6745-6747 Del Playa Dr Isla Vista, CA 93117
Estimated payment $26,035/month
Highlights
- Beach Front
- Property is near an ocean
- 1-minute walk to Rottapel Park
- Isla Vista Elementary School Rated A
- Property is near a park
About This Home
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!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $17,053
Year Built
- Built in 1967
Lot Details
- Beach Front
- Property is in good condition
Home Design
- Slab Foundation
Parking
- 12 Open Parking Spaces
- 12 Parking Spaces
Location
- Property is near a park
- Property is near public transit
- Property is near schools
- Property is near a bus stop
Schools
- Isla Vista Elementary School
- Gol Valley Middle School
- Dos Pueblos High School
Additional Features
- 2-Story Property
- Property is near an ocean
Listing and Financial Details
- Assessor Parcel Number 075-193-045
Community Details
Overview
- 4 Units
Building Details
- Electric Expense $250
- Insurance Expense $10,000
- Maintenance Expense $27,500
- Trash Expense $9,500
- Water Sewer Expense $4,500
- New Taxes Expense $55,670
- Operating Expense $137,500
- Gross Income $375,600
- Net Operating Income $238,100
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $17,053 | $1,393,095 | $520,200 | $872,895 |
| 2022 | $16,230 | $1,365,780 | $510,000 | $855,780 |
| 2021 | $15,940 | $1,339,000 | $500,000 | $839,000 |
| 2020 | $17,429 | $1,507,631 | $788,186 | $719,445 |
| 2019 | $17,118 | $1,478,071 | $772,732 | $705,339 |
| 2018 | $16,803 | $1,449,090 | $757,581 | $691,509 |
| 2017 | $16,487 | $1,420,677 | $742,727 | $677,950 |
| 2016 | $15,805 | $1,392,821 | $728,164 | $664,657 |
| 2014 | $15,306 | $1,345,028 | $703,178 | $641,850 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/14/2022 06/14/22 | Pending | -- | -- | -- |
| 05/14/2022 05/14/22 | For Sale | $4,500,000 | +73.1% | -- |
| 09/25/2020 09/25/20 | Sold | $2,600,000 | -11.9% | $549 / Sq Ft |
| 06/15/2020 06/15/20 | Pending | -- | -- | -- |
| 10/28/2019 10/28/19 | For Sale | $2,950,000 | -- | $622 / Sq Ft |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $2,600,000 | Lawyers Title Vn | |
| Rerecorded Deed | -- | Lawyers Title Company | |
| Grant Deed | $1,339,000 | Lawyers Title Company | |
| Grant Deed | -- | None Available | |
| Interfamily Deed Transfer | -- | Chicago Title Company | |
| Grant Deed | -- | First American Title | |
| Individual Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $5,000,000 | Stand Alone Refi Refinance Of Original Loan | |
| Previous Owner | $500,000 | Purchase Money Mortgage | |
| Previous Owner | $330,000 | Construction | |
| Previous Owner | $617,500 | Unknown | |
| Previous Owner | $520,000 | Unknown | |
| Previous Owner | $494,000 | No Value Available |
Source: Santa Barbara Multiple Listing Service
MLS Number: 22-1553
APN: 075-193-045
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