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Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
property brief
Wonderful, updated triplex situated on the ocean side of Del Playa Drive which runs along Isla Vista’s bluff top and remains the most sought after street for student housing near UCSB. Isla Vista is a beautiful place to live, work and attend college, making this location highly desirable to potential tenants. In fact, this area of the community commands higher rents and is the first to lease up with leases typically signed nine months prior to expiration for the following academic year. This triplex has (1) 5BR/2BA, (1) 6BR/3BA and (1) 6BR/4BA units, all with multiple refrigerators, dishwashers, granite counters, stainless appliances, common laundry with two washers and dryers and an oversized patio to enjoy the sweeping ocean views. Recent capital improvements include new plumbing and heating plus a 3-year-old roof system. The property has been reconfigured and sits approximately 30’ from the cliff.
Units ▶ 3
Unit Mix ▶ (1) 5BR/2BA, (1) 6BR/3BA, (1) 6BD/4BA
Price Per Unit ▶ $1,650,000
Building Size ▶ ±7,525 SF
Lot Size ▶ ±13,068 SF
Price/SF Lot ▶ $379/SF
Parking ▶ On-site
APN ▶ 075-202-046
Zoning ▶ SR-M-8
Year Built ▶ 1968
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Offered at$4 ,9 5 0,0 0 06.42% CAP | $317,679 NOI
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
6625 Del Playa Dr.
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
floorplan | lower level
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
floorplan | upper level
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
income analysis
Executive Summary# Units: 3
Price: $4,950,000Price/Unit: $1,650,000
NOI: $317,679GRM: 11.25
CAP Rate: 6.42%Lot Size: 13,068 SF
Price/Lot SF: $379/SFEst. Building Size: 7,525 SF
APN 075-202-046Zoning SR-M-8
Year Built 1968
CalculationsCurrent Market
EOI: $439,824 $457,229
Annual Exp.: $122,145 $123,015
NOI: $317,679 $334,213
GRM: 11.25 10.83
CAP: 6.42% 6.75%
Annual ExpensesCurrent Current % GOI Market % GOI Market
Real Estate Taxes: 1.12% $55,440 12.6% 12.1% $55,450Insurance: Act. $3,570 0.8% 0.8% $3,570
Utilities: Act. $11,244 2.6% 2.5% $11,244Electric $600 $600
Water/Trash $10,500 $10,500
Gas $144 $144
Laundry Rental: Act. $1,200 $1,200Maint/Repairs: Est. $5,000/Unit $15,000 3.4% 3.3% $15,000
Grounds: Est. $4,200 1.0% 0.9% $4,200Off-site Management: 5% $21,991 5.0% 5.0% $22,861
Pest Control: Est. $1,000 0.2% 0.2% $1,000Legal & Accounting: Est. $1,000 0.2% 0.2% $1,000
Reserves: Est. $2,500/Unit $7,500 1.7% 1.6% $7,500
Annual Expenses Per Unit $40,715 $41,005
Annual Expenses $122,145 27.5% 26.6% $123,015
Unit Mix & Rent SchedulesCurrent Rent Market Rent
# Units Mix Rent/Unit Monthly Income Rent/Unit Monthly IncomeA 5/2 $8,000 $8,000 $8,320 $8,320B 6/3 $14,500 $14,500 $15,080 $15,080C 6/4 $14,500 $14,500 $15,080 $15,080
Monthly Rental Income: $37,000 $38,480Monthly Laundry Income: $400 $400
Potential Gross Monthly Income: $37,400 $38,880Potential Gross Annual Income: $448,800 $466,560
Less: Vacancy & Collection Loss: 2% $8,976 2% $9,331Effective Gross Economic Income: $439,824 $457,229
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
Property Address Date Sold Sale Price # Units $ Per Unit GRM
1 Subject Property: 6625 Del Playa Dr. Subject Property $4,950,000 3 $1,650,000 11.25
2 6525 Del Playa Dr., Isla Vista 5/1/2018 $3,862,089 4 $965,522 14.13
3 6555 Del Playa Dr., Isla Vista 5/1/2018 $2,034,407 3 $678,136 11.71
4 6564 Del Playa Dr., Isla Vista 5/1/2018 $2,512,580 2 $1,257,790 14.91
5 6573 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23
6 6777 Del Playa Dr., Isla Vista 4/30/2018 $4,600,000 5 $920,000 13.31/CAP 5%
7 6575 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23
8 6577 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23
9 6579 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23
10 6745 – 6747 Del Playa Dr. Isla Vista Active $3,250,000 4 $812,500 10.57
11 6597 Del Playa Dr., Isla Vista 5/1/2018 $2,053,727 1 $2,053,727 13.69
12 6599 Del Playa Dr., Isla Vista 5/1/2018 $2,053,727 1 $2,053,727 13.69
13 6533 El Nido/6534 Del Playa Dr., Isla Vista 5/1/2018 $3,391,645 2 $1,695,822 16.02
14 6535 El Nido/6536 Del Playa Dr., Isla Vista 5/1/2018 $3,391,645 2 $1,695,822 16.02
15 6631 Del Playa Dr., Isla Vista 5/1/2018 $2,125,000 1 $2,125,000 14.40
16 6633 Del Playa Dr., Isla Vista 5/1/2018 $2,125,000 1 $2,125,000 14.40
19 11 7810
131412
56 1516
43
2
comparable sales
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
Isla VistaThe Subject Portfolio is situated in the ideal college beach community of Isla Vista, an unincorporated area located in South Santa Barbara County and part of the greater Santa Barbara metro area. Roughly 10 miles west of the city of Santa Barbara, Isla Vista is bounded by Goleta to the north, the University of California Santa Barbara to the east, UCSB faculty housing to the west and the Pacific Ocean to the south.
The community primarily consists of multi-family and single-family residences and serves largely as a student housing base for UCSB. With a good base of recreational amenities, Isla Vista’s downtown core includes a central park, food and beverage establishments and retail services and markets, all geared toward students. At just 1.8 sq. miles, the community is very bike friendly, and it is also serviced by Santa Barbara’s Regional Transit Authority bus line.
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
High percentage of rental units, low vacancyIsla Vista is known for its vibrant student and beach culture, cultivated by a population largely made up of UCSB and Santa Barbara City College students. In fact, with a population of approximately 23,096, roughly 20,274 of Isla Vista’s residents are below the age of 24.
The high stability community predominantly consists of student housing developments in a roughly 1.8 sq. mile neighborhood. Residential development comprises mostly older single-family detached and multi-family residences and apartment complexes within planned communities. There is minimal residential growth in the area and land uses are not likely to change in the future. Overall, the outlook for the region is stable.
According to Claritas, of Isla Vista’s 13,940 occupied housing units, approximately 63.12 percent are occupied by renters. This compares to the state’s 42.58 percent rental occupancy. Of course, the percentage of occupied housing units that are renter occupied is an indicator of demand within an area. Furthermore, Isla Vista’s rental vacancy rate is just 1.9%, making the community one of the lowest vacancy markets in California.
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
Between its three world-class institutions—UC Santa Barbara, Santa Barbara City College and Westmont College—the South Coast region of Santa Barbara County
is considered one of the country’s premier higher education destinations, boasting combined enrollment surpassing 42,000 students.
Steve [email protected] Lic. 00772218
Lori [email protected] Lic. 01914851
for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17
r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19
University of California Santa BarbaraA short distance north of Santa Barbara is the University of California, Santa Barbara. The sprawling campus is situated on 1,055 acres along the pristine California coastline about 100 miles northwest of Los Angeles.
Newsweek has named UCSB one of the country’s “hottest colleges” twice in the past decade, and U.S. News and World Report ranks UCSB number 10 among all public universities.
The university offers over 200 majors, degrees and credentials and boasts an international student enrollment totaling approximately 22,026 (although Fall 2011 applications from prospective freshmen and transfer students totaled 63,303!).
In addition, UCSB’s renowned faculty includes five Nobel Laureates and members and fellows of the prestigious American Academy of Arts and Science and the National Endowment for the Humanities, to name a few.