Apartment Building with Detached
For Sale
$3,000,000
1662 Eucalyptus Dr, Solvang, CA 93463
Multifamily property with varied unit layouts, structured parking, shared laundry, and an additional freestanding residence.
Property Size9,291 SF
Price / SF$322.89
Days on Market265
Property Features for 1662 Eucalyptus Dr
General Information
Standard status
Active
Size
9,291 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
R/3
Units
Unit Mix
5 x 2BR/1BA, 6 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
12
Amenities
common coin-op laundry area
Building Details
Year Built
1962
Listing Agency:
Santa Ynez Valley Real Estate
Listed By:
John Frederick · License #00696297
(805) 350-0882
Source:
Santaynezvalleyhomesforsale
Added: Jan 22
Changed: Oct 1
Last Checked: Oct 12 at 7:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Santa Ynez Valley Real Estate
Investment Insights
Based on property information with market context.
This multifamily property in Solvang includes five ground-level two-bedroom, one-bath apartments and six one-bedroom, one-bath apartments arranged across upstairs and downstairs levels. A separate freestanding residence adds a two-bedroom, one-bath layout. The property also includes a 10-space parking structure and a common coin-operated laundry area. Built in 1962, the improvements occupy an over-one-acre parcel.
R/3 zoning is identified as Solvang’s highest-density designation and is described as allowing the possibility of additional units. The property is located near town and schools, providing a residential setting with access to established community amenities.
R/3 zoning is identified as Solvang’s highest-density designation and is described as allowing the possibility of additional units. The property is located near town and schools, providing a residential setting with access to established community amenities.
Key Highlights
- Five ground‑level two‑bedroom, one‑bath apartments
- Six one‑bedroom, one‑bath apartments: 3 upstairs and 3 downstairs
- Detached freestanding two‑bedroom, one‑bath residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$183,821
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
955
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with varied unit layouts, structured parking, shared laundry, and an additional freestanding residence.
Where is this apartment building located?
The property is located at 1662 Eucalyptus Dr 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: Five ground‑level two‑bedroom, one‑bath apartments; Six one‑bedroom, one‑bath apartments: 3 upstairs and 3 downstairs; Detached freestanding two‑bedroom, one‑bath residence
