$1,600,000
$1,700,000
5.9%For more information regarding the value of a property, please contact us for a free consultation.
1,792 SqFt
SOLD DATE : 06/21/2023
Key Details
Sold Price $1,600,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 1,792 sqft
Price per Sqft $892
MLS Listing ID SC23060064
Sold Date 06/21/23
HOA Y/N No
Year Built 1965
Lot Size 4,791 Sqft
Acres 0.11
Property Description
This duplex offers a prime location in the premium student housing market of Isla Vista. With the main UCSB campus just blocks away and the ocean bluffs across the street, this property provides outstanding investment fundamentals and the very best of the coastal college lifestyle. The property consists of two 2 bed + 1 bath units on a large parcel with an entertainer's backyard for the ground-floor unit and a large view deck over a two-car garage for the upper unit. Located on the coveted Del Playa Drive across the street from the bluffs and Rottapel Park and featuring ocean views. The property is part of a four-property student housing portfolio that is also for sale, consisting of 28 residential units and 3 commercial units.
The asset is in the heart of Isla Vista, the high-demand student community adjacent to UCSB, with very high barriers to entry for new development, rental vacancy of around 2%, and exceptional upside. UCSB is a top-tier university of approximately 25,000 students, ranked #7 among public universities in US News & World Report (2023) with a 29% freshman acceptance rate in 2022.
PROPERTY PRICE: $1,700,000 ($850,000 per unit)
CURRENT CAP RATE & GRM: 3.07% | 19.14
PROFORMA CAP RATE & GRM: 3.53% | 17.49
PARCEL NUMBER (APN): 075-191-028
BUILDING SIZE: 1,792 SF LOT SIZE: 4,791 SF | 0.11 Acres
UNITS: 2 Residential Units (Two 2 Bed + 1 Bath)
AVERAGE UNIT SIZE: 896 SF
PARKING: 2 Car Garage + 3 Uncovered Spaces
ZONING: SR-M-18
Location
State CA
County Santa Barbara
Area Isla - Isla Vista
Zoning SR-M-18
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Garage Spaces 2.0
Garage Description 2.0
Pool None
Community Features Biking, Park, Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 075191028
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Bahram Tabrizi • Premier Realty Associates
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner