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6745-6747 Del Playa Dr Isla Vista, CA 93117

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For Sale
$4,500,000

Two oceanfront duplexes with redevelopment potential in Isla Vista.

Building Details

Year built
1967

Source: Berkshire Hathaway HomeServices California Properties

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Oceanfront Duplexes in Isla Vista

Two adjacent parcels, each improved with an extra-large oceanfront duplex, present a cash flow opportunity in the student tenant micro-market near UC Santa Barbara and City College. Over 40,000 students compete for approximately 80 oceanfront buildings on Del Playa. Current rents are 20%-30% below potential rents achievable with renovations. A surface renovation of approximately 4,739 square feet could increase the cap rate to approximately 6.5%, including renovation costs. The property benefits from a grandfathered seawall for bluff stability and includes approximately 67 linear feet of property extending to the street, offering long-term redevelopment value. The properties are currently rented through June 2023, and the listed rents are actual. This is a value opportunity.
Location Intelligence

Current Use by Public Records

Duplexes

Map

City
Isla Vista
County
Santa Barbara
State
California
Longitude
-119.967
Latitude
34.4816

FAQs

What type of property is this?
Duplex - Two oceanfront duplexes with redevelopment potential in Isla Vista.
Where is this duplex located?
The property is located at 6745-6747 Del Playa Dr Isla Vista, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: - Oceanfront property in a high-demand student rental market (UC Santa Barbara & City College).; - Opportunity to increase rental income by 20-30% through renovations.; - Two adjacent parcels each with an extra-large duplex.
More about this property
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