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$ 16,250,000
Est. payment /mo
Active
6587 Cervantes Road Goleta, CA 93117
12,757 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,757 sqft
Price per Sqft $1,273
MLS Listing ID CL25581755
HOA Y/N No
Lot Size 1.000 Acres
Acres 1.0
Property Sub-Type Other
Property Description
We are pleased to present a rare combined offering in the heart of Isla Vista: a stabilized, fully renovated student housing portfolio seamlessly integrated with an entitled development site. This irreplaceable parcel, located just two blocks from the University of California, Santa Barbara (UCSB), provides a unique solution to one of the most challenging aspects of real estate development carrying costs. Investors can immediately collect substantial income from the existing 22 units, offsetting much or all of the holding expenses typically associated with development. This built-in income hedge mitigates risk, enhances returns, and allows positive cash flow from day one through the entire development timeline. The income-producing portion consists of 22 fully renovated units (48 beds) across two contiguous buildings at 759 Embarcadero Del Mar and 6587 Cervantes Road. Together, the properties total approximately 12,757 square feet of gross building area on 28,560 square feet of allocated lot area. Both properties underwent comprehensive renovations in 2023, including major system replacements, fully remodeled kitchens and bathrooms, in-unit laundry installation, and exterior upgrades. Durable finishes, modern amenities, and professional management creating an operationally stable
Location
State CA
County Santa Barbara
Zoning SR-H
Interior
Fireplace No
Laundry See Remarks
Building
New Construction No
Others
Tax ID 075032008
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Listed by Filip Niculete • Marcus & Millichap