6587 Cervantes Rd - Apartments FOR SALE
Goleta, CA 93117 |
6587 Cervantes Rd
Goleta, CA 93117
HIGHLIGHTS
- 22 Stabilized, Fully Renovated Units – 48 beds generating ~$950K annual gross income, 100% leased through the 2025/26 school year.
- 27-Unit Entitled Development Site – Approved four-story podium project with 24 one-bedrooms and 3 two-bedrooms, projected to deliver $1M+ NOI
- Premier Isla Vista Location – Just 2 blocks from UCSB and walking distance to the beach in a near-zero vacancy, high-demand rental market.
- Turnkey Operations – Comprehensive 2023 renovations including new systems, kitchens, baths, and in-unit laundry.
- Risk Mitigation – In-place cash flow offsets carrying costs during entitlement-to-construction timeline.
FOR SALE DETAILS
PRICE
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# OF UNITS
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CAP RATE
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% LEASED
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BUILDING DETAILS
PROPERTY NAME
Two-in-One Isla Vista Investment
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Low-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
12757
STORIES
2
YEAR BUILT
1963
PARKING SPACES
14
LAND DETAILS
LAND ACRES
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LAND SF
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ZONING
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APN/PARCEL ID
075-032-008
