6745-6747 Del Playa Drive

Pending

6745-6747 Del Playa Drive

ISLA VISTA CA, 93117

$4,500,000

Pending

15 Beds

8 Baths

Residential

Built in 1967

Courtesy of Ken Switzer, Berkshire Hathaway HomeServices California Properties

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!

22-1553

MLSⓇ ID

May 14, 2022

Listed

November 22, 2024

Updated

Map

6745-6747 Del Playa Drive
ISLA VISTA CA, 93117

Interior Features

Total Stories: 2
Bedrooms: 15
Total Bathrooms: 8
Full Bathrooms: 8
Fireplace: No
Cooling: No
Heating: No

Exterior/Building Features

Lot Features: Near Public Transit

School Information

High School: Dos Pueblos
Elementary School: Isla Vista

Other Property Details

Area Name: 30 - SB/GOL SOUTH
Days on Market: 28
Garage: No
Parking Total: 12
View: No
County: Santa Barbara
Pool: No
Zoning: Other

Listed by Berkshire Hathaway HomeServices California Properties, Ken Switzer,
Listing Contact: [email protected]

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Data last updated 2:25 PM UTC, 11/22/2024