6516 Del Playa Drive, GOLETA, CA 93117, GOLETA, 93117 - 6 bed, 5 bath
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GOLETA, CA 93117
This High-Yield Student Housing Asset is listed at $2,325,000, representing a stable valuation relative to its $2,224,315 Fair Market Value and high-density utility. The property delivers a robust $17,000 monthly rental income and a 6.07% cap rate, featuring a Move-in Ready Condition Rating with a modern 3BD/3BA ADU and a private patio. Positioned on the iconic Del Playa corridor, the asset offers guaranteed occupancy through 2027 due to perpetual UCSB demand. This is a premier opportunity for Buy-and-Hold Investors and Portfolio Managers seeking reliable coastal returns.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 6516 Del Playa Drive Subject | $2,325,000* List Price | 6 | 5 | 1,027 | $2,166 | - |
A 6880 Pasado Road Active | $2,425,000 List Price | 7 | 5 | 1,340 | $1,810 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and well-maintained, featuring updated kitchens with stainless steel appliances and stone countertops. Bathrooms have been modernized with contemporary tile work and updated vanities. While the main structure was built in 1989, the interior shows evidence of significant renovations and the addition of a modern ADU within the last 5-15 years, resulting in minimal wear and tear despite its high-density use.
The property generates a robust $17,000 monthly income with a projected 6.07% cap rate, offering investors a high-yield opportunity in a competitive coastal market.
With leases already secured through the 26/27 academic year, the asset provides immediate income certainty and eliminates vacancy risk for the foreseeable future.
Situated on the iconic Del Playa corridor, the property benefits from perpetual student housing demand and long-term appreciation potential driven by its proximity to UCSB.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 6, other record bedroom count = 1.
As a high-density student rental in a high-traffic corridor, the property is subject to significant wear and tear, necessitating higher maintenance and turnover reserves.
With 6 bedrooms and 5 bathrooms configured within approximately 1,027 square feet, the interior layout is extremely dense and may limit appeal to non-student demographics.
Positioned on the iconic Del Playa corridor in Goleta, 6516 Del Playa presents a rare two-unit investment opportunity featuring a 3BD/2BA main residence and a 3BD/3BA ADU -- both fully leased through the 26/27 academic year. The property generates 17,000/month in combined rental income with an NOI stepping from 130,663 to 141,073 year-over-year. The 26/27 leases are already in place, providing immediate cash flow certainty and a clear path to a 6.07 cap rate. With limited inventory and perpetual student housing demand driven by UCSB, this asset offers investors a compelling blend of current income and long-term appreciation in one of Santa Barbara County's most sought-after rental markets. *SF is Est.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 6.0 | 4.0 | 99% |
| Baths | 5.0 | 2.0 | 97% |
| Square foot | 1,027 | 1,627 | 3% |
| Lot Size | - | 7,405.2 | 14% |
| Price | $2.33M | $1.47M | 92% |
| Price per sq ft | $2.3K | $874 | 99% |
| Built year | 1989 | 1963 | 87% |
| HOA | $0 | $0 | 50% |
| Days on market | 37 | 184 | 1% |
Mar 16, 2026
$2,325,000
Initial Listing