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6587 Cervantes Rd
Goleta, CA 93117 Isla Vista

$16,250,000 USD

Apartments For Sale  •  12,757 SF

Property Details

  • Property Type Apartments
  • Total Building Size 12,757 SF
  • Lot Size 1 AC
  • Building Class C
  • Year Built 1963
  • Zoning R-M
0 Transit Score
75 Walk Score

Highlights

22 Stabilized, Fully Renovated Units – 48 beds generating ~$950K annual gross income, 100% leased through the 2025/26 school year.
27-Unit Entitled Development Site – Approved four-story podium project with 24 one-bedrooms and 3 two-bedrooms, projected to deliver $1M+ NOI
Premier Isla Vista Location – Just 2 blocks from UCSB and walking distance to the beach in a near-zero vacancy, high-demand rental market.
Turnkey Operations – Comprehensive 2023 renovations including new systems, kitchens, baths, and in-unit laundry.
Risk Mitigation – In-place cash flow offsets carrying costs during entitlement-to-construction timeline.

Amenities

  • 24 Hour Access
  • Kitchen

Public Transportation

Commuter RailDriveWalkDistance
Goleta Amtrak (Pacific Surfliner - Amtrak) 6 min - 2.6 mi
AirportDriveWalkDistance
Santa Barbara Municipal 18 min - 4.0 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 14
Type: Surface
Included in Rent: Yes
Logan Ward 909-663-4689 Marcus & Millichap
Logan Ward 909-663-4689 Marcus & Millichap