Description

This mixed-use offering is in the premium student housing market and college business district of Isla Vista. With the main UCSB campus within a block and the beach just a few blocks away, this offering provides outstanding investment fundamentals and the very best of the coastal college lifestyle. The offering consists of two adjoining parcels less than a block from the UCSB campus and next to The Loop. 6529 Trigo Road is a mixed-use property comprising 7 units (4 residential studios and 3 ground floor commercial units). 6528 Sabado Tarde is a 4-unit apartment (all 2 bed + 2 bath units). The majority of the units have been remodeled with tile floors, new or refurbished cabinets, and granite countertops. The current owner has maintained the properties well with capital upgrades to the plumbing, electrical, roof, and exterior. The properties are part of a four-property student housing portfolio that is also for sale, consisting of 28 residential units and 3 commercial units. The assets are in the heart of Isla Vista, the high-demand student community adjacent to UCSB, with very high barriers to entry for new development, rental vacancy of around 2%, and exceptional upside. UCSB is a top-tier university of approximately 25,000 students, ranked #7 among public universities in US News & World Report (2023) with a 29% freshman acceptance rate in 2022. PARKING: 9 Uncovered ZONING: C-2 & SR-H-20 PRICE: $5,000,000 ($454,545 per unit) CURRENT CAP RATE & GRM: 4.68% | 14.14 PROFORMA CAP RATE & GRM: 5.47% | 12.61 PARCEL NUMBER (APN): 075-173-035 & 075-173-036 BUILDING SIZE: 7,851 SF LOT SIZE: 9,582 SF | 0.22 Acres UNITS: 11 Units total: • 6529 Trigo Road is 3 Commercial Units & 4 Studios • 6528 Sabado Tarde Road is 4x2BD/2BA AVERAGE UNIT SIZE: Residential 666 SF, Commercial 841 SF