6712 Del Playa Drive Isla Vista CA 93117 MLS #SC23060064

This duplex offers a prime location in the premium student housing market of Isla Vista. With the main UCSB campus just blocks away and the ocean bluffs across the street, this property provides outstanding investment fundamentals and the very best of the coastal college lifestyle. The property consists of two 2 bed + 1 bath units on a large parcel with an entertainer’s backyard for the ground-floor unit and a large view deck over a two-car garage for the upper unit. Located on the coveted Del Playa Drive across the street from the bluffs and Rottapel Park and featuring ocean views. The property is part of a four-property student housing portfolio that is also for sale, consisting of 28 residential units and 3 commercial units.

The asset is in the heart of Isla Vista, the high-demand student community adjacent to UCSB, with very high barriers to entry for new development, rental vacancy of around 2%, and exceptional upside. UCSB is a top-tier university of approximately 25,000 students, ranked #7 among public universities in US News & World Report (2023) with a 29% freshman acceptance rate in 2022.

PROPERTY PRICE: $1,700,000 ($850,000 per unit)
CURRENT CAP RATE & GRM: 3.07% | 19.14
PROFORMA CAP RATE & GRM: 3.53% | 17.49
PARCEL NUMBER (APN): 075-191-028
BUILDING SIZE: 1,792 SF LOT SIZE: 4,791 SF | 0.11 Acres
UNITS: 2 Residential Units (Two 2 Bed + 1 Bath)
AVERAGE UNIT SIZE: 896 SF
PARKING: 2 Car Garage + 3 Uncovered Spaces
ZONING: SR-M-18