6591 Cordoba Road, ISLA VISTA, CA 93117, ISLA VISTA, 93117 - bed, bath
ACTIVE$4,550,000$5,130/sqft
6591 Cordoba Road, ISLA VISTA, CA 93117
0Bed
0Bath
5,130Sqft
7,841Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Isla Vista Location: Strategically located in the heart of Isla Vista, minutes from the beach, tapping into one of Santa Barbara County's most sought-after rental markets.
Top Cons:
Property Age: Built in 1966, the property is older, which may necessitate ongoing maintenance and potential capital expenditures for systems or structural updates.
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 is over 50 years old. While the exterior appears maintained, there are no interior images or descriptions of recent renovations, especially for kitchens and bathrooms. The property analysis explicitly notes 'Property Age' as a weakness, stating it 'may necessitate ongoing maintenance and potential capital expenditures for systems or structural updates.' This strongly suggests that major systems and interior components are outdated and require substantial repairs and rehabilitation to meet current standards, aligning with a 'poor' condition rating.
Year Built
1966
Close
-
List price
$4.55M
Original List price
-
Price/Sqft
$887
HOA
$0
Days on market
-
Sold On
-
MLS number
26-68
Home ConditionPoor
Features
View-
About this home
Welcome to 6591 Cordoba Rd, a well-positioned 5-unit multifamily property in the center of Isla Vista-just minutes to the beach. On a 7,840 SF lot, this asset offers strong rental demand, consistent income, and long-term 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
Poor
Built in 1966, this property is over 50 years old. While the exterior appears maintained, there are no interior images or descriptions of recent renovations, especially for kitchens and bathrooms. The property analysis explicitly notes 'Property Age' as a weakness, stating it 'may necessitate ongoing maintenance and potential capital expenditures for systems or structural updates.' This strongly suggests that major systems and interior components are outdated and require substantial repairs and rehabilitation to meet current standards, aligning with a 'poor' condition rating.
Pros & Cons
Pros
Prime Isla Vista Location: Strategically located in the heart of Isla Vista, minutes from the beach, tapping into one of Santa Barbara County's most sought-after rental markets.
Robust Rental Income & CAP Rate: A 5-unit multifamily asset with strong rental demand, consistent income, and an attractive 5.32% CAP Rate, indicating solid financial performance.
High-Demand Student Housing Corridor: Positioned within a proven high-demand student housing market, ensuring high occupancy and a stable tenant base.
Desirable Unit Amenities: Units feature private balconies and ample parking, enhancing tenant comfort and convenience, which are key differentiators in a dense area.
Long-Term Investment Upside: The property offers significant long-term upside potential in a historically appreciating market, ideal for growth-oriented investors.
Cons
Property Age: Built in 1966, the property is older, which may necessitate ongoing maintenance and potential capital expenditures for systems or structural updates.
Significant Recent Price Appreciation: A substantial price increase from its last sale in late 2024 to the current listing price ($2.935M to $4.55M) suggests a potentially aggressive valuation or limited immediate equity upside for a new buyer.
Student Housing Management Demands: While profitable, managing student housing can involve higher tenant turnover, increased wear and tear, and specific management requirements compared to other residential properties.