6745-6747 Del Playa Drive

Isla Vista, CA 93117

$4,500,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

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!
  1. Listed by Ken Switzer • DRE #01245644 • Berkshire Hathaway Home Services California Properties

Property Details for 6745-6747 Del Playa Drive

Zoning
Other
Cross Street
Camino Lindo
Recurring Fees
No

Location

Listing Courtesy of Berkshire Hathaway Home Services California Properties, Ken Switzer, DRE #01245644
Add your commute
LISTING UPDATED: 11/14/2022 06:51 PM

Property Details for 6745-6747 Del Playa Drive

StatusPending
MLS #22-1553
Days on Market28
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Multi-Family
Year Built1967
Lot Size-
CountySanta Barbara County

Location

Listing Courtesy of Berkshire Hathaway Home Services California Properties, Ken Switzer, DRE #01245644
Add your commute

Building Information for 6745-6747 Del Playa Drive

Stories2Residences4Year Built1967Building Size-Lot Size-

Payment Calculator

$24,558 per month

30 year fixed, 7.25% Interest

Principal and Interest

$24,558

Property Taxes

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6745-6747 Del Playa Drive

Details
Features
  • District: 30 - SB/GOL SOUTH
  • Property Type: B
  • Amenities: Beach Front
Parking/Garage
  • Total Unconvered Spaces: 12
Miscellaneous
  • Parking Spaces: 12
Location Info
Location Info
  • Tax Parcel Number: 075-193-045
  • LotLocation: Near Bus, Near Ocean, Near Park(s), Near School(s)
  • City: ISLA VISTA
  • County: Santa Barbara
  • Postal Code: 93117
Neighborhood/Schools
  • Elementary School: Isla Vista
  • High School: Dos Pueblos
  • Junior High School: Gol Valley
Property / Assessor Information
Property / Assessor Info
  • Condition: Average, Good
  • Foundation: Slab
  • Reports Available: Other
  • Realtorcom Type: Multi-Family
  • Stories: 2
  • Total # Units: 4
Utility Info
  • Meters Sep Meter Elec: Y
  • Meters Sep Meter Wtr: N
Income / Expense Info
Income / Expense Info
  • Income/Expenses: Actual
  • Capitalization Rate: 5.29%
  • Gross Rent Multiplier: 11.98
  • NOI: 238100
  • Annual Income: $375,600
  • Insurance: $10,000
  • Other Income: $400
  • Maintenance Expense: $27,500
  • Electric Expense: $250
  • Taxes: $55,670
  • Total Annual Exp: $137,500
  • Total Monthly Exp: $11,460
  • Total Monthly Income: $30,900
  • Trash Expense: $9,500
  • Water Expense: $4,500
Unit Info
Unit 1 Info
  • Unit 1Furnished: N
  • Unit 1Num Of Baths: 2
  • Unit 1Num Of Bedrooms: 4
  • Unit 1Num Of Half Baths: 0
  • Unit 1Num Of Units: 1
  • Unit 1Monthly Total: $8,200
  • Unit 1Rent: $8,200
Unit 2 Info
  • Unit 2Furnished: N
  • Unit 2Num Of Baths: 2
  • Unit 2Num Of Bedrooms: 4
  • Unit 2Num Of Half Baths: 0
  • Unit 2Num Of Units: 1
  • Unit 2Monthly Total: $8,000
  • Unit 2Rent: $8,000
Unit 3 Info
  • Unit 3Furnished: N
  • Unit 3Num Of Baths: 2
  • Unit 3Num Of Bedrooms: 4
  • Unit 3Num Of Half Baths: 0
  • Unit 3Num Of Units: 1
  • Unit 3Monthly Total: $8,200
  • Unit 3Rent: $8,200
Unit 4 Info
  • Unit 4Furnished: N
  • Unit 4Num Of Baths: 2
  • Unit 4Num Of Bedrooms: 3
  • Unit 4Num Of Half Baths: 0
  • Unit 4Num Of Units: 1
  • Unit 4Monthly Total: $6,500
  • Unit 4Rent: $6,500
Contract Info
Contract Info
  • Deposit: 3
  • List Price: $4,500,000.00
  • Terms: Cash, Ctnl
  • Contract Date: 06-10-2022
  • Status: Pending

Property History for 6745-6747 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 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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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 Berkshire Hathaway Home Services California Properties, Ken Switzer, DRE #01245644

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.