K
Seller's Agent in 2024
Ken Switzer
Berkshire Hathaway HomeServices California Properties
(805) 680-4622
10 in this area
104 Total Sales
6521 Del Playa Dr Isla Vista, CA 93117
--
Bed
--
Bath
6,870
Sq Ft
0.29
Acres
Highlights
- Property is near an ocean
- Property is near park, public transit, schools, shops, and bus stop
- Tile Flooring
- Isla Vista Elementary School Rated A
- Laundry Room
- 2-minute walk to Pelican Park
About This Home
As of November 2024Amazing 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
Berkshire Hathaway HomeServices California Properties License #01245644 Listed on: 06/25/2024
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
Schools
- Isla Vista Elementary School
- Gol Valley Middle School
- Dos Pueblos High School
Additional Features
- Laundry Room
- Property is near an ocean
- Property is near park, public transit, schools, shops, and bus stop
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
Create a Home Valuation Report for This Property
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
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 |
|---|---|---|---|---|
| 2025 | $8,315 | $3,900,000 | $1,950,000 | $1,950,000 |
| 2023 | $8,315 | $311,722 | $57,703 | $254,019 |
| 2022 | $7,281 | $305,611 | $56,572 | $249,039 |
| 2021 | $7,136 | $299,619 | $55,463 | $244,156 |
| 2020 | $7,014 | $296,548 | $54,895 | $241,653 |
| 2019 | $6,924 | $290,734 | $53,819 | $236,915 |
| 2018 | $6,830 | $285,034 | $52,764 | $232,270 |
| 2017 | $6,609 | $279,446 | $51,730 | $227,716 |
| 2016 | $6,269 | $273,967 | $50,716 | $223,251 |
| 2014 | $5,993 | $264,568 | $48,977 | $215,591 |
Source: Public Records
Agents Affiliated with this Home
-
Ken Switzer
-
N
Buyer's Agent in 2024
Non Member Agent
Non Member Office
Map
Source: Santa Barbara Multiple Listing Service
MLS Number: 24-2076
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