33-Unit Apartment
New
For Sale
$7,500,000
31701 Ridge Rte Rd, Castaic, CA 91384
Family-owned community with one- and two-bedroom residences and five currently vacant units.
Lot Size1.34 Acres
Days on Market2
Property Features for 31701 Ridge Rte Rd
General Information
Standard status
Active
Net Rentable
27,360 SF
Lot size
1.34 Acres
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
5.64%
Highway Access
Yes
Multifamily Units
33
Amenities
First time on the market in 40 years
Growing Population, Limited New Supply
Desirable Unit Mix
Onsite Laundry
Gated Parking
Building Details
Building Size
27,360 SF
Units
33
Listing Agency:
Encino Office
(818) 212-2675
Listed By:
Logan Ward · License #License(s): CA: 02200464
(818) 212-2675
Source:
Marcusmillichap
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 3 at 3:40AM
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 Encino Office
Investment Insights
Based on property information with market context.
This 33-unit apartment community contains 27,360 rentable square feet on a 1.34-acre site, with residences averaging 829 square feet. The unit mix is weighted toward one- and two-bedroom floor plans. Developed in 1986 and 1988, the property remained under ownership by the same family throughout its history and has been maintained during that period. Five units are currently vacant, while in-place rents are below current market rates.
The property is located at 31701 Ridge Route Road in Castaic, along the I-5 corridor and approximately 35 miles north of downtown Los Angeles. Its position provides freeway access to Santa Clarita’s employment base and the greater Los Angeles metropolitan area. Castaic Lake and the surrounding recreation corridor are also part of the local setting.
The property is located at 31701 Ridge Route Road in Castaic, along the I-5 corridor and approximately 35 miles north of downtown Los Angeles. Its position provides freeway access to Santa Clarita’s employment base and the greater Los Angeles metropolitan area. Castaic Lake and the surrounding recreation corridor are also part of the local setting.
Key Highlights
- 33 residential units across 27,360 rentable square feet
- 1.34‑acre site with residences averaging 829 square feet
- Unit mix concentrated in one- and two‑bedroom floor plans
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $870.0k | $31.80 |
| − Vacancy | −$69.6k | −$2.54 |
| EGI | $800.4k | $29.26 |
| − OpEx | −$360.2k | −$13.17 |
| NOI | $440.2k | $16.09 |
27,360 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.29M
$5.50M – $7.34M
NOI $440,244 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.65M
$12.82M – $17.09M
NOI $1,025,391 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
33
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 91384, CA
28,585
Population
7,254
Households
3.9
Avg Household Size
36
Median Age
32%
College-Educated
84%
High-School Grad
103.6 sq mi
ZIP Area
276
Density / Sq Mi
$129,603
Median Household Income
$57,827
Median Earnings
$1,730
Median Rent
$693,600
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 - Family-owned community with one- and two-bedroom residences and five currently vacant units.
Where is this apartment building located?
The property is located at 31701 Ridge Rte Rd Castaic, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 33 residential units across 27,360 rentable square feet; 1.34‑acre site with residences averaging 829 square feet; Unit mix concentrated in one- and two‑bedroom floor plans
