Investor offering
$117,360 in rent. $19,880 in expenses. All three doors leased today.
Three rented, fully permitted doors on one downtown Solvang lot: a 1920 single-family home in front, and a separate apartment building behind it with a 3 bd / 2 ba upstairs and a 1 bd / 1 ba downstairs. Tenants pay water, electricity, gas, and internet. The owner pays taxes, insurance, and a landscaper twice a month — that is the entire expense sheet.
List price
$1,995,000
Gross rent in place
$117,360 / yr
Total annual expenses
$19,880
Net operating income
$97,480 / yr
Rent roll
Every door, every dollar, published.
| Unit | Rent / mo | Rent / yr | Lease |
|---|---|---|---|
| Apartment — upper (3 bd / 2 ba)Separate rear building. Holds the original Wig Room. | $4,400 | $52,800 | Month-to-month |
| Apartment — lower (1 bd / 1 ba)Ground floor of the same rear building.Approx. $350/mo under market | $1,500 | $18,000 | Fixed-term lease |
| Front residence (1920 single-family home)3 bd house on Alisal Road, currently leased.Approx. $550/mo under market | $3,880 | $46,560 | Fixed-term lease |
| Total gross rent | $9,780 | $117,360 |
All three units are leased and fully permitted. The upper apartment is month-to-month; the lower unit and front house are on fixed-term leases. Lease terms and tenant details available on request. Buyer to verify all income and permits.
Operating expenses
The tenants pay for almost everything.
Water, electricity, gas, trash, and internet are all tenant-paid across every unit. The ownership expense sheet is three lines: taxes, insurance, and a landscaper twice a month at $240 a visit. There is no on-site management, no shared utility bill to allocate, and no common-area overhead.
Figures are actuals provided by ownership and exclude debt service, vacancy reserve, and capital expenditures. Buyer to verify.
- Property taxes (entire parcel)
- $13,000
- Insurance
- $4,000
- Landscaping (twice monthly)
- $2,880
- Total expenses
- $19,880
- Net operating income
- $97,480
Upside
Two rents sit under market. No construction required.
Today, in place
$97,480 net
All three doors leased at $9,780 a month against $19,880 of annual expenses.
At turnover
+$10,800 / yr
The front house runs roughly $550 a month under market and the 1 bd about $350 under. Both reset at turnover with no capital spend.
Market rents
$108,280 net
Pro forma $128,160 gross once both under-market units reach current Santa Ynez Valley levels.
Why this location holds
Downtown Solvang keeps demand steady year round.
The Danish Capital of California draws visitors twelve months a year, and the Santa Ynez Valley's wine economy keeps a constant base of workers, hospitality staff, and long-term renters looking for housing within walking distance of town. Separate entrances and private decks on every unit support tenant retention and easy self management.
- Price / sq ft
- $798
- Building
- 2,500 sq ft · 7 bd · 5 ba
- Lot
- 0.26 acres
- Year built
- 1920
- Parking
- 2-car garage
- MLS (owner-user)
- #26001575
The asset
Every unit, inside and out.
Questions investors ask
The income and the expenses, in plain terms.
- What does 561 Alisal Road gross in rent?
- $117,360 a year across three leased doors: the front 1920 single-family home at $3,880 a month, the rear 3-bedroom/2-bath upper apartment at $4,400, and the rear 1-bedroom/1-bath lower apartment at $1,500.
- What are the operating expenses?
- Property taxes about $13,000 a year, insurance about $4,000, and landscaping $2,880 — roughly $19,880 total. Tenants pay water, electricity, gas, and internet.
- Are all three units currently leased?
- Yes. The upper 3-bedroom apartment is month-to-month; the front house and the lower 1-bedroom are on fixed-term leases.
- Is there rental upside?
- Yes. The front house is roughly $550 a month under market and the lower 1-bedroom about $350 under, based on comparable Solvang rents.
- Is the rear apartment building permitted?
- Yes. The separate two-unit apartment building behind the front house is fully permitted.
Schedule a private showing
Serious buyers get the full tour. Bring an offer to the table and we'll walk you through every inch.
Cris Lapp
Black Oak Group Homes and Mortgages
DRE #01093529
MLS #26001575 · 561 Alisal Road, Solvang, CA 93463