Mixed-Use Building with Courtyard
For Sale
$9,900,000
485 Alisal Road, Solvang, CA 93463
Solvang, CA
Property Size24,230 SF
Lot Size0.54 Acres
Price / SF$408.58
Days on Market83
Property Features for 485 Alisal Road
General Information
Property type
Residential
Property subtype
Retail
Subdivision
1 - Not Applicable
Directions
Hwy 246 to Alisal Rd
Standard status
Active
APN
139-182-027
Size
24,230 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Annual Amount
1
Building Details
Year built
1988
Floors in Building
3
Listing Agency:
Santa Ynez Valley Real Estate
(805) 688-5717
Listed By:
Allan S. Jones · License #01132470
8056885717x207
Added: Jul 2
Changed: Sep 5
Last Checked: Sep 22 at 5:06AM
MLS# 26001211
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.
Located at 485 Alisal Road in Solvang, this 24,230-square-foot mixed-use commercial building occupies a 0.54-acre site and was constructed in 1988. The property includes retail, restaurant, office, wine tasting, fitness, and residential components within a varied commercial configuration.
The building is positioned at a signalized intersection and includes 14 courtyard parking spaces, with additional public parking nearby. The property is within the Village Mixed Use zone, and approval has been granted for six additional residential units on the second floor.
The building is positioned at a signalized intersection and includes 14 courtyard parking spaces, with additional public parking nearby. The property is within the Village Mixed Use zone, and approval has been granted for six additional residential units on the second floor.
Key Highlights
- 24,230‑square‑foot mixed‑use building on a 0.54‑acre site
- Village Mixed Use zoning with retail, restaurant, office, tasting, fitness, and residential components
- 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
4.37%
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 4.37%
Second Best
Specialty Retail
$5.42M
$4.74M – $6.33M
NOI $379,573 @ 7.0% cap · market cap 3.83%
Theoretical Best
Multifamily LT 5
$7.60M
$6.65M – $8.87M
NOI $532,336 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
986
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Village Mixed Use property combines retail, restaurant, office, tasting, fitness, and residential components.
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 $9,900,000.
What are key features of this property?
This property features: 24,230‑square‑foot mixed‑use building on a 0.54‑acre site; Village Mixed Use zoning with retail, restaurant, office, tasting, fitness, and residential components; Approval granted for six additional residential units on the second floor
