This generational 18-unit apartment property is in the premium student housing market of Isla Vista. With the main UCSB campus literally across the street and the beach just a few blocks away, this offering provides outstanding investment fundamentals and the very best of the coastal college lifestyle. The property consists of sixteen studios and two 3 bed + 2 bath units located directly across the street from the UCSB campus. The building and units have been upgraded and include balconies, many with ocean views. Tuck under parking and laundry facility are included as well. The majority of the units have been remodeled with tile floors, new or refurbished cabinets, and granite countertops. The current owner has maintained the property well with capital upgrades to the plumbing, electrical, roof, and exterior. This property is part of a four-property student housing portfolio that is also for sale, consisting of 28 residential units and 3 commercial units. The asset is in the heart of Isla Vista, the high-demand student community adjacent to UCSB, with very high barriers to entry for new development, rental vacancy of around 2%, and exceptional upside. UCSB is a top-tier university of approximately 25,000 students, ranked #7 among public universities in US News & World Report (2023) with a 29% freshman acceptance rate in 2022. ZONING: SR-M-18 PRICE: $6,800,000 ($377,778 per unit) CURRENT CAP RATE & GRM: 3.53% | 17.38 PROFORMA CAP RATE & GRM: 5.11% | 13.43 PARCEL NUMBER (APN): 075-221-016 BUILDING SIZE: 9,988 SF LOT SIZE: 10,019 SF | 0.23 AC UNITS: 18 Residential Units • Sixteen Studios • Two 3 Bed + 2 Bath AVERAGE UNIT SIZE: 1,098 SF - 3 Bedroom Units; 487 SF - Studio Units PARKING: 18 Tuck Under Parking Spaces + 3 Uncovered
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Attribution contact: 805-563-2111
Listing Agent: Christos Celmayster
Listing Office: Hayes Commercial Group, Inc.