Apartment Building with Detached
For Sale
$3,299,000
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$355.07
Days on Market240
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
(805) 350-0882
Listed By:
John Frederick · License #00696297
Source:
Santaynezvalleyhomesforsale
Added: Jan 1
Changed: Aug 28
Last Checked: Aug 28 at 12:17PM
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 = 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
5.57%
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 5.57%
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 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $3,299,000.
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
