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6624 Sueno Rd 0.34 Acres of Residential Land Offered at $2,000,000 in Goleta, CA 93117
Investment Highlights
- 14,810 SF lot with substantial redevelopment potential in Isla Vista.
- Located adjacent to UC Santa Barbara’s campus with enrollment over 26,000 students.
- Proximity to Highway 101, Goleta business corridor, and Santa Barbara Airport.
- Zoning permits by-right construction of six residential units.
- Competitive rental environment with strong, sustained bed demand.
Executive Summary
The site currently operates as a 3-bedroom, 1-bath single family residence (1,102 SF) with significant underlying land value. The improvement-to-land ratio strongly signals a tear-down/redevelopment profile. Currently leased for $4400/month and tenants pay all utilities.
Property Facts
| Price | $2,000,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Condition | Redevelopment Project | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.34 AC |
| Zoning | SRM18 | ||
| Price | $2,000,000 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Multifamily |
| Total Lot Size | 0.34 AC |
| Zoning | SRM18 |
1 Lot Available
Lot
| Price | $2,000,000 | Lot Size | 0.34 AC |
| Price Per AC | $5,882,508.65 |
| Price | $2,000,000 |
| Price Per AC | $5,882,508.65 |
| Lot Size | 0.34 AC |
Description
6624 Sueno Road offers a rare infill development opportunity in the heart of Isla Vista, one of the most supply-constrained and highest-demand student housing markets in California. Situated adjacent to UC Santa Barbara’s campus and within Santa Barbara County, this 14,810 SF parcel provides exceptional potential for a multi-unit residential redevelopment. With SR-M-18 zoning allowing by-right development of up to six units, the site aligns perfectly with current housing demands where vacancy rates remain structurally near zero. Currently improved with a leased single-family dwelling, the property offers immediate holding income while developers pursue entitlements and new construction. Market fundamentals are robust: UCSB enrollment exceeds 26,000 students, driving consistent rental growth, with new construction targeting per-bed rents of $1,700+. Surrounded by established residential neighborhoods, abundant retail options, beaches, and quick access to Highway 101, this property represents a strategic acquisition for investors seeking long-term value in a highly resilient market.
Property Taxes
| Parcel Number | 075-101-019 | Improvements Assessment | $95,076 |
| Land Assessment | $116,207 | Total Assessment | $211,283 |
Property Taxes
