$1,700,000
6712 Del Playa Drive
Isla Vista, CA, 93117
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
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
Property Details
Price:
$1,700,000 / $1,600,000
MLS #:
SC23060064
Status:
Closed ((Jun 21, 2023))
Baths:
0
Address:
6712 Del Playa Drive
Type:
Residential Income
Subtype:
Commercial/Residential
Neighborhood:
ISLA – Isla Vista
City:
Isla Vista
Listed Date:
Jan 16, 2023
State:
CA
ZIP:
93117
Lot Size:
4,791 sqft / 0.11 acres (approx)
Year Built:
1965
Schools
Interior
Exterior
Community Features
Biking, Park, Sidewalks
Garage Spaces
2.00
Lot Features
0-1 Unit/ Acre
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
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Courtesy of Hayes Commercial Group, Inc.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than James Outland include the name of the listing broker. Neither the listing company nor James Outland shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
6712 Del Playa Drive
Isla Vista, CA
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