Frederik's Court Mixed-Use
For Sale
$9,900,000
485 Alisal Road, Solvang, CA 93463
SINGLE_FAMILY - Solvang, CA
Property Size24,230 SF
Lot Size0.54 Acres
Price / SF$408.58
Days on Market61
Property Features for 485 Alisal Road
General Information
Property type
Residential
Property subtype
Retail
Subdivision
1 - Not Applicable
Directions
Hwy 246 to Alisal Rd
Standard status
Active
APN
139-182-027
Size
24,230 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Annual Amount
1
Building Details
Year built
1988
Floors in Building
3
Listing Agency:
Santa Ynez Valley Real Estate
(805) 688-5717
Listed By:
Allan S. Jones · License #01132470
8056885717x207
Added: Jul 2
Changed: Aug 18
Last Checked: Aug 31 at 6:06AM
MLS# 26001211
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.
Frederik's Court is a 24,230-square-foot mixed-use commercial building on a 0.54-acre site at a corner location in Solvang. Built in 1988, the property is situated within the Village Mixed Use zone and combines multiple commercial and residential components under one roof. Existing occupancy includes retail, restaurants, offices, wine tasting, fitness, and residential units.
The property provides 14 courtyard parking spaces and sits near a public parking lot at a signalized intersection. Approval has been granted for six additional residential units on the second floor. The building is located at 485 Alisal Road in Solvang, California, within Santa Barbara County.
The property provides 14 courtyard parking spaces and sits near a public parking lot at a signalized intersection. Approval has been granted for six additional residential units on the second floor. The building is located at 485 Alisal Road in Solvang, California, within Santa Barbara County.
Key Highlights
- 24,230‑square‑foot mixed‑use building on 0.54 acres
- Village Mixed Use zoning in Solvang
- Retail, restaurant, office, wine tasting, fitness, and residential uses
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
$376,534
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
3.80%
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%
$7,530,680
$7.5M
Cap Rate 7%
$5,379,057
$5.4M
Cap Rate 9%
$4,183,711
$4.2M
Market Conditions
NOI Build-Up for 24,230 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
$581.5K $24.00/SF
− Vacancy
−$43.6K −$1.80/SF
EGI
$537.9K $22.20/SF
− OpEx
−$161.4K −$6.66/SF
NOI
$376.5K $15.54/SF
Area
Santa Barbara County, CA
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$7,530,680
Cap Rate 7%
$5,379,057
Cap Rate 9%
$4,183,711
Alternative Uses
Best Use
Retail
$5.38M
$4.71M – $6.28M
NOI $376,534 @ 7.0% cap · market cap 3.80%
Second Best
Mixed Use
$2.45M
$2.14M – $2.86M
NOI $171,452 @ 7.0% cap · market cap 1.73%
Theoretical Best
Multifamily LT 5
$7.60M
$6.65M – $8.87M
NOI $532,336 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 53%
Hotels & Casinos 39%
Dining 8%
Valley Hardware and Garden Center
Home Improvements & Furnishings
12,078 visits/mo
0.1 miles
Svendsgaard's Danish Lodge Americas Best Value Inn
Hotels & Casinos
8,976 visits/mo
0.1 miles
Domino's Pizza
Dining
1,735 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Current uses include retail, restaurants, offices, wine tasting, fitness, and residential units.
Where is this mixed-use property located?
The property is located at 485 Alisal Road Solvang, CA.
What is the asking price?
The asking price for this property is $9,900,000.
What are key features of this property?
This property features: 24,230‑square‑foot mixed‑use building on 0.54 acres; Village Mixed Use zoning in Solvang; Retail, restaurant, office, wine tasting, fitness, and residential uses
