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6757 Del Playa Dr

0.32 Acres of Residential Land Offered at $699,000 in Isla Vista, CA 93117

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Investment Highlights

Oceanfront development opportunity
Student rental area for UC Santa Barbara, newer/remodeled rents on the oceanfront approach $8-$10/SF/month

Eligilibity for SB330 "Builder's Remedy", contact agent for details

Executive Summary

Consider either a standard density project with current zoning, or possible higher density under SB330 (call for details), or for short-term or long-term creative monetization such as parking rent, parking entitlement credits, etc. Existing structure is not habitable, it is within the required blufftop setback and is unlikely to be salvageable in any way; there is no value given to the existing structure. This listing is a high potential upside offering with risk, but at a relatively low price exposure and an accessible price point. Please do not go on property without an agent.

Property Facts

Price	$699,000	Property Type	Land
Sale Type	Investment	Property Subtype	Residential
Sale Conditions	Redevelopment Project	Total Lot Size	0.32 AC
No. Lots	1

Price	$699,000
Sale Type	Investment
Sale Conditions	Redevelopment Project
No. Lots	1
Property Type	Land
Property Subtype	Residential
Total Lot Size	0.32 AC

1 Lot Available

Lot

Price	$699,000	Lot Size	0.32 AC
Price Per AC	$2,184,375

Price	$699,000
Price Per AC	$2,184,375
Lot Size	0.32 AC

Oceanfront development opportunity at a very low price point in the Isla Vista student community serving UC Santa Barbara. Property to be delivered at close of escrow in its current state, Buyer to be responsible for future demolition of structure.

Description

Oceanfront development opportunity at low price point in the Isla Vista student community serving UC Santa Barbara. Consider either a standard density project with current zoning, or possible high density under SB330 with eligibility pre-approval of up to 15 units. SB330 may also allow construction within the front setback, to improve the lifetime of the property by increasing distance to the blufftop. Under SB330, a future project entitlement may be protected with a more streamlined approval process and limited review discretion. Call for details about status, timeline, and flexibility for Buyer to design the layout and unit mix. The SB330 window is now closed, making this opportunity rare for the local area. Seller financing considered at 50% loan-to-value for up to 2 years.

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