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$ 4,550,000
Est. payment | /mo
6,445 SqFt
$ 4,550,000
Est. payment | /mo
6,445 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,445 sqft
Price per Sqft $705
MLS Listing ID 26-1661
Year Built 1968
Lot Size 0.290 Acres
Acres 0.29
Lot Dimensions 12632.0
Source Santa Barbara Multiple Listing Service
Property Description
6531 Del Playa Drive offers an investor generous cash-flow on the oceanfront of Isla Vista, in an A+ location nearly adjacent to the campus of the University of California at Santa Barbara, and benefiting from the more favorable blufftop geology in this part of Del Playa. Consider for a pure investor or for a UC Santa Barbara parent looking for a favorable cap rate for balance in a diversified real estate portfolio. With a captive student housing tenant pool willing to pay the very highest rents for the chance to enjoy the oceanfront lifestyle, and with voluntary student tenant turnover in Isla Vista, a new owner would have the ability to realize substantial returns into the future. The est. cap rate based on new 2026-2027 school year rents is ~6.64% (using a Buyer's new property taxes), with adjustment to market rents the following school year estimated to increase the cap rate above 7%.
Four of the apartments face the ocean directly for top rents, the 5th unit faces the street and is smaller and rents for a little less per bed. Generous rooms sizes (see Floor Plan page) provide potential for additional income beyond the capturing of market rents in the next tenant cycle. A 6th unit studio shown in the marketing is a former storage area with permit status as a studio unknown, the space has been historically rented this way for decades. Further upside may be realized by recent expanded ADU legislation for multi-family properties, with a natural ADU location available in the covered parking area. Consult a land-use planner to verify ADU potential. A new roof was added in 2024.
The property is located in a relatively favorable geological portion of Del Playa Drive, with a seawall protecting much of the width of the property, and with structural caissons installed in the 1990's. These capital improvements, soil conditions, blufftop condition and blufftop retreat rates are described in a 2025 geologic report, to allow a Buyer to confirm viability for the property's cash-flow into the future.
View the unbranded Offering Memorandum under Documents for more information including unit floorplan layouts, site plan and financials.
Four of the apartments face the ocean directly for top rents, the 5th unit faces the street and is smaller and rents for a little less per bed. Generous rooms sizes (see Floor Plan page) provide potential for additional income beyond the capturing of market rents in the next tenant cycle. A 6th unit studio shown in the marketing is a former storage area with permit status as a studio unknown, the space has been historically rented this way for decades. Further upside may be realized by recent expanded ADU legislation for multi-family properties, with a natural ADU location available in the covered parking area. Consult a land-use planner to verify ADU potential. A new roof was added in 2024.
The property is located in a relatively favorable geological portion of Del Playa Drive, with a seawall protecting much of the width of the property, and with structural caissons installed in the 1990's. These capital improvements, soil conditions, blufftop condition and blufftop retreat rates are described in a 2025 geologic report, to allow a Buyer to confirm viability for the property's cash-flow into the future.
View the unbranded Offering Memorandum under Documents for more information including unit floorplan layouts, site plan and financials.
Location
State CA
County Santa Barbara
Interior
Heating Forced Air
Exterior
Parking Features Outside, Carport
Building
Lot Description Near Public Transit
Foundation Slab
New Construction No
Others
Tax ID 075-223-008
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Listed by Berkshire Hathaway HomeServices California Properties
Schools and Properties Nearby
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