1575 Oak St
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1575 Oak St
5 Unit Block of Flats £1,349,726 (£269,945/Unit) 6.13% Net Initial Yield Solvang, CA 93463
Investment Highlights
- Walking distance to quaint Danish town of Solvang, CA
- Many upgrades in the last 5 years
Executive Summary
Great opportunity for investors! This quaint multi-family property is located minutes from Solvang’s downtown tourist district. This 2-story multi-family apartment building features mid-century modern flair, common area laundry room, and off-street parking. Unit mix includes (1) spacious 3-bedroom unit downstairs with back patio and yard, (1) large 2-bedroom unit with a fabulous covered patio overlooking the mountain range, (2) 1-bedroom units, and (1) studio*, offering a unit style for everyone. Updates within the last 5 years include new furnaces, new siding and paint, new dual pane windows, new roof and much more. New sewer mains and concrete driveway were installed in 2016. This is a “Walker’s Paradise” with a Walk Score of 90 due to its proximity to restaurants, shops, wine tastings, parks and more. (* Permit status of studio is unverified.)
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £1,349,726 | Apartment Style | Garden |
| Price Per Unit | £269,945 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Net Initial Yield | 6.13% | Building Size | 4,104 SF |
| Gross Rent Multiplier | 10.85 | Average Occupancy | 100% |
| No. Units | 5 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Price | £1,349,726 |
| Price Per Unit | £269,945 |
| Sale Type | Investment |
| Net Initial Yield | 6.13% |
| Gross Rent Multiplier | 10.85 |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,104 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.22/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 3+2 | 1 | £2,739 | 1,248 |
| 2+1 | 1 | £2,739 | 1,088 |
| 1+1 | 2 | £1,858 | 600 - 756 |
| Studios | 1 | £586.84 | 412 |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 139-174-025 | Improvements Assessment | £91,986 (2023) |
| Land Assessment | £18,962 (2023) | Total Assessment | £110,948 (2023) |
PROPERTY TAXES
Parcel Number
139-174-025
Land Assessment
£18,962 (2023)
Improvements Assessment
£91,986 (2023)
Total Assessment
£110,948 (2023)
zoning
| Zoning Code | DR-20 |
| DR-20 |
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1575 Oak St
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