Multifamily Income Property with
For Sale
$3,299,000
1662 Eucalyptus Drive, Solvang, CA 93463
MULTI_FAMILY - Solvang, CA
Property Size9,291 SF
Lot Size1.10 Acres
Price / SF$355.07
Days on Market40
Property Features for 1662 Eucalyptus Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Fam R3,Apartment,Re
Bedrooms
18
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 8, Bathroom 12, Bedroom 17, Bedroom 15, Bedroom 16, Bedroom 11, Bedroom 6, Bedroom 12, Bedroom 1, Bedroom 13, Bedroom 7, Bathroom 3, Bathroom 7, Bedroom 10, Bedroom 5, Laundry Room, Bathroom 10, Bathroom 4, Bathroom 6, Bathroom 11, Bedroom 9, Bedroom 2, Bathroom 5, Bedroom 4, Bedroom 18, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 9, Bedroom 14, Bedroom 8
Patio and Porch features
Patio
Exterior features
Patio
Subdivision
1 - Not Applicable
Standard status
Active
APN
139-080-023
Size
9,291 SF
Lot size
1.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Forced Air
Water source
Public
Building Details
Year built
1962
Number of units
12
Roof type
Composition
Listing Agency:
Santa Ynez Valley Real Estate
(805) 688-5717
Listed By:
John Frederick · License #00696297
(805) 350-0882
Added: Jun 24
Changed: Jul 22
Last Checked: Aug 2 at 7:06PM
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.
Investment Insights
Based on property information with market context.
This multifamily property includes 11+ units configured as five ground-level two-bedroom, one-bath units and six one-bedroom, one-bath units (three upstairs and three downstairs). The offering also includes a separate detached, free-standing two-bedroom, one-bath residence. On-site amenities include a 10-space parking structure and a common coin-op laundry area.
Located in Solvang, CA on a 1.1-acre parcel at 1662 Eucalyptus Drive. The property is zoned Multi-Fam R3, Apartment, Re, which is described as the City’s highest density designation.
Parking is provided in a dedicated structure, and residents share a common laundry area. The mix of unit sizes includes both ground-level and upstairs/downstairs one-bedroom layouts, along with the separate residence on the same parcel.
Located in Solvang, CA on a 1.1-acre parcel at 1662 Eucalyptus Drive. The property is zoned Multi-Fam R3, Apartment, Re, which is described as the City’s highest density designation.
Parking is provided in a dedicated structure, and residents share a common laundry area. The mix of unit sizes includes both ground-level and upstairs/downstairs one-bedroom layouts, along with the separate residence on the same parcel.
Key Highlights
- 11+ unit multi‑family plus a separate detached 2 bed/1 bath residence on an over 1‑acre parcel
- Unit mix: 5 ground‑level 2 bed/1 bath units and 6 1 bed/1 bath units (3 upstairs, 3 downstairs)
- 10‑space parking structure and a common coin‑op laundry area
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
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
876
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Includes 10-space parking and coin-op laundry supporting 11 residential units plus a detached 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 $3,299,000.
What are key features of this property?
This property features: 11+ unit multi‑family plus a separate detached 2 bed/1 bath residence on an over 1‑acre parcel; Unit mix: 5 ground‑level 2 bed/1 bath units and 6 1 bed/1 bath units (3 upstairs, 3 downstairs); 10‑space parking structure and a common coin‑op laundry area
