Corner Mixed-Use Building with Courtyard
For Sale
Contact for pricing
485 Alisal Road, Solvang, CA 93463
Landmark mixed-use corner building with retail, office, dining, wine tasting, fitness, residential units, and courtyard parking.
Property Size24,230 SF
Price / SF$416.84
Days on Market55
Property Features for 485 Alisal Road
General Information
Standard status
Active
Size
24,230 SF
Class
A
Total Parking Spaces
14
Property subtype
Retail, Office, Mixed Use
Zoning
Village Mixed Use
Occupancy
97%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$400,000
Building Details
Year Built
1988
Buildings
1
Units
25
Tenancy
Multi
Listing Agency:
Santa Ynez Valley Real Estate Co
(805) 688-5717
Listed By:
Allan Jones · License #CA 01132470
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 3:40PM
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 Co
Investment Insights
Based on property information with market context.
Landmark corner mixed-use commercial building for sale in Solvang features a diverse tenant mix, including retail, restaurants, offices, wine tasting, fitness, and residential units. The property is managed professionally and includes 14 courtyard parking spots. Approval has been granted for six additional residential units on the second floor.
The building is described as being among the larger structures within the Village Mixed Use zone and is positioned near a public parking lot at a major signalized intersection with high traffic, supporting convenient access for patrons and tenants.
For investors or owner-operators seeking a multi-use income-producing asset with established tenancy and residential growth approved, this property offers a built-in combination of commercial and residential components. The current mix of uses may appeal to tenants looking to operate alongside complementary businesses, while the added residential unit approval provides a clearly identified, previously granted expansion item. Qualified parties can request additional information upon signing a confidentiality agreement.
The building is described as being among the larger structures within the Village Mixed Use zone and is positioned near a public parking lot at a major signalized intersection with high traffic, supporting convenient access for patrons and tenants.
For investors or owner-operators seeking a multi-use income-producing asset with established tenancy and residential growth approved, this property offers a built-in combination of commercial and residential components. The current mix of uses may appeal to tenants looking to operate alongside complementary businesses, while the added residential unit approval provides a clearly identified, previously granted expansion item. Qualified parties can request additional information upon signing a confidentiality agreement.
Key Highlights
- 1988‑built landmark mixed‑use corner building in Solvang, CA
- Village Mixed Use zone building with a diverse tenant mix: retail, restaurants, offices, wine tasting, fitness, and residential units
- Approval granted for six additional residential units on the second floor
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
$432,258
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
4.28%
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%
$8,645,160
$8.6M
Cap Rate 7%
$6,175,114
$6.2M
Cap Rate 9%
$4,802,867
$4.8M
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
$639.7K $26.40/SF
− Vacancy
−$63.3K −$2.61/SF
EGI
$576.3K $23.79/SF
− OpEx
−$144.1K −$5.95/SF
NOI
$432.3K $17.84/SF
Area
Santa Barbara County, CA
Vacancy
9.90%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$8,645,160
Cap Rate 7%
$6,175,114
Cap Rate 9%
$4,802,867
Alternative Uses
Best Use
Office B
$6.18M
$5.40M – $7.20M
NOI $432,258 @ 7.0% cap · market cap 4.28%
Second Best
Retail
$5.38M
$4.71M – $6.28M
NOI $376,534 @ 7.0% cap · market cap 3.73%
Theoretical Best
Multifamily LT 5
$7.60M
$6.65M – $8.87M
NOI $532,336 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,256
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Landmark mixed-use corner building with retail, office, dining, wine tasting, fitness, residential units, and courtyard parking.
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 $10,100,000.
What are key features of this property?
This property features: 1988‑built landmark mixed‑use corner building in Solvang, CA; Village Mixed Use zone building with a diverse tenant mix: retail, restaurants, offices, wine tasting, fitness, and residential units; Approval granted for six additional residential units on the second floor
