$3,900,000
SOLD NOV 22, 2024

6521 Del Playa Dr Isla Vista, CA 93117

-- Bed
-- Bath
6,870 Sq Ft
0.29 Acres

Recently Sold

$568 Per Sq Ft

1% Below List Price

12 Days on Market

Highlights

  • Property is near an ocean
  • Property is near a park
  • Tile Flooring
  • Isla Vista Elementary School Rated A
  • Laundry Room
  • 2-minute walk to Pelican Park

About This Home

As of November 2024

Amazing student housing cash-flow opportunity on the oceanfront of Del Playa Drive, and on a sloped section of blufftop adjacent to the UC Santa Barbara campus, with a seawall below and caissons in place. Geologic and condition reports available. Current cap rate is ~5.75%, adjustment to market rents the following school year projected to increase the cap rate above 7%. 4 units face the ocean directly for top rents, the 5th unit faces the street. Generous rooms sizes provide potential for additional-bed income beyond capturing market rents, along with a possible ADU. Offering Memorandum (non-branded) is under Documents, it includes floorplans, measured site plan and financials. Don't miss this great value investment for your portfolio!

Last Agent to Sell the Property

Ken Switzer

Berkshire Hathaway HomeServices California Properties License #01245644

Berkshire Hathaway HomeServices California Properties

Last Buyer's Agent

Non Member Agent

Non Member Office

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1969

Lot Details

  • 0.29 Acre Lot
  • Lot Dimensions are 50 x 250
  • Property is in good condition

Home Design

  • 6,870 Sq Ft Home
  • Slab Foundation

Flooring

  • Carpet
  • Tile

Parking

  • 8 Parking Spaces
  • 3 Carport Spaces
  • 5 Open Parking Spaces

Location

  • Property is near a park
  • Property is near public transit
  • Property is near schools
  • Property is near shops
  • Property is near a bus stop

Schools

  • Isla Vista Elementary School
  • Gol Valley Middle School
  • Dos Pueblos High School

Additional Features

  • Laundry Room
  • Property is near an ocean

Listing and Financial Details

  • Assessor Parcel Number 075-223-022

Community Details

Overview

  • 5 Units

Building Details

  • Electric Expense $1,260
  • Insurance Expense $10,000
  • Maintenance Expense $21,663
  • Trash Expense $6,955
  • Water Sewer Expense $6,172
  • New Taxes Expense $44,240
  • Operating Expense $109,932
  • Gross Income $336,600
  • Net Operating Income $226,668

Property Details

Home Type

Multi-Family

Year Built

Built in 1969

Lot Details

0

Listing Details

  • Prop. Type: ResidentialIncome
  • Year Built: 1969
  • Income Expenses Annual Income: 336600.0
  • Capitalization Rate: 5.74
  • Income Expenses Electric Expense: 1260.0
  • Gross Rent Multiplier: 11.73
  • Maintenance Expense: 21663.0
  • Annual Expenses: 109932.0
  • Monthly Income: 28050.0
  • Income Expenses Trash Expense: 6955.0
  • Income Expenses Water Expense: 6172.0
  • Meters Sep Meter Elec: Y
  • Meters Sep Meter Wtr: N
  • Miscellaneous Parking Spaces: 8.0
  • ResoLaundryFeatures: Laundry Room
  • ResoLotFeatures: Near Public Transit
  • Income And Expenses Maintenance Expense: 21663.0
  • Reso Flooring: Carpet, Tile
  • New Construction: No
  • Reso Property Condition: Good
  • Property Information Year Built2: 1969
  • Property Information Apx # Acres: 0.29
  • NeighborhoodSchools Elementary School: Isla Vista
  • NeighborhoodSchools Junior High School: Gol Valley
  • NeighborhoodSchools High School: Dos Pueblos
  • Parking Info Carport2: Yes
  • Parking Info Uncovered: Yes
  • Parking Info Total # Carport Spaces2: 3.0
  • Parking Info Total # Unconvered Spaces: 5.0
  • Foundation:Slab: Yes
  • Proximity Near Ocean2: Yes
  • Proximity Near Park(s)2: Yes
  • Proximity Near School(s)2: Yes
  • Laundry Laundry Room2: Yes
  • FlrWdw Coverings Tile3: Yes
  • Property Information Main House SqFt: 6870.0
  • Proximity Near Shopping2: Yes
  • Property Information Apx Lot SqFt: 12632.0
  • Condition Good2: Yes
  • Proximity Near Bus: Yes
  • FlrWdw Coverings Carpet: Yes
  • Property Information Apx Lot Size FxD: 50 x 250
  • IncomeExpenses Taxes6: 44240.0
  • Income Expenses Actual: Yes
  • IncomeExpenses NOI2: 226,668
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • Acres: 0.29
  • Foundation Details: Slab

Garage/Parking

  • Open Parking Spaces: 5.0
  • Open Parking: Yes
  • Parking Features: Carport, Uncovered, Unc #5
  • Total Parking Spaces: 8.0

Fee Information

  • Trash Expense: 6955.0
  • Annual Water Sewer Expense: 6172.0

Schools

  • Elementary School: Isla Vista
  • High School: Dos Pueblos
  • Middle Or Junior School: Gol Valley

Lot Info

  • Parcel #: 075-223-022
  • Zoning: Other
  • Lot Size Sq Ft: 12632.0
  • ResoLotSizeUnits: Apx Lot Size FxD

Multi Family

  • Number Of Units Total: 5
  • Electric Expense: 1260.0
  • Annual Gross Income: 336600.0
  • Insurance Expense: 10000.0
  • Annual Operating Expense: 109932.0
  • Total Actual Rent: 28050.0

Map

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
11/22/2024 11/22/24 Sold $3,900,000 -1.3% $568 / Sq Ft
07/08/2024 07/08/24 Pending -- -- --
06/25/2024 06/25/24 For Sale $3,950,000 -- $575 / Sq Ft
Source: Santa Barbara Multiple Listing Service

Similar Home in Isla Vista, CA

  • 6597 Trigo Rd, Isla Vista, CA 93117

    $4,300,000

    • 1 Bed
    • 1 Bath
    • 6597 Trigo Rd
    • Isla Vista, CA

    Fully leased for 25/26 school year! Wonderfully maintained student housing asset in the heart of Isla Vista, and blocks from the University of California, Santa Barbara, consisting of ten 1 bedroom apartments. Units feature laminate flooring, new windows and updated kitchen cabinetry, backsplash and countertops. Downstairs units have large enclosed patios while upstairs units offer wood beamed

    Steve Golis Radius Group Commercial RE

    Section Image
See All Homes in Isla Vista

Source: Santa Barbara Multiple Listing Service

MLS Number: 24-2076

Santa Barbara Multiple Listing Service

California Santa Barbara County Isla Vista 93117

6521 Del Playa Dr, Isla Vista, CA

Homes for Sale in Isla Vista, CA

This home is located at 6521 Del Playa Dr, Isla Vista, CA 93117 and is currently priced at $3,900,000, approximately $567 per square foot. This property was built in 1969. 6521 Del Playa Dr is a home located in Santa Barbara County with nearby schools including Isla Vista Elementary School, Goleta Valley Junior High School, and Dos Pueblos Senior High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Santa Barbara Multiple Listing Service 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 nor the listing broker(s) shall be responsible for any typographical errors, misinformation, or misprints.
Copyright 2025 Santa Barbara Multiple Listing Service. All rights reserved.