6615 Sabado Tarde Rd, Goleta, CA 93117

Jun 5

Written By Jake Glaser

Coastal Duplex in Isla Vista | Sold for Incredible 4.32% Cap Rate

Sold: $1,680,000

$763.63/SF

2 Units

4.32% Cap Rate

15.22 GRM

Property Highlights

Coastal duplex located in Isla Vista built in 1960
Perfect rental for UC Santa Barbara students
Mix of (1) 2-bed / 1-bath and (1) 4-bed / 2-bath
4-bed / 2-bath unit consists of legal 2-bed / 1-bath plus (2) bonus bedrooms and (1) bonus bathroom
Legal SF of 1,800 SF, converted garage space adds additional livable SF totaling 2,200 SF
Parking can accommodate 5 vehicles
Huge rooftop deck for upstairs unit tenants
Full renovations in 2014 included new roof, new gutters, full interior renovations & exterior paint
1 block from Camino Del Sur Beach
Incredible rare opportunity for investors to own a high demand student rental at a top university
Sold within the first 10 days on market at a 4.32% going-in cap rate and 15.22 GRM
Negotiated a tenant buyout program to deliver the property fully vacant after the current school year
Buyer secured the asset as both current UCSB student housing and a long-term coastal investment property

The Deal Story

The Glaser Group is proud to announce the successful closing of 6615 Sabado Tarde Road, Isla Vista, CA, a coastal UCSB student housing duplex located in the highly sought-after Isla Vista submarket. Within the first 10 days on the market, our team secured a strong offer and executed a buyout program with the current tenants to deliver the asset fully vacant after the current school year. The property sold at an impressive 4.32% going-in cap rate and 15.22 GRM.

The property consists of a 2-bedroom, 1-bathroom unit and a 4-bedroom, 2-bathroom unit, totaling approximately 1,800 square feet of legal living space, with converted garage space expanding the functional footprint to roughly 2,200 square feet. The property featured a private backyard as well as a rooftop deck.

The Seller, a repeat Los Angeles-based client, partnered with our team once again as part of their broader strategy to exchange management-intensive Southern California multifamily assets into out-of-state triple-net retail investments. This transaction marks our sixth successful closing with this client, representing over $23,180,000 in total deal volume together since 2023, a testament to the trust and long-term relationship we've built.

The Buyer was a motivated investor with past alumni ties to UCSB and current ties through their child attending the university. This investment will serve as current housing for their child as well as a long term cash-flowing asset for their portfolio in a high demand coastal student rental market.

If you're considering a sale or acquisition, contact The Glaser Group at (310) 230-5157.