Main Street Redevelopment
For Sale
Contact for pricing
24237 Main St, Santa Clarita, CA 91321
Retail, office, or multifamily redevelopment potential in Santa Clarita.
Property Size7,040 SF
Lot Size0.43 Acres
Price / SF$411.93
Days on Market213
Property Features for 24237 Main St
General Information
Standard status
Active
Size
7,040 SF
Lot size
0.43 Acres
Property subtype
Retail
Lease Type
Gross
Investment Type
Owner/User
Building Details
Units
2
Tenancy
Multi
Listing Agency:
Strategic Realty
(818) 519-6755
Listed By:
Vic Deirmendjian · License #CA 00599219
Source:
Crexi
Added: Jan 10
Changed: Aug 8
Last Checked: Aug 10 at 2:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Strategic Realty
Investment Insights
Based on property information with market context.
This property presents an opportunity for an owner-user in retail or office, or for redevelopment into a multifamily property with up to 35 units. The offering includes an improved building facing Main Street and an adjacent vacant lot of approximately 6,500 square feet located behind the building. The total lot size is approximately 12,000 square feet. Situated on Main Street in Newhall, the property is located in the center of Santa Clarita. As a TOC site, the property is suitable for redevelopment into a multifamily over retail space. The property is partially rented on a short-term lease, providing income during the entitlement process. The building has a Property Size of 7,040 square feet.
Key Highlights
- Redevelopment potential for up to 35 units.
- Located in the epicenter of Santa Clarita (Main Street Newhall).
- Includes approximately 12,000 s.f. lot plus an adjacent lot of approximately 6,500 s.f.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$113,293
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,265,860
$2.3M
Cap Rate 7%
$1,618,471
$1.6M
Cap Rate 9%
$1,258,811
$1.3M
Market Conditions
NOI Build-Up for 7,040 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$169.0K $24.00/SF
− Vacancy
−$7.1K −$1.01/SF
EGI
$161.8K $22.99/SF
− OpEx
−$48.6K −$6.90/SF
NOI
$113.3K $16.09/SF
Area
Santa Clarita, CA
Vacancy
4.21%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,265,860
Cap Rate 7%
$1,618,471
Cap Rate 9%
$1,258,811
Alternative Uses
Best Use
Retail
$1.62M
$1.42M – $1.89M
NOI $113,293 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,500 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,328
Businesses Nearby
37k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 44%
Groceries 4%
Home Improvements & Furnishings 4%
Jack in the Box
Dining
16,980 visits/mo
0.3 miles
ARCO
Shops & Services
11,236 visits/mo
0.4 miles
AMPM
Shops & Services
4,315 visits/mo
0.4 miles
Rocket Fizz
Groceries
1,451 visits/mo
0.1 miles
Ferguson
Home Improvements & Furnishings
1,377 visits/mo
0.5 miles
Demographics for 91321, CA
33,560
Population
11,257
Households
3
Avg Household Size
37
Median Age
31%
College-Educated
84%
High-School Grad
26.7 sq mi
ZIP Area
1,257
Density / Sq Mi
$93,281
Median Household Income
$40,544
Median Earnings
$2,135
Median Rent
$654,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - Retail, office, or multifamily redevelopment potential in Santa Clarita.
Where is this retail property located?
The property is located at 24237 Main St Santa Clarita, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Redevelopment potential for up to 35 units.; Located in the epicenter of Santa Clarita (Main Street Newhall).; Includes approximately 12,000 s.f. lot plus an adjacent lot of approximately 6,500 s.f.
