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6531 Del Playa Dr
Goleta, CA 93117 Isla Vista

$4,550,000 USD

Apartments For Sale  •  6,445 SF

Property Details

  • Property Type Apartments
  • Total Building Size 6,445 SF
  • Lot Size 0.28 AC
  • Building Class C
  • Year Built 1968
  • Cap Rate 6.64 %
  • Zoning SR-M-8
20 Transit Score
30 Walk Score

Highlights

Top rents are always available due to the unabated demand for the very few oceanfront living apartments by UC Santa Barbara
Fixed number of oceanfront apartments while UC Santa Barbara enrollment continues to increase
Existing cap rate in the mid-high 6% range (~6.64%), market cap rate estimate in the 7% range
Property has engineered and permitted caissons for longer-term blufftop stability, plus a seawall covering most of the property's base
This section of Del Playa Drive near to the UC Santa Barbara campus, has more favorable geologic conditions (reports available)
Overhead carport ready to fill in for relatively easy Accessory Dwelling Unit (ADU)

Property Flyers

Financial Summary (Actual)

Net Operating Income: $302,321 USD (2026)
Cap Rate: 6.64 %
Total Expenses: $164,527 USD

Amenities

  • 24 Hour Access
  • Controlled Access
  • Kitchen
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower
  • Online Services
  • Freezer
  • Walk-Up
  • Smoke Detector

Public Transportation

Commuter RailDriveWalkDistance
Goleta Amtrak (Pacific Surfliner - Amtrak) 8 min - 3.2 mi
AirportDriveWalkDistance
Santa Barbara Municipal 20 min - 4.6 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 7
Type: Surface
Included in Rent: Yes
Ken Switzer 805-680-4622 Berkshire Hathaway Commercial Division
Ken Switzer 805-680-4622 Berkshire Hathaway Commercial Division