Courtesy of Ken Switzer, Berkshire Hathaway Home Services California Properties

6745-6747 Del Playa Drive

ISLA VISTA, CA, 93117

$4,500,000

$4,500,000
Pending
Pending
 - For Sale
property_type
Other
calendar
Built 1967
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!
MLS® ID:
22-1553
Listed:
5/13/22
Updated:
9/28/22
Sotheby’s International Realty
Maureen Mcdermut

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Interior Features
Beach Front

School Information

High School
Dos Pueblos
Middle/Jr High
Gol Valley
Elementary School
Isla Vista

Other Property Details

Area Name
30 - SB/GOL SOUTH
Garage
No
Parking
N
View
N
County
Santa Barbara
Pool
No
Total Stories
2
Zoning
Other

Property History

Date
Event
Price
Value
6/14/22
Pending
-
-

Courtesy of Ken Switzer, Berkshire Hathaway Home Services California Properties

This information is being provided for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that you may be interested in purchasing. Data relating to real estate for sale on this Website comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. All information is deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither the Santa Barbara Multiple Listing Service, the listing broker(s), the owner of this site, nor Luxury Presence shall be responsible for any typographical errors, misinformation, or misprints.

©2022 Santa Barbara Association of REALTORS. All rights reserved.

Data last updated 4:46 PM UTC, 9/28/22

Sotheby’s International Realty
Maureen Mcdermut
Contact