Apartment Property with Detached
For Sale
$3,000,000
1662 Eucalyptus Drive, Solvang, CA 93463
Residential Income, Solvang, CA
Property Size9,291 SF
Lot Size1.10 Acres
Price / SF$322.89
Days on Market433
Property Features for 1662 Eucalyptus Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Fam R3, Res Multi-Family, Apartment
Bedrooms
18
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 5, Bedroom 2, Bedroom 18, Bedroom 14, Bedroom 7, Bedroom 8, Bedroom 4, Bedroom 6, Bedroom 10, Bathroom 11, Bathroom 2, Bathroom 8, Bedroom 16, Bedroom 17, Bedroom 3, Bathroom 3, Bathroom 9, Bathroom 4, Bedroom 12, Bathroom 10, Bedroom 15, Bedroom 11, Bedroom 13, Bathroom 5, Bathroom 1, Bedroom 9, Bathroom 7, Bathroom 12, Bedroom 1, Bathroom 6
Parking features
Covered, On Street
Patio and Porch features
Patio
Exterior features
Patio
Fireplace
1
Subdivision
38 - Santa Ynez Valley
Standard status
Active
APN
139-080-023
Size
9,291 SF
Lot size
1.10 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace, Forced Air
Water source
Public
Amenities
common coin-op laundry area
Building Details
Year built
1962
Number of units
12
Building materials
Stucco
Roof type
Composition
Listing Agency:
Santa Ynez Valley Real Estate
(805) 688-5717
Listed By:
John Frederick · License #00696297
(805) 350-0882
Added: Aug 28, 2025
Changed: Oct 27
Last Checked: Nov 3 at 9:06AM
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.
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Investment Insights
Based on property information with market context.
This apartment property in Solvang comprises 9,291 square feet on a 1.1-acre parcel. The unit mix includes five ground-level two-bedroom, one-bath apartments and six one-bedroom, one-bath apartments, with three upstairs and three downstairs. A detached two-bedroom, one-bath residence adds a separate living component. The property was built in 1962 and includes stucco construction, composition roofing, patios, wall furnace and forced-air heating, a fireplace, and public water and sewer.
A 10-space parking structure provides covered parking, supplemented by on-street parking. Residents also have access to a common coin-operated laundry area. The property is zoned R/3 and is located in Solvang near town and schools. Cable is available, and the site includes public utilities and a patio.
A 10-space parking structure provides covered parking, supplemented by on-street parking. Residents also have access to a common coin-operated laundry area. The property is zoned R/3 and is located in Solvang near town and schools. Cable is available, and the site includes public utilities and a patio.
Key Highlights
- 11 apartment units plus a detached 2‑bedroom, 1‑bath residence
- 1.1‑acre parcel with 9,291 square feet of property size
- Unit mix includes five 2‑bedroom apartments and six 1‑bedroom apartments
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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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with varied unit layouts, covered parking, shared laundry, and a separate residence.
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: 11 apartment units plus a detached 2‑bedroom, 1‑bath residence; 1.1‑acre parcel with 9,291 square feet of property size; Unit mix includes five 2‑bedroom apartments and six 1‑bedroom apartments
