Description
First time on the market since 1999, we are pleased to present a rare investment opportunity in the heart of Isla Vista, centrally located between the University of Santa Barbara and the popular Sands Beach. The property consists of three (3) detached houses on a lot totaling 10,018 sq. ft., conveniently positioned on the corner of Camino Del Sur & Pasado Road. The houses feature ten (10) bedrooms and six (6) full bathrooms total, a large front yard, and ample parking. The original structure consists of the two houses sitting in the back of the lot while the new house in the front was added as an ADU in September 2023. All three houses have new roofs and windows throughout.Current rent income totals $21,050 with leases ending in May/June 2024. Pre-leasing for 2024-2025 school year is currently in process and total rents are expected to increase to $23,170 which will result in a 5.36% cap rate.
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0BEDS
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0.23ACRES
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0BATHS
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01/2 BATHS
School Information
Description
First time on the market since 1999, we are pleased to present a rare investment opportunity in the heart of Isla Vista, centrally located between the University of Santa Barbara and the popular Sands Beach. The property consists of three (3) detached houses on a lot totaling 10,018 sq. ft., conveniently positioned on the corner of Camino Del Sur & Pasado Road. The houses feature ten (10) bedrooms and six (6) full bathrooms total, a large front yard, and ample parking. The original structure consists of the two houses sitting in the back of the lot while the new house in the front was added as an ADU in September 2023. All three houses have new roofs and windows throughout.Current rent income totals $21,050 with leases ending in May/June 2024. Pre-leasing for 2024-2025 school year is currently in process and total rents are expected to increase to $23,170 which will result in a 5.36% cap rate.
© 2023 Santa Barbara Multiple Listing Service. All rights reserved. Based on information from the Santa Barbara MLS as of 2023-11-28T12:47:04.167. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Data last updated 2023-11-28T12:47:04.167.