Capital expenditures exceed $163,000 in 2026. This student housing investment property features (2) 3-bedroom/2-bathroom units and (1) efficiency unit, with 2 additional units in the final stages of approval, offering a compelling value-add opportunity alongside strong in-place performance. The property is fully leased through 2027 and offers a 5.51% cap rate for the 2026–2027 school year. The main residence benefits from significant capital improvements completed in 2026, and the property includes an oversized parking lot — a rare amenity for Isla Vista tenants. Centrally located in Isla Vista, the property sits just minutes from UC Santa Barbara, shops, and local beaches. *Efficiency unit not included in total unit count.