6591 Cordoba Road, Goleta, CA 93117, Goleta, 93117 - bed, bath
ACTIVE$4,550,000$5,130/sqft
6591 Cordoba Road, Goleta, CA 93117
0Bed
0Bath
5,130Sqft
7,840.8Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Exceptional Location: Strategically positioned in the center of Isla Vista, a high-demand student housing corridor, and just minutes from the beach, ensuring consistent tenant interest.
Top Cons:
Property Age: Built in 1966, the property may require significant capital expenditures for system upgrades, modernization, or deferred maintenance to remain competitive.
Compared to the nearby listings
Price:$4.55M vs avg $2.10M (+$2,450,000)83%
Size:5,130 sqft vs avg sqft83%
Price/sqft:$887 vs avg $083%
More Insights
Built in 1966 (60 years old).
Condition: Built in 1966, this property shows signs of recent cosmetic updates including new LVP flooring, fresh paint, and updated kitchen cabinets with modern hardware and recessed lighting. However, the kitchen still features an older-style white gas range and refrigerator, and the bathroom vanity with its pink/peach laminate countertop is significantly dated. While functional and clean, the mix of updated and outdated components, along with the age of the building and lack of central HVAC, indicates it's aged but maintained with occasional updates, requiring further modernization to meet current standards.
Year Built
1966
Close
-
List price
$4.55M
Original List price
-
Price/Sqft
$887
HOA
$0
Days on market
-
Sold On
-
MLS number
V1-32761
Home ConditionFair
Features
Good View:
Deck
View-
About this home
Welcome to 6591 Cordoba Rd, a well positioned 5-unit multifamily property in the center of Isla Vista--just minutes the beach. On a 7,840 SF lot, this asset offers strong rental demand, consistent income, and longterm upside in one of Santa Barbara County's most sought-after rental markets. Each unit is designed for comfort and efficiency, with features like private balconies and ample parking. With its strategic location and proven rental performance, the property is ideal for investors seeking stability and growth in a high-demand student housing corridor. 5.32% CAP RATE
M
Michael Lopus
Listing Agent
Price History
Date
Event
Price
11/26/24
Sold
$2,935,000
Condition Rating
Fair
Built in 1966, this property shows signs of recent cosmetic updates including new LVP flooring, fresh paint, and updated kitchen cabinets with modern hardware and recessed lighting. However, the kitchen still features an older-style white gas range and refrigerator, and the bathroom vanity with its pink/peach laminate countertop is significantly dated. While functional and clean, the mix of updated and outdated components, along with the age of the building and lack of central HVAC, indicates it's aged but maintained with occasional updates, requiring further modernization to meet current standards.
Pros & Cons
Pros
Exceptional Location: Strategically positioned in the center of Isla Vista, a high-demand student housing corridor, and just minutes from the beach, ensuring consistent tenant interest.
Strong Rental Income & Demand: The property is a 5-unit multifamily asset with proven strong rental demand and consistent income, ideal for investors seeking stable cash flow.
Attractive CAP Rate: A reported 5.32% CAP rate indicates a solid return on investment, making it an appealing opportunity for income-focused buyers.
Long-Term Growth Potential: Located in one of Santa Barbara County's most sought-after rental markets, the property offers significant long-term upside potential.
Unit Amenities: Each unit is designed for comfort and efficiency, featuring private balconies and ample parking, enhancing tenant appeal and retention.
Cons
Property Age: Built in 1966, the property may require significant capital expenditures for system upgrades, modernization, or deferred maintenance to remain competitive.
Student Housing Management: While a strength for demand, managing student housing can involve higher tenant turnover, increased wear and tear, and specific management challenges.
High Entry Price Point: The list price of $4.55 million represents a substantial investment, potentially limiting the pool of prospective buyers to well-capitalized investors.