6647-6649 Del Playa Drive

Goleta, CA 93117

$5,850,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

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...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
  1. Listed by Steven Golis • DRE #00772218 • Radius Group Commercial RE

Property Details for 6647-6649 Del Playa Drive

Subdivision Name
Santa Barbara: Other
Garage Spaces
.00

Location

Listing Courtesy of Radius Group Commercial RE, Steven Golis, DRE #00772218
Add your commute
LISTING UPDATED: 04/15/2024 10:20 AM

Property Details for 6647-6649 Del Playa Drive

StatusActive
MLS #V1-22653
Days on Market59
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1967
Lot Size0.26 AC / 11,324 SF
CountySanta Barbara County

Location

Listing Courtesy of Radius Group Commercial RE, Steven Golis, DRE #00772218
Add your commute

Building Information for 6647-6649 Del Playa Drive

Stories-Residences-Year Built1967Building Size-Lot Size0.26 AC / 11,324 SF

Payment Calculator

$31,926 per month

30 year fixed, 7.25% Interest

Principal and Interest

$31,926

Property Taxes

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6647-6649 Del Playa Drive

Summary
Location and General Information
  • Community Features: Biking, Park, Sidewalks, Street Lights
  • City: Goleta
  • Directions: Turn right on Del Playa Drive from Camino Pescadero. Property is on bluff side.
  • Area: VC81 - Santa Barbara
  • Unparsed Address: 6647-6649 Del Playa Drive, Goleta, CA 93117
Taxes and HOA Information
  • Association Fee: $.00
  • Tax Other Annual Assessment Amount: $2,611.00
Virtual Tour
  • Videos Count: 0
Property
Lot Information
  • Lot Features: Sprinklers None
  • Lot Size Acres: .26
  • Lot Size Square Feet: 11,324.00
  • Lot Size Area: 11,324.00
  • Lot Size Units: Square Feet
  • Parcel Number: 075202014
  • Zoning: Other
  • Property Type: Residential Income
Property and Assessments
  • Common Walls: Detached/No Common Walls
  • Documents Count: 0
  • Property Attached: No
  • Year Built Source: Public Records
  • Senior Community: No
Utilities
  • Cooling: None
  • Cooling: No
  • Water Sewer Expense: $2,156.00
Interior and Exterior Features
Exterior Features
  • Pool Features: None
  • Pool Private: No
  • Pool: No
  • Spa Features: None
  • Spa: No
Interior Features
  • Total Bathrooms: 0
  • Fireplace Features: None
  • Fireplace: No
  • Heating: Wall Furnace
  • Heating: Yes
  • Laundry Features: Common Area
  • View: Yes
  • Levels: Two
Multi Family
Multi-Family Information
  • Gross Scheduled Income: $456,000.00
  • Net Operating Income: $322,124.00
  • Electric Expense: $173.00
  • Insurance Expense: $18,500.00
  • Number Of Buildings: 2
  • Operating Expense: $132,559.00
  • Special Listing Conditions: Standard
  • Trash Expense: $.00
Rental
Rental Information
  • Rent Control: Yes

Property History for 6647-6649 Del Playa Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 6647-6649 Del Playa Drive

This home is within Goleta Union Elementary School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
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

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6647-6649 Del Playa Drive is a multi-family home for sale in Goleta, CA 93117. This property was listed for sale on March 27, 2024 by Radius Group Commercial RE, it's currently listed at $5,850,000. 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. 6647-6649 Del Playa Drive is a 0-bed, 0-bath, multi-family home built in 1967.

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. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Radius Group Commercial RE, Steven Golis, DRE #00772218

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.