Apartment Building With Detached
For Sale
$3,000,000
1662 Eucalyptus Drive, Solvang, CA 93463
Multi Family, Solvang, CA
Property Size9,291 SF
Lot Size1.10 Acres
Price / SF$322.89
Days on Market61
Property Features for 1662 Eucalyptus Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Fam R3,Apartment,Re
Bedrooms
18
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 5, Bathroom 5, Bathroom 6, Bedroom 10, Bathroom 11, Bedroom 18, Bedroom 13, Bathroom 4, Bathroom 7, Bedroom 12, Bathroom 2, Bedroom 9, Bathroom 10, Bathroom 8, Bathroom 3, Bedroom 8, Bedroom 1, Bedroom 17, Bedroom 11, Bedroom 2, Bathroom 9, Bedroom 15, Bedroom 16, Bedroom 3, Laundry Room, Bedroom 4, Bedroom 6, Bathroom 12, Bedroom 7, Bathroom 1, Bedroom 14
Patio and Porch features
Patio
Exterior features
Patio
Subdivision
1 - Not Applicable
Standard status
Active
APN
139-080-023
Size
9,291 SF
Lot size
1.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Wall Furnace
Water source
Public
Amenities
common coin-op laundry area
Building Details
Year built
1962
Number of units
12
Roof type
Composition
Listing Agency:
Santa Ynez Valley Real Estate
(805) 688-5717
Listed By:
John Frederick · License #00696297
(805) 350-0882
Added: Jul 2
Changed: Aug 28
Last Checked: Aug 31 at 6:06AM
MLS# 25001746
Copyright © 2026 North Santa Barbara County Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Solvang multifamily property occupies 1.1 acres and contains 9,291 square feet of building area. The apartment component includes five ground-level two-bedroom, one-bath units and six one-bedroom, one-bath units arranged across the ground and upper levels. A separate two-bedroom, one-bath residence is also located on the property. Shared improvements include a 10-space parking structure, coin-operated laundry area, and patio. Built in 1962, the property has forced-air and wall-furnace heating, a composition roof, public water, and public sewer.
The address is 1662 Eucalyptus Drive in Solvang, Santa Barbara County, near town and schools. Zoning is identified as Multi-Fam R3, Apartment, Re, with R/3 described as the city’s highest-density designation. The source information states that the zoning may allow additional units on the parcel.
The address is 1662 Eucalyptus Drive in Solvang, Santa Barbara County, near town and schools. Zoning is identified as Multi-Fam R3, Apartment, Re, with R/3 described as the city’s highest-density designation. The source information states that the zoning may allow additional units on the parcel.
Key Highlights
- 1.1‑acre multifamily property with 9,291 square feet of building area
- Five ground‑level 2‑bedroom, 1‑bath apartment units
- Six 1‑bedroom, 1‑bath units, with 3 upstairs and 3 downstairs
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$183,821
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,676,420
$3.7M
Cap Rate 7%
$2,626,014
$2.6M
Cap Rate 9%
$2,042,456
$2.0M
Market Conditions
NOI Build-Up for 9,291 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$345.6K $37.20/SF
− Vacancy
−$11.4K −$1.23/SF
EGI
$334.2K $35.97/SF
− OpEx
−$150.4K −$16.19/SF
NOI
$183.8K $19.78/SF
Area
Santa Barbara County, CA
Vacancy
3.30%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,676,420
Cap Rate 7%
$2,626,014
Cap Rate 9%
$2,042,456
Alternative Uses
Best Use
Apartment 5plus
$2.63M
$2.30M – $3.06M
NOI $183,821 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.92M
$2.55M – $3.40M
NOI $204,124 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 93463, CA
8,731
Population
3,672
Households
2.4
Avg Household Size
52
Median Age
44%
College-Educated
94%
High-School Grad
33.9 sq mi
ZIP Area
258
Density / Sq Mi
$130,123
Median Household Income
$53,188
Median Earnings
$1,895
Median Rent
$1,044,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines apartment units, a separate home, shared laundry, and structured parking.
Where is this apartment building located?
The property is located at 1662 Eucalyptus Drive Solvang, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 1.1‑acre multifamily property with 9,291 square feet of building area; Five ground‑level 2‑bedroom, 1‑bath apartment units; Six 1‑bedroom, 1‑bath units, with 3 upstairs and 3 downstairs
