Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Solvang Multifamily Investment Opportunity Title is generated by Realmo AI

    1662 Eucalyptus Drive, Solvang, CA 93463

    View on Map
    Claim this Listing
    For Sale
    $3,499,000

    Multi Family - Solvang, CA

    Type:Multi Family
    Property size:
    9,291 SF
    Lot size:
    1.10 Acres
    Price / SF:
    $376/SF
    Added:
    Apr 17, 2026
    Days on Market:
    47
    Last Refresh:
    Jun 2 at 2:06 am

    Property Features for 1662 Eucalyptus Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Bedrooms
    18
    Bathrooms
    12
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Covered
    Patio and Porch features
    Patio
    Exterior features
    Patio
    Standard status
    Active
    APN
    139-080-023
    Size
    9,291 SF
    Lot size
    1.10 Acres

    Utilities

    Heating system
    Forced Air, Wall Furnace

    Building Details

    Year built
    1962
    Floors in Building
    12
    Number of units
    12
    Building materials
    Stucco
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    John Frederick
    John Frederick

    Listing agent John Frederick License #00696297

    Listing office Santa Ynez Valley Real Estate 1595 Mission Dr, Solvang, CA

    Listing date Apr 17, 2026

    MLS# 25001746 Listing URL

    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.

    HighLights

    • High‑density R/3 zoning allows for the addition of more units on the 1+ acre parcel.
    • Eleven existing units provide immediate rental income.
    • Includes a separate, detached 2‑bedroom residence.
    • Mix of unit types: five 2‑bed/1‑bath and six 1‑bed/1‑bath.
    • Features a 10‑space covered parking structure.
    • Conveniently located near town and schools.

    Overview

    This multifamily property presents an investment opportunity in Solvang, California. The property includes 11 units and a separate, detached residence located on Laurel Avenue. The zoning is R/3, the city's highest density designation, potentially allowing for the addition of more units on the over one-acre parcel. The property features five ground-level two-bedroom, one-bath units, and six one-bedroom, one-bath units, with three located upstairs and three downstairs. Additionally, there is a detached, free-standing two-bedroom, one-bath residence. A ten-space parking structure and a common coin-operated laundry area are included. The property is located close to the town and schools. The property size is 9291 square feet and the lot size is 1.1 acres.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $345.6k $37.20
    − Vacancy −$11.4k −$1.23
    EGI $334.2k $35.97
    − OpEx −$150.4k −$16.19
    NOI $183.8k $19.78
    9,291 SF · lease $37.20/SF/yr · vacancy 3.30% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.63M
    $2.30M – $3.06M (±1% cap)
    NOI $183,821 @ 7.0% cap · market cap 5.25%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Multifamily LT 5
    $2.92M
    $2.55M – $3.40M (±1% cap)
    NOI $204,124 @ 7.0% cap · market cap 5.83%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Solvang
    County
    Santa Barbara
    State
    California
    Longitude
    -120.138461
    Latitude
    34.599027

    Nearby Similar for Sale

    • $3,500,000
      6,911 SF

      Solvang Mixed-Use Building For Sale

      Stunning architectural building with penthouse, retail, and restaurant spaces.
      437 2nd Street, Solvang, CA 93463
      View Details
    • $3,500,000
      6,911 SF

      Mixed-Use Building in Solvang, CA

      Stunning mixed-use property with penthouse, restaurant, and rental income.
      437 2nd Street, Solvang, CA 93463
      View Details
    • $5,300,000
      18,394 SF

      Solvang Office Building For Sale

      Professional office building in Solvang, CA, with flexible suite options.
      2029 Village Lane, Solvang, CA 93463
      View Details
    • $425,000

      Established Fitness Business Opportunity

      Successful fitness business with two studio locations in Solvang and Orcutt.
      Solvang, CA 93463
      View Details
    • $3,999,000
      6,911 SF

      Solvang Commercial Property for Sale

      Commercial property in Solvang, California, totaling 6,911 square feet.
      437 2nd Street, SOLVANG, CA 93463
      View Details
    • $10,000,000

      Boutique Hotel in Santa Ynez

      Charming 39-room European-style hotel with modern amenities.
      1440 Mission Dr, Solvang, CA 93463
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily property with development potential in Solvang, California.
    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 $3,499,000.
    What are key features of this property?
    This property features: High‑density R/3 zoning allows for the addition of more units on the 1+ acre parcel.; Eleven existing units provide immediate rental income.; Includes a separate, detached 2‑bedroom residence.
    (805) 350-0882
    We can help!
    Listing Contact
    John Frederick
    John Frederick
    Real Estate License ID: 00696297
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1662 Eucalyptus Drive, Solvang, CA 93463
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!