6521 Del Playa Dr, Goleta, CA 93117
5 Unit Apartment Building | $3,950,000 ($790,000/Unit) | 5.74% Cap Rate | Goleta, CA 93117
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,950,000
- Property Type
-
Multifamily
- Square Feet
- 6,870 SF
Listing Contacts
Ken Switzer
Verified Profile
- Property Info
Property Overview
Amazing student housing cash-flow opportunity on the oceanfront of Del Playa Drive, and on a sloped and relatively stable section of blufftop adjacent to the University of California at Santa Barbara campus (UCSB), with a long seawall and caissons in place. Favorable recent geologic report 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 (see Floorplan in Documents) provide potential for additional bed income beyond capturing market rents, along with possible ADU. Note that the 4th bedroom in the 4-bedroom unit does not have a verified permit status. See the full Offering Memorandum for all details.
Property Details
- Class
- C
- Year Built
- 1969
- Stories
- 2
- Lot Size (sq. ft)
- 12,632 SF
- Units
- 5
Highlights
- A++ location on the oceanfront, and almost adjacent to the UC Santa Barbara campus; near to beach access too!
- Favorable blufftop geology - one of the best in the area with a long seawall below and engineered caissons; minimal blufftop retreat
- 5.74% estimated cap rate for current 2024-25 school year, 7.18% estimated cap rate at market rents for 2025-26 school year
- Large units, vaulted ceilings upstairs - potential for additional-bed income, or investigate adding an ADU for even more income potential
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