6745-6747 Del Playa Drive Isla Vista, CA 93117
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!
- Property TypeSingle Family Home
- NeighborhoodN/A
- CountySanta Barbara
- Taxes$0
- HOA/Condo/Coop Fees$0
- Days on Site37 Days
- MLS StatusPending
- MLS ID Number221553
- Home Size Source N/A
- Year Built1967
- Lot Size0 Acres
- Full BathsN/A
- Partial BathsN/A
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