Amazing 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!
Isla Vista is located in California. Isla Vista, California has a population of 27,484. Isla Vista is less family-centric than the surrounding county with 31.09% of the households containing married families with children. The county average for households married with children is 34.88%.
The median household income in Isla Vista, California is $23,541. The median household income for the surrounding county is $68,023 compared to the national median of $57,652. The median age of people living in Isla Vista is 20.6 years.
The average high temperature in July is 77.8 degrees, with an average low temperature in January of 41.4 degrees. The average rainfall is approximately 19.8 inches per year, with 0 inches of snow per year.