310 5Th StSolvang, CA 93463

Property Details for 310 5Th St

Lot size

0.20 AC

Property type

Apartment buildings

APN

139-200-012

APU

139200012

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,217,723

  6.5%

  $2,970,206

  7%

  $2,758,048

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,567,844

  Geo Method

  $2,567,844

• Alternative Use

  Use

  Valuation

  Residential

  $2,970,206

  Hospitality

  $2,720,693

  Educational

  $2,263,584

  Medical

  $2,341,433

  Retail

  $3,521,132

Location Insight

City

Solvang

County

Santa Barbara

State

California

Latitude

34.5932

Longitude

-120.145

CBSA code

42200

CBSA name

SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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