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15 Beds
8 Baths

$4,500,000

6745-6747 Del Playa Drive, ISLA VISTA CA, 93117

Built in1967
Property typeResidential
Courtesy of Ken Switzer, Berkshire Hathaway HomeServices California Properties

Overview

Pending

Listed May 14, 2022

Updated Jun 10

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!

$29,939/mo

Est. mortgage payment based on a $4,500,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
22-1553

Interior Features

Bedrooms
15
Bathrooms
8
Basement
No

Other Property Details

Maintenance Expense
$27,500

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

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