310 5Th StSolvang, CA 93463

Property Details for 310 5Th St

Lot size

0.20 AC

Property type

Residential income properties

Property subtype

Other 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

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].