6515 El Nido LnGoleta, CA 93117

Property Details for 6515 El Nido Ln

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a meticulously maintained duplex ideally situated in Goleta, California, just a short distance from the University of California, Santa Barbara (UCSB) campus. The property, located at 6515 El Nido Ln, 93117, boasts two spacious 2-bedroom, 1-bathroom units, each offering comfortable living spaces for students. The 1,600 square foot building sits on a 4,792 square foot lot and includes a convenient two-car carport and shared laundry facilities. Currently 100% leased for the 2024-2025 academic year, generating a gross annual rent of $92,400, this property offers significant upside potential with projected annual rents of $96,000 for the 2025-2026 school year. The property's strategic location near Isla Vista's vibrant "Loop" provides easy access to a wide array of restaurants, shops, and amenities. Financial information, including a preliminary title report, general building inspection, pest report, roof inspection, sewer lateral inspection, leases, and financials, are available upon request. The property is zoned SR-M-18 and has an APN of 075-222-021. This turnkey investment presents a compelling opportunity for strong returns in a high-demand student housing market. The current cap rate is projected at 3.92% (2024-2025) and 4.14% (2025-2026), with a GRM of 15.69 (2024-2025) and 15.10 (2025-2026).

Location Insight

City

Goleta

County

Santa Barbara

State

California

Latitude

34.4096

Longitude

-119.854

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