Fully Occupied Triplex With
For Sale
Contact for pricing
24513 Walnut Street, Santa Clarita, CA 91321
Three residences share one parcel with separate garages and rear alley access.
Property Size2,364 SF
Lot Size0.22 Acres
Price / SF$463.20
Days on Market11
Property Features for 24513 Walnut Street
General Information
Standard status
Active
Size
2,364 SF
Total Parking Spaces
3
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
OTNSP-COR
Occupancy
100%
Net Operating Income
$47,203
Financials
Asking Price
$1,095,000
Cap Rate
4.31%
Gross Income
$70,800
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1954
Units
3
Listing Agency:
Marcus & Millichap - Encino
(818) 212-2808
Listed By:
Filip Niculete · License #CA 01905352
Source:
Crexi
Added: Aug 12
Changed: Aug 21
Last Checked: Aug 21 at 4:52AM
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 Marcus & Millichap - Encino
Investment Insights
Based on property information with market context.
This triplex comprises three residences totaling approximately 2,364 square feet of improvements on a 9,379-square-foot lot. Built in 1954, the property includes one 1-bedroom/1-bathroom unit and two 2-bedroom/1-bathroom units, with each residence measuring approximately 788 square feet. Garage parking is provided for all three units, including one detached garage and two attached garages. The property is fully occupied and produces separate income streams from each residence.
Located on Walnut Street in Old Town Newhall within the City of Santa Clarita, the property has rear alley access and is zoned OTNSP-COR. The site’s three garages support study of possible garage conversions, while detached ADU construction and future redevelopment may also be evaluated. Any additional development remains subject to site planning, tenant considerations, utility capacity, applicable law, and City review. California AB 1482 rent-cap and just-cause requirements apply; the property is not subject to a local Santa Clarita rent stabilization ordinance.
Located on Walnut Street in Old Town Newhall within the City of Santa Clarita, the property has rear alley access and is zoned OTNSP-COR. The site’s three garages support study of possible garage conversions, while detached ADU construction and future redevelopment may also be evaluated. Any additional development remains subject to site planning, tenant considerations, utility capacity, applicable law, and City review. California AB 1482 rent-cap and just-cause requirements apply; the property is not subject to a local Santa Clarita rent stabilization ordinance.
Key Highlights
- Fully occupied triplex with 3 separate residences
- Approximately 2,364 square feet of improvements on a 9,379‑square‑foot lot
- Unit mix includes one 1‑bedroom/1‑bathroom residence and two 2‑bedroom/1‑bathroom residences
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
$39,920
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
3.65%
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%
$798,400
$798.4K
Cap Rate 7%
$570,286
$570.3K
Cap Rate 9%
$443,556
$443.6K
Market Conditions
NOI Build-Up for 2,364 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
$59.6K $25.20/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$57.0K $24.12/SF
− OpEx
−$17.1K −$7.24/SF
NOI
$39.9K $16.89/SF
Area
Santa Clarita, CA
Vacancy
4.27%
Lease Rate
$25.20 /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%
$798,400
Cap Rate 7%
$570,286
Cap Rate 9%
$443,556
Alternative Uses
Best Use
Multifamily LT 5
$570.3K
$499.0K – $665.3K
NOI $39,920 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$510.9K
$447.0K – $596.0K
NOI $35,761 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$592.4K
$518.4K – $691.2K
NOI $41,471 @ 7.0% cap · market cap 3.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,570
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residences share one parcel with separate garages and rear alley access.
Where is this triplex located?
The property is located at 24513 Walnut Street Santa Clarita, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Fully occupied triplex with 3 separate residences; Approximately 2,364 square feet of improvements on a 9,379‑square‑foot lot; Unit mix includes one 1‑bedroom/1‑bathroom residence and two 2‑bedroom/1‑bathroom residences
