6531 Del Playa Dr, Isla Vista, CA

Name: 6531 Del Playa Dr, For Sale in Isla Vista - Zoocasa
Brand: Berkshire Hathaway HomeServices California Properties
SKU: 26-1661
Price: 4550000 USD

House

For Sale

Listed price in listed location currency (USD).

$4,550,000

0010

MLS® 26-1661

Key Facts
Description
Map

Key Facts

Type

Levels Residential Income

Size 6445 sqft

Garage

Taxes

Days Active 0

Lot Size

Approx. Age 1968

Avg. Price Per Sqft $705

MLS® Number 26-1661

Property Address: 6531 Del Playa Dr, Isla Vista, CA, 93117-5156

Average square foot calculated using Size range provided by listing agent.

Description

6531 Del Playa Drive offers an investor generous cash-flow on the oceanfront of Isla Vista, in an A+ location nearly adjacent to the campus of the University of California at Santa Barbara, and benefiting from the more favorable blufftop geology in this part of Del Playa. Consider for a pure investor or for a UC Santa Barbara parent looking for a favorable cap rate for balance in a diversified real estate portfolio. With a captive student housing tenant pool willing to pay the very highest rents for the chance to enjoy the oceanfront lifestyle, and with voluntary student tenant turnover in Isla Vista, a new owner would have the ability to realize substantial returns into the future. The est. cap rate based on new 2026-2027 school year rents is ~6.64% (using a Buyer's new property taxes), with adjustment to market rents the following school year estimated to increase the cap rate above 7%. Four of the apartments face the ocean directly for top rents, the 5th unit faces the street and is smaller and rents for a little less per bed. Generous rooms sizes (see Floor Plan page) provide potential for additional income beyond the capturing of market rents in the next tenant cycle. A 6th unit studio shown in the marketing is a former storage area with permit status as a studio unknown, the space has been historically rented this way for decades. Further upside may be realized by recent expanded ADU legislation for multi-family properties, with a natural ADU location available in the covered parking area. Consult a land-use planner to verify ADU potential. A new roof was added in 2024. The property is located in a relatively favorable geological portion of Del Playa Drive, with a seawall protecting much of the width of the property, and with structural caissons installed in the 1990's. These capital improvements, soil conditions, blufftop condition and blufftop retreat rates are described in a 2025 geologic report, to allow a Buyer to confirm viability for the property's cash-flow into the future.

MLS® Number26-1661

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1968

Basement

DrivewayCarport, Outside

Garage Spaces

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

May 20, 2026List Date

$4,550,000List Price

Commute

Commute

Starting Address

Destination Address

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