6640 Del Playa DrIsla Vista, CA 93117

Property Details for 6640 Del Playa Dr

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional student housing duplex presents a compelling investment opportunity in Isla Vista, California. Located on Del Playa Drive, just a short walk from the University of California, Santa Barbara (UCSB) campus and the vibrant Isla Vista "Loop," this property enjoys a highly desirable location. The duplex features two spacious units, each boasting two bedrooms, two bathrooms, and a bonus room easily utilized as a third single-occupancy bedroom. The property includes on-site laundry facilities and off-street parking for four vehicles. The building encompasses approximately 2,500 square feet on a 6,534 square foot lot, zoned SR-M-18. Currently 100% leased, the property generates substantial rental income. Projected annual gross rents are $141,600 for 2024-2025 and $144,000 for 2025-2026, yielding a projected cap rate of 4.89% and 5.01%, respectively. The asking price is $1,895,000. Comprehensive due diligence materials are available, including a preliminary title report, pest report, roof inspection, sewer lateral report, leases, and financial statements. This turnkey investment offers significant upside potential with projected rent increases for the 2025-2026 school year. The property's strong location and high occupancy rates make it an attractive addition to any real estate portfolio. The APN is 075-201-041.

Location Insight

City

Isla Vista

County

Santa Barbara

State

California

Latitude

34.41

Longitude

-119.86

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