Thank you
Steven Golis
Radius Group Commercial RE
805-965-5500
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/month6649 Del Playa - 6 bedrooms, 14 beds, 2.5 bathrooms - 2024/2025 leased at $19,000/monthPortfolio Total - 12 bedrooms, 28 beds, 6.5 bathrooms - 2024/2025 leased at $38,000/month
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Total Baths: 0
Fireplace: None
None
Air Conditioning
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1967
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.26
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 11324
Original List Price: 5,850,000
Listing Contract Date: 2024-03-27
Listing Agreement: Exclusive Right To Sell
Parcel Number: 075202014
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: VC81 - Santa Barbara
Directions: Turn right on Del Playa Drive from Camino Pescadero. Property is on bluff side.
Source Property Type: Residential Income
Area: VC81 - Santa Barbara
Property Age: 57
Common Walls: No Common Walls
Year Built Source: Public Records
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
9505 Calle Real, Goleta, CA,93117 | $25,000,000 | -- | -- | -- | 6225594 Sqft |
Calle Real, Goleta, CA,93117 | $23,800,000 | -- | -- | -- | 2874088 Sqft |
6587 Del Playa Drive, Goleta, CA,93117 | $1,950,000 | -- | -- | -- | 10454.4 Sqft |
5663 Surfrider Way #101, Goleta, CA,93117 | $1,648,000 | 3 | 1 | 2,229 | 851 Sqft |
50 Sanderling Lane, Goleta, CA,93117 | $1,999,900 | 4 | 3 | 3,097 | 1786 Sqft |
N Fairview, Goleta, CA,93117 | $5,900,000 | -- | -- | -- | 958320 Sqft |
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ByOwner last updated this listing 05/06/2024 @ 09:53
MLS: V1-22653
LISTED BY: Steven Golis, Radius Group Commercial RE
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.