6647-6649 Del Playa Drive, Goleta, CA

$5,850,000

Previous Next

12

Beds

7

Baths

4,196

Square feet

0.26

Acres

Active

 

About 6647-6649 Del Playa Drive

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.

Features of 6647-6649 Del Playa Drive

MLS® # 24000517
Price $5,850,000
Bedrooms 12
Bathrooms 7.00
Full Baths 6
Half Baths 1
Square Footage 4,196
Acres 0.26
Year Built 1967
Type Multi-family
Sub-Type Multi-Family
Status Active

Community Information

Address 6647-6649 Del Playa Drive
Area Out of Area
Subdivision Out of Area
City Goleta
County Santa Barbara
State CA
Zip Code 93117

Amenities

Has Pool No

Interior

Heating Wall Furnace
Cooling None

Exterior

Roof Composition
Foundation Slab

Additional Information

Date Listed November 30th, -0001
Foreclosure No
Short Sale No

Listing Details

AgentSteve Golis
OfficeRadius Commercial RE

Listing Map

Request a Showing

Provide a valid email address.
When would you like to view this property?