6531 Del Playa Drive, ISLA VISTA, CA 93117, ISLA VISTA, 93117 - 0 bed, 0 bath
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ISLA VISTA, CA 93117
This oceanfront multi-family property represents a High-Potential Investment Opportunity with a List Price of $4,550,000—positioned well below the $4,746,443 Fair Market Value by 4%. This valuation gap offers $196,443 in Instant Equity. Featuring unobstructed panoramic ocean views, a new 2024 roof, and structural caissons, the asset maintains a Condition Rating of 4. With a captive student tenant pool and potential for ADU development, this is an ideal acquisition for Buy-and-Hold Investors or UCSB-affiliated parents seeking long-term cash flow.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 6531 Del Playa Drive Subject | $4,550,000* List Price | 0 | 0 | 6,445 | $736 | - |
A 6591 Cordoba Road Active | $4,425,000 List Price | 0 | 0 | 5,130 | $863 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property was built in 1968 (56+ years old), placing it in a dated category. While it features a new roof (2024) and structural caissons (1990s), the lack of mentioned interior renovations to kitchens and bathrooms suggests they are aged and likely require updates to meet modern standards, though the building remains functional for student housing.
Situated in an A+ location adjacent to UCSB, the property benefits from a captive student tenant pool and high demand for oceanfront living, ensuring consistent occupancy.
Offers an impressive estimated cap rate of 6.64% to over 7%, with significant upside potential through market rent adjustments and ADU development in the covered parking area.
Features a new roof installed in 2024, a protective seawall, and structural caissons, providing superior geological stability compared to other blufftop properties in Isla Vista.
The 6th unit is a converted storage space with unknown permit status, which may present compliance or financing challenges for a new owner despite its rental history.
Despite existing reinforcements and favorable geology, the blufftop location remains subject to natural erosion and environmental factors inherent to coastal real estate.
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. View the unbranded Offering Memorandum under Documents for more information including unit floorplan layouts, site plan and financials.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 6,445 | 6,445 | 50% |
| Lot Size | 12,632 | 12,632 | 50% |
| Price | $4.55M | $4.55M | 50% |
| Price per sq ft | $706 | $706 | 50% |
| Built year | 1968 | 1968 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 26 | 178 | 33% |
May 19, 2026
$4,550,000
Initial Listing