6531 Del Playa Drive, Isla Vista, CA 93117

Isla Vista
Local realty services provided by:Better Homes and Gardens Real Estate Property Shoppe
6531 Del Playa Drive,Isla Vista, CA 93117
$4,550,000
  • - Beds
  • - Baths
  • 6,445 sq. ft.
  • Multi-family
  • Active
Listed by: ken switzer
Office: berkshire hathaway homeservices california properties
MLS#:26-1661
Source:SBAOR

Price summary

  • Price:$4,550,000
  • Price per sq. ft.:$705.97

About this home

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...

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Home facts

  • Year built:1968
  • Listing ID #:26-1661
  • Added:1 day(s) ago
  • Updated:May 20, 2026 at 09:52 PM

Rooms and interior

  • Flooring:Tile, Vinyl, Wood/Laminate
  • Living area:6,445 sq. ft.

Heating and cooling

  • Heating:Forced Air, Heating

Structure and exterior

  • Year built:1968
  • Building area:6,445 sq. ft.
  • Lot area:0.29 Acres
  • Lot Features:Near Public Transit
  • Foundation Description:Slab

Schools

  • High school:San Marcos
  • Middle school:Gol Valley
  • Elementary school:Isla Vista

Finances and disclosures

  • Price:$4,550,000
  • Price per sq. ft.:$705.97

Parking

  • Carport spaces:3
Based on information from the Santa Barbara MLS as of May 20, 2026 Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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