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
Property Details
Property Features
Property Information:
Year Built: 1967
Living Area: 4,196 SqFt
Listing Office:
Office Name: Radius Group Commercial R.E.
Office Phone: (805) 965-5500
Listing Agent: Steven J Golis
Lot Features
Lot Information:
Lot: Near Public Transit
School Info
Assigned Schools Information:
Dos Pueblos Senior High School, Public District Grades 9-12
Goleta Valley Junior High School, Public District Grades 7-8
Isla Vista Elementary School, Public District Grades KG-6
Price Information
Listing Price Info
Price Summary:
List Price: $5,850,000
Price Per SqFt: $1,394/SqFt
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MLS Details
MLS Information:
MLS Name: Santa Barbara Multiple Listing Service
MLS Number: #24-924
Listing Office:
Office Name: Radius Group Commercial R.E.
Office Phone: (805) 965-5500
Listing Agent: Steven J Golis
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by other are marked with the “MLS” logo and detailed information about them includes the name of the listing brokers. Based on information from the Santa Barbara MLS. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Displays of minimal information (e.g., “thumbnails”, text messages, “tweets”, etc., of two hundred [200] characters or less) are exempt from this requirement but only when linked directly to a display that includes all required disclosures. Audio delivery of listing content is exempt from this disclosure requirement only when all required disclosures are subsequently delivered electronically to the registered consumer performing the property search or linked to through the device’s application. Copyright 2024 Santa Barbara Multiple Listing Service. All rights reserved. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 5/1/2024, 3:20:22 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
7
/10
Isla Vista Elementary School
6875 El Colegio Rd
Distance between this listing and this school1.03 miles
Public District Grades KG-6
Middle School
6
/10
Goleta Valley Junior High School
6100 Stow Canyon Rd
Distance between this listing and this school3.06 miles
Public District Grades 7-8
High School
7
/10
Dos Pueblos Senior High School
7266 Alameda Ave
Distance between this listing and this school2.56 miles
Public District Grades 9-12
Assigned Schools
7
/10
Isla Vista Elementary School
6875 El Colegio Rd
Distance between this listing and this school1.03 miles
Public District Grades KG-6
Nearby Schools
6
/10
La Patera Elementary School
555 N La Patera Ln
Distance between this listing and this school2.69 miles
Public District Grades KG-6
6
/10
Ellwood Elementary School
7686 Hollister Ave
Distance between this listing and this school2.77 miles
Public District Grades KG-6
Assigned Schools
6
/10
Goleta Valley Junior High School
6100 Stow Canyon Rd
Distance between this listing and this school3.06 miles
Public District Grades 7-8
Nearby Schools
8
/10
Santa Barbara Charter
6100 Stow Canyon Rd
Distance between this listing and this school3.06 miles
Public Charter Grades KG-8
6
/10
La Colina Junior High School
4025 Foothill Rd
Distance between this listing and this school6.29 miles
Public District Grades 7-8
Assigned Schools
7
/10
Dos Pueblos Senior High School
7266 Alameda Ave
Distance between this listing and this school2.56 miles
Public District Grades 9-12
Nearby Schools
6
/10
San Marcos Senior High School
4750 Hollister Ave
Distance between this listing and this school4.29 miles
Public District Grades 9-12
6
/10
Santa Barbara Senior High School
700 E Anapamu St
Distance between this listing and this school9.02 miles
The neighbors living near this home have an average income of $30,714. The majority of Santa Barbara County, CA residents have income less than $35k annually. Residents typically live in single, no kids family. Most residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
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This home is located at 6647-6649 Del Playa Dr in Goleta, CA and zip code 93117 in the Isla Vista neighborhood. This 4,196 square foot home was built in 1967. It has been listed on Rocket Homes since March 27, 2024 and is currently priced at $5,850,000.
While more than 58 listings in Santa Barbara County, CA in March 2024 were sold above asking price, there were more than 35 listings sold at asking price, and more than 64 were sold below. The number of listings in Santa Barbara County, CA increased by 5.2% between February 2024 and March 2024. The median list price of listings available in March 2024 was $1,219,929, while the average time on the real estate market was 33 days.
From Rocket Homes Real Estate and based on county public records data.
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by other are marked with the “MLS” logo and detailed information about them includes the name of the listing brokers. Based on information from the Santa Barbara MLS. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Displays of minimal information (e.g., “thumbnails”, text messages, “tweets”, etc., of two hundred [200] characters or less) are exempt from this requirement but only when linked directly to a display that includes all required disclosures. Audio delivery of listing content is exempt from this disclosure requirement only when all required disclosures are subsequently delivered electronically to the registered consumer performing the property search or linked to through the device’s application. Copyright 2024 Santa Barbara Multiple Listing Service. All rights reserved.
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