16-Unit Apartment
For Sale
$4,200,000
24846 Walnut Street, Santa Clarita, CA 91321
Established multifamily property with one- and two-bedroom floor plans on Walnut Street.
Property Size15,656 SF
Lot Size0.55 Acres
Price / SF$268.27
Days on Market31
Property Features for 24846 Walnut Street
General Information
Standard status
Active
Size
15,656 SF
Net Rentable
15,656 SF
Lot size
0.55 Acres
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
16
Building Details
Year Built
1985
Listing Agency:
Marcus & Millichap
Listed By:
Filip Niculete
(714) 497-3550
Source:
Sevengables
Added: Jul 11
Changed: Aug 9
Last Checked: Aug 9 at 9:31AM
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
Investment Insights
Based on property information with market context.
Built in 1985, this apartment property contains 16 units and 15,656 rentable square feet on a 0.55-acre site. The unit mix is concentrated in one- and two-bedroom residences, with average unit size of 979 square feet. The property has remained under ownership by the same family since development.
The community is located at 24846 Walnut Street in Santa Clarita, approximately 30 miles north of downtown Los Angeles. Access to the I-5 and SR-14 corridors connects the property with Los Angeles, the San Fernando Valley, and surrounding counties. Santa Clarita includes parks, trails, recreational facilities, employment centers, and regional attractions including Six Flags Magic Mountain.
The community is located at 24846 Walnut Street in Santa Clarita, approximately 30 miles north of downtown Los Angeles. Access to the I-5 and SR-14 corridors connects the property with Los Angeles, the San Fernando Valley, and surrounding counties. Santa Clarita includes parks, trails, recreational facilities, employment centers, and regional attractions including Six Flags Magic Mountain.
Key Highlights
- 16‑unit apartment community built in 1985
- 15,656 rentable square feet on a 0.55‑acre site
- One- and two‑bedroom unit mix
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
$236,831
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
5.64%
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%
$4,736,620
$4.7M
Cap Rate 7%
$3,383,300
$3.4M
Cap Rate 9%
$2,631,456
$2.6M
Market Conditions
NOI Build-Up for 15,656 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
$450.9K $28.80/SF
− Vacancy
−$20.3K −$1.30/SF
EGI
$430.6K $27.50/SF
− OpEx
−$193.8K −$12.38/SF
NOI
$236.8K $15.13/SF
Area
Santa Clarita, CA
Vacancy
4.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$4,736,620
Cap Rate 7%
$3,383,300
Cap Rate 9%
$2,631,456
Alternative Uses
Best Use
Apartment 5plus
$3.38M
$2.96M – $3.95M
NOI $236,831 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,648 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,529
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Established multifamily property with one- and two-bedroom floor plans on Walnut Street.
Where is this apartment building located?
The property is located at 24846 Walnut Street Santa Clarita, CA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 16‑unit apartment community built in 1985; 15,656 rentable square feet on a 0.55‑acre site; One- and two‑bedroom unit mix
