6587 Cervantes Rd

Goleta, CA 93117

$15,250,000
Price
24
Beds
22
Baths
12,757 Sq. Ft.
$1,195 / Sq. Ft.
12,757
Sq. Ft.
$1,195
per Sq. Ft.
a childrens park with lots of swings and slides
an aerial view of a residential houses with outdoor space
an aerial view of a building and car parked
a front view of a building

Description

We are pleased to present a rare combined offering in the heart of Isla Vista: a stabilized, fully renovated student housing portfolio seamlessly integrated with an entitled development site. This irreplaceable parcel, located just two blocks from the University of California, Santa Barbara (UCSB), provides a unique solution to one of the most challenging aspects of real estate development carrying costs. Investors can immediately collect substantial income from the existing 22 units, offsetting...We are pleased to present a rare combined offering in the heart of Isla Vista: a stabilized, fully renovated student housing portfolio seamlessly integrated with an entitled development site. This irreplaceable parcel, located just two blocks from the University of California, Santa Barbara (UCSB), provides a unique solution to one of the most challenging aspects of real estate development carrying costs. Investors can immediately collect substantial income from the existing 22 units, offsetting much or all of the holding expenses typically associated with development. This built-in income hedge mitigates risk, enhances returns, and allows positive cash flow from day one through the entire development timeline. The income-producing portion consists of 22 fully renovated units (48 beds) across two contiguous buildings at 759 Embarcadero Del Mar and 6587 Cervantes Road. Together, the properties total approximately 12,757 square feet of gross building area on 28,560 square feet of allocated lot area. Both properties underwent comprehensive renovations in 2023, including major system replacements, fully remodeled kitchens and bathrooms, in-unit laundry installation, and exterior upgrades. Durable finishes, modern amenities, and professional management creating an operationally stable, turnkey asset ideal for student housing. Adjacent to the multifamily portfolio, 6589 Cervantes Road occupies approximately 15,000 square feet and is entitled for a 27-unit, 22,677 square-foot four-story podium building with 27 on-site parking spaces. The approved unit mix 24 one-bedrooms and 3 two-bedrooms is designed to maximize rent per bed in a market defined by severe undersupply and consistent demand. While fully entitled, the project is not yet Ready-to-Issue (RTI); the buyer will complete the remaining plan check and permitting before construction can begin. McCarthy Companies, a highly experienced regional general contractor, has estimated hard costs at approximately $10.4 million, with total all-in costs (including soft costs, fees, and contingencies) projected at approximately $14.4 million. At pro forma rents of $4,150 for one-bedrooms and $6,500 for two bedrooms, the building is projected to generate an NOI of $1,025,392 and stabilize at a value of $20.5 million (5.00% CAP).

Property Details for 6587 Cervantes Road

Water Front
Ocean Access
Zoning
SR-H-20
Style
Other
Property Attached YN
true
Parcel Number
075032008
Total Units
22.0
Living Area
12757
Source Living Area
Owner
LISTING UPDATED: 12/08/2025 11:01 AM

Property Details for 6587 Cervantes Road

StatusActive
MLS #25581755
Days on Market216
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built-
Lot Size1.00 AC / 43,560 SF
CountySanta Barbara County

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976
Add your commute

Building Information for 6587 Cervantes Road

Stories2Residences-Year Built-Building Size-Lot Size1.00 AC / 43,560 SF

Payment Calculator

$85,525 per month

30 year fixed, 6.28% Interest

Principal and Interest

$75,356

Property Taxes

$10,169

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6587 Cervantes Road

Community / Development
Community / Development
  • Number Of Units: 22
  • Senior Community: No
Structure Info
Structure Info
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Student Hous
  • View: Yes
  • View Description: Other
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $955,148
  • Net Operating Income: $666,378.00
  • Gross Income: $932,400
  • Cap Rate: 5.25%
  • Gross Rent Multiplier: $13.62
  • Total Annual Expense: 288770
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 1.0
  • Lot Size Square Feet: 43560
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Rooms: Other
  • Levels: Two
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Den: No
  • Family Room: 0
  • Dining Room: 0
  • Cooling: Other
  • Cooling Type: Other
  • Heating: Other
  • Heating Type: Other
  • Flooring: Other
  • Equipment: None
  • Common Walls: Attached
  • Laundry: Other
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-22-2025
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,328.00
  • Unit Actual Rent: $59,900.00
  • Unit Projected Rent: $65,700.00
  • Like Units: 18
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: Yes
  • Unit Rent: $3,700.00
  • Unit Actual Rent: $7,400.00
  • Unit Projected Rent: $7,600.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $5,200.00
  • Unit Actual Rent: $10,400.00
  • Unit Projected Rent: $10,800.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $5,366,465.00
  • Assessed Improvement Percent: 54.22
  • Assessed Land Value: $4,531,982.00
  • Assessed Land Percent: 45.78
  • Assessed Total Value: $9,898,447.00

Property History for 6587 Cervantes Road

DateEvent & SourcePriceAppreciation
Dec 8, 2025

Price Change

CRMLS #25581755

$15,250,000—
Dec 8, 2025

Price Change

CLAW #25581755

$15,250,000—
Aug 21, 2025

Listed (Active)

Santa Barbara AOR #25-3172

$16,250,000—
Jul 2, 2025

Permanently Off Market

Santa Barbara AOR #25-1296

$17,250,000—
May 9, 2025

Listed (Active)

CRMLS #25581755

$16,250,000—
May 9, 2025

Listed (Active)

CLAW #25581755

$16,250,000—
Apr 1, 2025

Listed (Active)

Santa Barbara AOR #25-1296

$19,300,000—
Apr 11, 2022

Sold

Santa Barbara AOR #21-3944

$9,514,080—
Mar 22, 2022

Sold (Public Record)

Public Record #1487715597

$9,514,500—
Nov 11, 2021

Pending

Santa Barbara AOR #21-3944

—
Oct 24, 2021

Listed (Active)

Santa Barbara AOR #21-3944

$10,500,000—
DateEvent & SourcePrice
12/08/2025

Price Change

CRMLS #25581755

$15,250,000
12/08/2025

Price Change

CLAW #25581755

$15,250,000
08/21/2025

Listed (Active)

Santa Barbara AOR #25-3172

$16,250,000
07/02/2025

Permanently Off Market

Santa Barbara AOR #25-1296

$17,250,000
05/09/2025

Listed (Active)

CRMLS #25581755

$16,250,000
05/09/2025

Listed (Active)

CLAW #25581755

$16,250,000
04/01/2025

Listed (Active)

Santa Barbara AOR #25-1296

$19,300,000
04/11/2022

Sold

Santa Barbara AOR #21-3944

$9,514,080
03/22/2022

Sold (Public Record)

Public Record #1487715597

$9,514,500
11/11/2021

Pending

Santa Barbara AOR #21-3944

—
10/24/2021

Listed (Active)

Santa Barbara AOR #21-3944

$10,500,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 6587 Cervantes Road

Taxable ValueLand$4,622,621Additions$5,473,794Total$10,096,415
Tax Record2025$122,030 ($10,169 / month)
Home Facts
Lot Size43,560 SqFtStyleMulti-Family Res (5+ Units)CountySANTA BARBARAAPN075-032-008

Schools near 6587 Cervantes Road

This home is within Goleta Union Elementary School District.
Rating
School
Type
Grades
Distance
Isla Vista Elementary School
Public - K to 6
Goleta Valley Junior High School
Public - 7 to 8
Dos Pueblos Senior High School
Public - 9 to 12
Santa Barbara Charter School
Charter - K to 8
Rating
School
Distance
Isla Vista Elementary School
PublicK to 6

Goleta Valley Junior High School
Public7 to 8

Dos Pueblos Senior High School
Public9 to 12

Santa Barbara Charter School
CharterK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Similar Sold Homes

Explore Nearby Homes

More information about 6587 Cervantes Road, Goleta, CA 93117

6587 Cervantes Road is a multi-family home for sale in Goleta, CA 93117. This property was listed for sale on May 9, 2025 by Marcus & Millichap, it's currently listed at $15,250,000. It has been on the market for a total of 216 days and was last sold on April 12, 2022. This listing's school districts are Goleta Union Elementary School District, Santa Barbara Unified School District. Nearby schools include Isla Vista Elementary School, Goleta Valley Junior High School and Dos Pueblos Senior High School. 6587 Cervantes Road is a 24-bed, 22-bath, 12,757 sqft multi-family home.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Based on information from one of the following Multiple Listing Services: Santa Barbara MLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Santa Barbara MLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.