1575 Oak St Solvang, CA 93463

Property Details for 1575 Oak St

Lot size

0.17 lot acres

Property type

Apartment buildings

APN

139-174-025

APU

139174025

Description

This exceptional 5-unit apartment building presents a compelling investment opportunity in the desirable Solvang, California market. Located minutes from Solvang's vibrant downtown, this property boasts a prime location with a Walk Score of 90, providing easy access to restaurants, shops, wineries, and parks. The two-story building, constructed in 1969, offers a mix of unit sizes to cater to a diverse tenant base: one spacious 3-bedroom unit with a private patio and yard, one large 2-bedroom unit featuring a covered patio with mountain views, two 1-bedroom units, and one studio. The property features a convenient common area laundry room and off-street parking. Significant updates within the last five years have enhanced the property's value and appeal, including new furnaces, siding, paint, dual-pane windows, and a new roof. Further improvements include new sewer mains and a concrete driveway installed in 2016. The building sits on a 7,405 square foot lot and encompasses 7,405 square feet of living space. The property is zoned DR-20 and has a Pro-Forma NOI of $105,778 and a Pro-Forma Cap Rate of 6.13%. The asking price is $1,725,000. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving tourist destination. The mid-century modern aesthetic adds to its unique charm. The property's strong rental income and recent upgrades make it an ideal investment for discerning buyers seeking a stable and appreciating asset. APN: 139-174-025.

Location Insight

City

Solvang

County

Santa Barbara

State

California

Longitude

-120.144

Latitude

34.5946

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments