6745-6747 Del Playa Drive
6745-6747 Del Playa Drive
$4,500,000
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Pending
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....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!
- Listed by Ken Switzer • DRE #01245644 • Berkshire Hathaway Home Services California Properties
Property Details for 6745-6747 Del Playa Drive
Zoning
Other
Cross StreetCamino Lindo
Recurring FeesNo
Location
LISTING UPDATED: 11/14/2022 06:51 PM
Property Details for 6745-6747 Del Playa Drive
Status | Pending |
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MLS # | 22-1553 |
Days on Market | 28 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income / Multi-Family |
Year Built | 1967 |
Lot Size | - |
County | Santa Barbara County |
Location
Building Information for 6745-6747 Del Playa Drive
Stories2Residences4Year Built1967Building Size-Lot Size-
Payment Calculator
$24,558 per month
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Property Information for 6745-6747 Del Playa Drive
Property History for 6745-6747 Del Playa Drive
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 6745-6747 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.
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