6745 DEL PLAYA DR APT 6747
ISLA VISTA, CA 93117
$4,500,000
N/A Beds
0 Baths
N/A Sq Ft
Status Pending
MLS# 22-1553
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!
Details for 6745 DEL PLAYA DR APT 6747
Built in 1967
12 parking spaces
737 Days on website