425 1st Street in Solvang presents a rare 21,344 SF VMU (Village Mixed Use) development site located just one block from Copenhagen Drive in the heart of the city's high-traffic tourism corridor. The property, formerly the Water Wheel building and scheduled for demolition, offers a true clean-slate opportunity for a variety of uses including boutique hotel, mixed-use, residential, or senior housing. Positioned within the highly desirable Santa Ynez Valley, the site benefits from strong tourism demand, walkability to shops, restaurants, and tasting rooms, and a significant lack of new boutique hotel supply. VMU zoning provides flexibility for multiple development strategies, with potential to increase density through California State Density Bonus Law (buyer to verify).
Details
MLS #
26816075
Listing Type
For Sale
Sub-Type
Resale
Status
Active
Days On Site
122
Listing Provided By
Keller Williams Studio City | Hooman Emanuel
Features
Acreage
0.49
Property View
Yes
Area Information
State
CA
County
Santa Barbara
City
Solvang
Zip Code
93463
Area
VANG Solvang
Listing VS Median (in 93463)
Price: $2,000,000
low | high
Med: $1,695,000
65.25% of Average
On site: 122
low | high
Med: 18
100% of Average
Sourced by Back At You
Market Activity 93463
Date
Sales
Avg $ Per SqFt
Min Sale Price
Max Sale Price
Med Sale Price
Date: Jul 2026
Sales: 1
Avg $ Per SqFt: $723.53
Min Sale Price: $1,599,000
Max Sale Price: $1,599,000
Med Sale Price: $1,599,000
Date: Jun 2026
Sales: 2
Avg $ Per SqFt: $381.37
Min Sale Price: $429,000
Max Sale Price: $965,000
Med Sale Price: $697,000
Date: May 2026
Sales: 2
Avg $ Per SqFt: $780.24
Min Sale Price: $1,440,000
Max Sale Price: $1,628,000
Med Sale Price: $1,534,000
Date: Apr 2026
Sales: 1
Avg $ Per SqFt: $1654.85
Min Sale Price: $3,500,000
Max Sale Price: $3,500,000
Med Sale Price: $3,500,000
Date: Mar 2026
Sales: 3
Avg $ Per SqFt: $792.35
Min Sale Price: $1,400,000
Max Sale Price: $2,263,000
Med Sale Price: $1,995,000
Date: Feb 2026
Sales: 1
Avg $ Per SqFt: $
Min Sale Price: $289,000
Max Sale Price: $289,000
Med Sale Price: $289,000
Date: Jan 2026
Sales: 2
Avg $ Per SqFt: $559.07
Min Sale Price: $839,900
Max Sale Price: $1,700,000
Med Sale Price: $1,269,950
Date: Nov 2025
Sales: 1
Avg $ Per SqFt: $526.49
Min Sale Price: $1,600,000
Max Sale Price: $1,600,000
Med Sale Price: $1,600,000
Date: Sep 2025
Sales: 1
Avg $ Per SqFt: $1028.81
Min Sale Price: $2,000,000
Max Sale Price: $2,000,000
Med Sale Price: $2,000,000
Sourced by Back At You
Jul 2026
Sales:
1
Avg $ Per SqFt:
$723.53
Min Sale Price:
$1,599,000
Max Sale Price:
$1,599,000
Med Sale Price:
$1,599,000
Jun 2026
Sales:
2
Avg $ Per SqFt:
$381.37
Min Sale Price:
$429,000
Max Sale Price:
$965,000
Med Sale Price:
$697,000
May 2026
Sales:
2
Avg $ Per SqFt:
$780.24
Min Sale Price:
$1,440,000
Max Sale Price:
$1,628,000
Med Sale Price:
$1,534,000
Apr 2026
Sales:
1
Avg $ Per SqFt:
$1654.85
Min Sale Price:
$3,500,000
Max Sale Price:
$3,500,000
Med Sale Price:
$3,500,000
Mar 2026
Sales:
3
Avg $ Per SqFt:
$792.35
Min Sale Price:
$1,400,000
Max Sale Price:
$2,263,000
Med Sale Price:
$1,995,000
Feb 2026
Sales:
1
Avg $ Per SqFt:
$
Min Sale Price:
$289,000
Max Sale Price:
$289,000
Med Sale Price:
$289,000
Jan 2026
Sales:
2
Avg $ Per SqFt:
$559.07
Min Sale Price:
$839,900
Max Sale Price:
$1,700,000
Med Sale Price:
$1,269,950
Nov 2025
Sales:
1
Avg $ Per SqFt:
$526.49
Min Sale Price:
$1,600,000
Max Sale Price:
$1,600,000
Med Sale Price:
$1,600,000
Sep 2025
Sales:
1
Avg $ Per SqFt:
$1028.81
Min Sale Price:
$2,000,000
Max Sale Price:
$2,000,000
Med Sale Price:
$2,000,000
MLS#: 26816075 Listed By: Hooman Emanuel - Keller Williams Studio City - 8184321500-
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MLS#: 26816075 Listed By: Hooman Emanuel - Keller Williams Studio City - 8184321500-
