$15,250,000

6587 Cervantes Road, Goleta, CA 93117

  • 12,757 sqft
  • Property Icon other
  • Property Year Built Icon Built in ——
  • Property Lot Size Icon1acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $1,195/sqft
  • Property List Date Icon Listed 7 months ago

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

Listing Status:
Active
Date Added:
May 9, 2025 at 05:00AM
Listing Office:
Marcus & Millichap : 818-212-2700
Listing Agent:
Filip Niculete : 818-212-2763
MLS ID:
CL25581755
  • Laundry: See Remarks
  • Parking: None
  • Originating MLS: CRMLS
  • County: Santa Barbara
  • Zoning: SR-H075032008
  • Source: CRMLS

This listing courtesy of Filip Niculete, Marcus & Millichap

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

I

Isla Vista Elementary School

6875 El Colegio Rd, Goleta, CA, 93117

Grades KG-6

0.62 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.