Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

property brief

Wonderful, updated triplex situated on the ocean side of Del Playa Drive which runs along Isla Vista’s bluff top and remains the most sought after street for student housing near UCSB. Isla Vista is a beautiful place to live, work and attend college, making this location highly desirable to potential tenants. In fact, this area of the community commands higher rents and is the first to lease up with leases typically signed nine months prior to expiration for the following academic year. This triplex has (1) 5BR/2BA, (1) 6BR/3BA and (1) 6BR/4BA units, all with multiple refrigerators, dishwashers, granite counters, stainless appliances, common laundry with two washers and dryers and an oversized patio to enjoy the sweeping ocean views. Recent capital improvements include new plumbing and heating plus a 3-year-old roof system. The property has been reconfigured and sits approximately 30’ from the cliff.

Units ▶ 3

Unit Mix ▶ (1) 5BR/2BA, (1) 6BR/3BA, (1) 6BD/4BA

Price Per Unit ▶ $1,650,000

Building Size ▶ ±7,525 SF

Lot Size ▶ ±13,068 SF

Price/SF Lot ▶ $379/SF

Parking ▶ On-site

APN ▶ 075-202-046

Zoning ▶ SR-M-8

Year Built ▶ 1968

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

Offered at$4 ,9 5 0,0 0 06.42% CAP | $317,679 NOI

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

6625 Del Playa Dr.

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

floorplan | lower level

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

floorplan | upper level

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

income analysis

Executive Summary# Units: 3

Price: $4,950,000Price/Unit: $1,650,000

NOI: $317,679GRM: 11.25

CAP Rate: 6.42%Lot Size: 13,068 SF

Price/Lot SF: $379/SFEst. Building Size: 7,525 SF

APN 075-202-046Zoning SR-M-8

Year Built 1968

CalculationsCurrent Market

EOI: $439,824 $457,229

Annual Exp.: $122,145 $123,015

NOI: $317,679 $334,213

GRM: 11.25 10.83

CAP: 6.42% 6.75%

Annual ExpensesCurrent Current % GOI Market % GOI Market

Real Estate Taxes: 1.12% $55,440 12.6% 12.1% $55,450Insurance: Act. $3,570 0.8% 0.8% $3,570

Utilities: Act. $11,244 2.6% 2.5% $11,244Electric $600 $600

Water/Trash $10,500 $10,500

Gas $144 $144

Laundry Rental: Act. $1,200 $1,200Maint/Repairs: Est. $5,000/Unit $15,000 3.4% 3.3% $15,000

Grounds: Est. $4,200 1.0% 0.9% $4,200Off-site Management: 5% $21,991 5.0% 5.0% $22,861

Pest Control: Est. $1,000 0.2% 0.2% $1,000Legal & Accounting: Est. $1,000 0.2% 0.2% $1,000

Reserves: Est. $2,500/Unit $7,500 1.7% 1.6% $7,500

Annual Expenses Per Unit $40,715 $41,005

Annual Expenses $122,145 27.5% 26.6% $123,015

Unit Mix & Rent SchedulesCurrent Rent Market Rent

# Units Mix Rent/Unit Monthly Income Rent/Unit Monthly IncomeA 5/2 $8,000 $8,000 $8,320 $8,320B 6/3 $14,500 $14,500 $15,080 $15,080C 6/4 $14,500 $14,500 $15,080 $15,080

Monthly Rental Income: $37,000 $38,480Monthly Laundry Income: $400 $400

Potential Gross Monthly Income: $37,400 $38,880Potential Gross Annual Income: $448,800 $466,560

Less: Vacancy & Collection Loss: 2% $8,976 2% $9,331Effective Gross Economic Income: $439,824 $457,229

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

Property Address Date Sold Sale Price # Units $ Per Unit GRM

1 Subject Property: 6625 Del Playa Dr. Subject Property $4,950,000 3 $1,650,000 11.25

2 6525 Del Playa Dr., Isla Vista 5/1/2018 $3,862,089 4 $965,522 14.13

3 6555 Del Playa Dr., Isla Vista 5/1/2018 $2,034,407 3 $678,136 11.71

4 6564 Del Playa Dr., Isla Vista 5/1/2018 $2,512,580 2 $1,257,790 14.91

5 6573 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23

6 6777 Del Playa Dr., Isla Vista 4/30/2018 $4,600,000 5 $920,000 13.31/CAP 5%

7 6575 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23

8 6577 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23

9 6579 Del Playa Dr., Isla Vista 5/1/2018 $2,147,430 1 $2,147,430 16.23

10 6745 – 6747 Del Playa Dr. Isla Vista Active $3,250,000 4 $812,500 10.57

11 6597 Del Playa Dr., Isla Vista 5/1/2018 $2,053,727 1 $2,053,727 13.69

12 6599 Del Playa Dr., Isla Vista 5/1/2018 $2,053,727 1 $2,053,727 13.69

13 6533 El Nido/6534 Del Playa Dr., Isla Vista 5/1/2018 $3,391,645 2 $1,695,822 16.02

14 6535 El Nido/6536 Del Playa Dr., Isla Vista 5/1/2018 $3,391,645 2 $1,695,822 16.02

15 6631 Del Playa Dr., Isla Vista 5/1/2018 $2,125,000 1 $2,125,000 14.40

16 6633 Del Playa Dr., Isla Vista 5/1/2018 $2,125,000 1 $2,125,000 14.40

19 11 7810

131412

56 1516

43

2

comparable sales

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

Isla VistaThe Subject Portfolio is situated in the ideal college beach community of Isla Vista, an unincorporated area located in South Santa Barbara County and part of the greater Santa Barbara metro area. Roughly 10 miles west of the city of Santa Barbara, Isla Vista is bounded by Goleta to the north, the University of California Santa Barbara to the east, UCSB faculty housing to the west and the Pacific Ocean to the south.

The community primarily consists of multi-family and single-family residences and serves largely as a student housing base for UCSB. With a good base of recreational amenities, Isla Vista’s downtown core includes a central park, food and beverage establishments and retail services and markets, all geared toward students. At just 1.8 sq. miles, the community is very bike friendly, and it is also serviced by Santa Barbara’s Regional Transit Authority bus line.

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

High percentage of rental units, low vacancyIsla Vista is known for its vibrant student and beach culture, cultivated by a population largely made up of UCSB and Santa Barbara City College students. In fact, with a population of approximately 23,096, roughly 20,274 of Isla Vista’s residents are below the age of 24.

The high stability community predominantly consists of student housing developments in a roughly 1.8 sq. mile neighborhood. Residential development comprises mostly older single-family detached and multi-family residences and apartment complexes within planned communities. There is minimal residential growth in the area and land uses are not likely to change in the future. Overall, the outlook for the region is stable.

According to Claritas, of Isla Vista’s 13,940 occupied housing units, approximately 63.12 percent are occupied by renters. This compares to the state’s 42.58 percent rental occupancy. Of course, the percentage of occupied housing units that are renter occupied is an indicator of demand within an area. Furthermore, Isla Vista’s rental vacancy rate is just 1.9%, making the community one of the lowest vacancy markets in California.

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

Between its three world-class institutions—UC Santa Barbara, Santa Barbara City College and Westmont College—the South Coast region of Santa Barbara County

is considered one of the country’s premier higher education destinations, boasting combined enrollment surpassing 42,000 students.

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Lori Zahn805.879.9624lzahn@radiusgroup.comCA Lic. 01914851

for sale � 3-unit apartment building near ucsb6 6 2 5 d e l p l aya d r . | i s l a v i sta , c a 93 1 17

r a d i u s c o m m e r c i a l r e a l e s t a t e & i n v e s t m e n t s | 2 0 5 e . c a r r i l l o s t . s u i t e 1 0 0 | s a n t a B a r B a r a c a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | r a d i u s g r o u p. c o m3.18.19

University of California Santa BarbaraA short distance north of Santa Barbara is the University of California, Santa Barbara. The sprawling campus is situated on 1,055 acres along the pristine California coastline about 100 miles northwest of Los Angeles.

Newsweek has named UCSB one of the country’s “hottest colleges” twice in the past decade, and U.S. News and World Report ranks UCSB number 10 among all public universities.

The university offers over 200 majors, degrees and credentials and boasts an international student enrollment totaling approximately 22,026 (although Fall 2011 applications from prospective freshmen and transfer students totaled 63,303!).

In addition, UCSB’s renowned faculty includes five Nobel Laureates and members and fellows of the prestigious American Academy of Arts and Science and the National Endowment for the Humanities, to name a few.