
Full Bathrooms
6
Half Bathrooms
1
Laundry Description
Bldg
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Features
Near Public Transit
School Information
High School
Dos Pueblos
Elementary School
Isla Vista
Other Property Details
Area Name
30 - SB/GOL SOUTH
Garage
No
View
No
County
Santa Barbara
Pool
No
Zoning
Other
Buyer Agency Compensation
2%
Listed by Radius Group Commercial R.E., Steven J Golis,
Listing Contact:
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Data last updated 11:00 AM UTC, 5/9/2024