406 Ellwood Beach Drive, Goleta, CA 93117, Goleta, 93117 - 16 bed, 12 bath
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Goleta, CA 93117
Analysis of 406 Ellwood Beach Drive, Goleta, CA 93117 is currently available with a list price of $3,600,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Goleta Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
The property is a value-add multi-family asset with a mix of recently updated and dated units. While a 'proven renovation strategy' has been applied to some units (new appliances, water heaters, and paint), the overall structure and unrenovated units are likely over 20 years old. The listing's focus on 'rental upside' and 'mark-to-market potential' indicates that the majority of the property requires updates to meet modern standards.
Situated steps from Ellwood Beach and near UCSB, the property benefits from a high-demand rental market with consistent tenant pools from the university and local employment centers.
There is a clear mark-to-market opportunity with renovated units achieving $3,200 per month, supported by a tested $40,000-per-unit renovation model to drive immediate equity.
The property is subject only to California’s AB 1482 rent caps rather than stricter local rent control found in neighboring Santa Barbara, offering greater flexibility for income growth.
Realizing the full rental potential requires a substantial upfront investment of approximately $40,000 per unit for renovations and modern upgrades.
The high-density unit mix and proximity to the UCSB-adjacent market suggest a student-heavy demographic, which typically results in higher turnover and increased maintenance requirements.
-Prime Coastal Location: Located steps from Ellwood Beach in the highly sought-after Goleta submarket of Santa Barbara County, benefiting from strong renter demand driven by proximity to UCSB, Isla Vista spillover, and major South Coast employment centers. -Desirable Unit Mix: Two-bedroom layouts align with strong local demand from students, young professionals, and shared living arrangements common in the UCSB-adjacent rental market. -Clear Rental Upside: Current rents average $2,845 for two-bedroom/one-bath units and $3,031 for two-bedroom/two-bath units, while renovated units achieve $3,200 per month, demonstrating immediate mark-to-market potential. -Proven Renovation Strategy: Upgrades including new appliances, water heaters, interior paint, and modern finishes have been completed for approximately $40,000 per unit, establishing a repeatable value-add model. -Additional Income Stream: On-site laundry generates approximately $6,000 in annual ancillary income. -Favorable Regulatory Environment: Goleta follows California's AB 1482 rent cap (5% + CPI, max 10%) and has not implemented stricter local rent control, unlike nearby Santa Barbara, Oxnard, and Ojai. -Supply-Constrained Market: Limited new development along the Santa Barbara South Coast continues to support long-term rent growth for well-located coastal assets.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 16.0 | 0.0 | 88% |
| Baths | 12.0 | 0.0 | 88% |
| Square foot | 6,819 | 1,257.5 | 75% |
| Lot Size | 11,326 | 6,533.8 | 75% |
| Price | $3.60M | $2.80M | 63% |
| Price per sq ft | $528 | $476 | 50% |
| Built year | 0 | 1959 | 38% |
| HOA | $0 | $0 | 50% |
| Days on market | 37 | 194 | 13% |
Mar 16, 2026
$3,600,000
Initial Listing