Multifamily Property for Sale - Student Housing - Isla Vista, California ID: 3528558956

FULLY RENOVATED IN 2025 ISLA VISTA FIVE-PLEX WITH IMMEDIATE UPSIDE NEAR UCSB 6591 Cordoba Road presents a rare opportunity to acquire a fully renovated five-unit student housing asset just minutes from UCSB, located on the desirable 6-5 block in Isla Vista. The property includes three large 3-bedroom, 2-bath units, one 3-bedroom, 2.5-bath unit, and one oversized 2-bedroom, 2-bath unit, totaling 25 beds. All units are extremely spacious and thoughtfully laid out for student living. In 2025, the property underwent a full-scale renovation, including new LVP flooring, appliances, cabinetry, windows, blinds, exterior paint, and significant upgrades to plumbing, electrical, and sewer systems. Three of the five units feature private balconies, including two front-facing balconies and a newly added side-facing balcony that enhances the appeal and livability of the upper units. Although fully pre-leased for the 2025–2026 school year, leases were signed prior to renovation, meaning current rents are well below market—offering clear and immediate upside for the 2026–2027 leasing cycle and beyond. The asset is currently operating at a 5.32% cap rate, with further value available through eight on-site parking spaces that are not currently monetized.