310 5th St Solvang, CA 93463-2770

This exceptional investment opportunity presents a well-maintained, 10-unit apartment building nestled in the heart of Solvang, California. The property, situated at 310 5th St, boasts a total of 8,712 square feet on a similarly sized lot (APN 139-200-012). The two-story building comprises ten one-bedroom, one-bathroom units, each equipped with separate electric and gas meters. Residents enjoy the convenience of a shared laundry room and off-street parking. Recent upgrades (within the last five years) include new laminate flooring in many units, a new water heater, updated dual-pane windows, and a completely resurfaced asphalt driveway and parking lot. The property is zoned DR-20 and offers significant upside potential, with over 40% potential rent increases. The current pro-forma NOI is $162,788, yielding a 4.52% cap rate at the asking price of $3,600,000. This property's prime location provides easy access to Solvang's vibrant downtown area, featuring numerous restaurants, galleries, and shops. This is a rare chance to acquire a strong-performing multifamily asset in a highly desirable location.