Historic District Triplex
For Sale
$899,000
321 Walnut St, Santa Paula, CA 93060
Three rental units are spread across two structures, with first-come, first-served on-site parking.
Property Size2,281 SF
Days on Market122
Property Features for 321 Walnut St
General Information
Standard status
Active
Size
2,281 SF
Property subtype
Investment
Building Details
Building Size
2,281 SF
Year Built
1900
Listing Agency:
EXP Realty of California
Listed By:
Kay Wilson-Bolton · License #00577863
(805) 340-5025
Source:
Elliman
Added: May 8
Changed: Aug 28
Last Checked: Sep 5 at 12:11PM
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 EXP Realty of California
Investment Insights
Based on property information with market context.
This income-producing three-unit residential property is configured across two separate structures. The front unit features three bedrooms and one bath, while the rear duplex provides two one-bedroom, one-bath units.
The property is located in Santa Paula’s historic district. It also includes on-site parking on a first-come, first-served basis.
With three total rental units on one parcel, the layout separates structures to support tenant privacy. The straightforward residential designs are positioned for ongoing maintenance and day-to-day operation.
The property is located in Santa Paula’s historic district. It also includes on-site parking on a first-come, first-served basis.
With three total rental units on one parcel, the layout separates structures to support tenant privacy. The straightforward residential designs are positioned for ongoing maintenance and day-to-day operation.
Key Highlights
- Three total rental units across two separate structures in Santa Paula’s historic district
- Front unit: 3 bed, 1 bath
- Rear duplex: two 1 bed, 1 bath units
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
$39,091
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
4.35%
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%
$781,820
$781.8K
Cap Rate 7%
$558,443
$558.4K
Cap Rate 9%
$434,344
$434.3K
Market Conditions
NOI Build-Up for 2,281 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
$58.2K $25.50/SF
− Vacancy
−$2.3K −$1.02/SF
EGI
$55.8K $24.48/SF
− OpEx
−$16.8K −$7.34/SF
NOI
$39.1K $17.14/SF
Area
Ventura County, CA
Vacancy
3.99%
Lease Rate
$25.50 /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%
$781,820
Cap Rate 7%
$558,443
Cap Rate 9%
$434,344
Alternative Uses
Best Use
Multifamily LT 5
$558.4K
$488.6K – $651.5K
NOI $39,091 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$515.1K
$450.7K – $600.9K
NOI $36,056 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$783.1K
$685.2K – $913.6K
NOI $54,814 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
Explore this area
Business Placement
Demographics for 93060, CA
33,859
Population
10,935
Households
3.1
Avg Household Size
35
Median Age
16%
College-Educated
67%
High-School Grad
92.4 sq mi
ZIP Area
366
Density / Sq Mi
$79,606
Median Household Income
$36,202
Median Earnings
$1,678
Median Rent
$582,900
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?
Triplex - Three rental units are spread across two structures, with first-come, first-served on-site parking.
Where is this triplex located?
The property is located at 321 Walnut St Santa Paula, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three total rental units across two separate structures in Santa Paula’s historic district; Front unit: 3 bed, 1 bath; Rear duplex: two 1 bed, 1 bath units
