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. These properties are 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 through June 2023, rents listed are actual, floorplans in Documents. Don't miss this value opportunity!
Property Details 6745-6747 Del Playa Drive, ISLA VISTA, California 93117
- Area: 30 - SB/GOL SOUTH
- County: Santa Barbara
- List Date: 05/14/2022
- Year Built: 1967
- Elementry: Isla Vista
- Middle: Gol Valley
- High: Dos Pueblos
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