24315 Walnut St, Santa Clarita — 9-Unit Multifamily

Total Units

1985

Year Built

7,120

Building Square Feet

$201,540

Current Scheduled Rent

$231,000

Scheduled Rent at Market

Investment Highlights

Why 24315 Walnut Street Stands Out

15% Mark-to-Market Spread

In-place rents total $16,795 per month against $19,250 at market — a $2,455 monthly, $29,460 annual gap. Capturing it through ordinary turnover carries net operating income from $121,090 to $148,238 without a capital program.

Diversified Unit Mix

Five 1BD/1BA units, one studio, one 2BD/2BA, and two 3BD/2BA. The small units keep the rent roll affordable and easy to lease; the two three-bedrooms at 1,100 SF command $2,750 market rents and anchor the income.

1985 Construction, Garage Parked

Nearly all competing Newhall inventory is 1960s and 1970s product. At 1985 the building carries newer systems, a lighter deferred-maintenance profile, covered tuck-under garage parking, and an on-site laundry room — amenities the older walk-ups on this street simply do not have.

Efficient Expense Structure

Operating expenses run $75,904, or 38.5% of effective gross income and $8,434 per unit — and fall to 34.3% of EGI as rents mark to market. The load is modest for a nine-unit building with owner-paid trash and common-area utilities.

Old Town Newhall Location

Walnut Street sits in the heart of Santa Clarita’s renter-majority Newhall core — roughly 53% of occupied housing within a mile is renter-occupied, against a $916,000 median home price that keeps ownership out of reach for most local households.

Financeable at 60% LTV

At 60% loan-to-value, 6.25% and 30-year amortization, the property debt-services at a 1.24× coverage ratio today and 1.52× at market rents — comfortably inside agency and bank underwriting for a nine-unit asset.

The Property

Nine Units, 7,120 Square Feet, on a Fifth-Acre Newhall Lot

24315 Walnut Street is a two-story, nine-unit apartment building constructed in 1985 on approximately 0.20 acres. The 7,120-square-foot improvement spans a studio, five one-bedroom units — several with private patios or balconies — a two-bedroom, and two three-bedroom family plans. See the full rent roll and operating financials below.

Property Summary

Address: 24315 Walnut St, Santa Clarita, CA 91321
Submarket: Old Town Newhall / Santa Clarita Valley
Property Type: Multifamily — 9 units
Year Built: 1985
Building Area: 7,120 SF (gross)
Lot Size: 0.20 acres (±8,712 SF)
Average Unit Size: 791 SF
Parking: Covered tuck-under garage, on site
Laundry: On-site common laundry room
Construction: Two-story, wood siding over stucco; pitched composition roof
Estate: Fee Simple

Income Snapshot

Total Units: 9 — all income-producing
Scheduled Rent (Current): $16,795 / mo · $201,540 / yr
Scheduled Rent (Market): $19,250 / mo · $231,000 / yr
Mark-to-Market Spread: +$2,455 / mo · +14.6%
Avg. Rent / Unit: $1,866 current → $2,139 market
Rent / SF: $2.36 current → $2.70 market
Other Income: On-site coin laundry
Rent Framework: AB 1482 (statewide cap) applies

Unit Mix

Units	Unit Type	SF / Unit	Avg. Current Rent	Market Rent	Upside / Unit
5	1 Bedroom / 1 Bath	695	$1,739	$1,950	+$211
1	Studio	400	$1,450	$1,600	+$150
1	2 Bedroom / 2 Bath	1,000	$2,050	$2,400	+$350
2	3 Bedroom / 2 Bath	1,100	$2,300	$2,750	+$450
9	Total / Weighted Average	791	$1,866	$2,139	+$273

Scheduled rents per the owner-provided rent roll; market rents per LAAA Team underwriting of the Walnut Street and Old Town Newhall corridor.

Building Features & Amenities

Two amenities set this building apart from the older Newhall walk-ups it competes with: covered garage parking beneath the structure, and a common laundry room on site. Both are meaningful to tenants in a submarket where most 1960s product offers open surface parking and no laundry at all.

Common Areas

Parking: Covered tuck-under garage running beneath the building, with drive-through access
Laundry: Dedicated on-site laundry room with coin-operated washers and dryers
Access: Interior carpeted stairwell connecting the garage level to the upper floor
Grounds: Lawn and mature street trees at the Walnut Street frontage

Unit Features

Private Outdoor Space: Upper units open to private balconies; ground-floor units have fenced patios
Cooling: Wall-mounted A/C units observed at several apartments
Layout: Single-level flats across two residential floors
Condition: Sound building envelope; common-area finishes are original and offer light cosmetic upside

Property Photos

24315 Walnut St — front elevation from Walnut Street — Front elevation from Walnut Street — two-story 1985 construction with private balconies above and fenced ground-floor patios, set behind a lawn and mature street trees.

24315 Walnut St — angled street view showing the full building and parking access — Angled street view showing the building’s full frontage and covered parking access.

24315 Walnut St — covered tuck-under parking garage — Covered tuck-under garage beneath the building — a genuine advantage over the surface-parked 1960s product nearby.

24315 Walnut St — on-site common laundry room — On-site coin-operated laundry room serving all nine units.

24315 Walnut St — interior stairwell connecting the garage to the upper floor — Interior stairwell connecting the garage level to the residential floors.

24315 Walnut St — streetscape view along Walnut Street — Walnut Street frontage — a quiet, tree-lined residential block in the Old Town Newhall core.

Rent Roll

Unit-by-Unit Rent Roll

All nine units are income-producing, with current scheduled rent of $16,795 per month — $201,540 annualized, or $2.36 per square foot. At the market rents underwritten below, the roll rises to $19,250 per month and $231,000 annually, a 14.6% increase and $2.70 per square foot.

Unit	Type	SF	Current Rent	$/SF	Market Rent	Upside
101	1 BD / 1 BA (Patio)	695	$1,680	$2.42	$1,950	+$270
102	1 BD / 1 BA (Patio)	695	$1,600	$2.30	$1,950	+$350
201	1 BD / 1 BA (Balcony)	695	$1,735	$2.50	$1,950	+$215
202	1 BD / 1 BA (Balcony)	695	$1,840	$2.65	$1,950	+$110
203	Studio	400	$1,450	$3.63	$1,600	+$150
204	1 BD / 1 BA	695	$1,840	$2.65	$1,950	+$110
205	3 BD / 2 BA	1,100	$2,250	$2.05	$2,750	+$500
206	3 BD / 2 BA	1,100	$2,350	$2.14	$2,750	+$400
207	2 BD / 2 BA	1,000	$2,050	$2.05	$2,400	+$350
Totals — 9 Units		7,120	$16,795	$2.36	$19,250	+$2,455

Source: owner-provided rent roll, as reflected in the Marcus & Millichap National Multi Housing Group underwriting model for 24315 Walnut St. Unit square footages are approximate and total 7,075 SF of rentable area within a 7,120 SF gross building. Market rents are LAAA Team estimates and are not a representation that such rents are attainable; California’s statewide rent cap (AB 1482) applies to this 1985 building, so the mark-to-market is achieved primarily at turnover.

Financials

Operating Statement & Valuation at $2,200,000

The statement below presents current operations alongside a pro forma at market rents. Both columns are underwritten on a buyer’s basis — property taxes reassessed at the purchase price, a 3% vacancy factor, and a 5% professional management fee that lenders require on any five-plus-unit building.

Income & Expense

Line Item	Current	Pro Forma
Gross Scheduled Rent	$201,540	$231,000
Less: Vacancy & Collection (3%)	($6,046)	($6,930)
Total Effective Rental Income	$195,494	$224,070
Laundry & Other Income	$1,500	$1,500
Effective Gross Income	$196,994	$225,570
Real Estate Taxes	$30,800	$30,800
Insurance	$5,714	$5,714
Utilities	$8,723	$8,723
Trash Removal	$4,992	$4,992
Repairs & Maintenance	$10,200	$10,200
Landscaping	$3,000	$3,000
Pest Control	$625	$625
General & Administrative	$2,000	$2,000
Management Fee (5% of EGI)	$9,850	$11,279
Total Operating Expenses	$75,904	$77,333
Expense Ratio / Per Unit	38.5% · $8,434	34.3% · $8,593
Net Operating Income	$121,090	$148,238
Cap Rate @ $2,200,000	5.50%	6.74%

Source: Marcus & Millichap National Multi Housing Group underwriting model for 24315 Walnut St. Insurance, utilities, trash, landscaping and pest control reflect seller-provided actual financials. Property taxes are estimated for a new buyer at the $2,200,000 purchase price. Repairs & maintenance is normalized to approximately $1,133 per unit per year, general & administrative to $2,000 for entity formation and tax filings, and management to a 5% fee. A 3% vacancy factor is applied for turnover, consistent with lender underwriting. Other income of $1,500 per year reflects the on-site coin-operated laundry room and is credited after the vacancy deduction in both columns; the management fee is calculated on effective gross income inclusive of it. Figures are estimates and should be independently verified.

Valuation Summary

Metric	Current	Pro Forma
Recommended List Price	$2,200,000	$2,200,000
Number of Units	9	9
Price per Unit	$244,444	$244,444
Price per Square Foot	$308.99	$308.99
Gross Scheduled Income	$201,540	$231,000
Laundry & Other Income	$1,500	$1,500
Gross Rent Multiplier	10.92×	9.52×
Net Operating Income	$121,090	$148,238
Cap Rate	5.50%	6.74%

Financing & Buyer Returns

Underwritten at a new 60% loan-to-value first trust deed — $1,320,000 at 6.25% on a 30-year amortization — against $880,000 of buyer equity. Annual debt service is $97,530.

Return Measure	Current	Pro Forma
Net Operating Income	$121,090	$148,238
Less: Debt Service	($97,530)	($97,530)
Net Cash Flow After Debt Service	$23,561	$50,708
Cash-on-Cash Return	2.68%	5.76%
Plus: Principal Reduction	$15,468	$16,463
Total Return	$39,028 · 4.43%	$67,171 · 7.63%
Debt Coverage Ratio	1.24×	1.52×

Loan terms are illustrative and subject to change. Contact your Marcus & Millichap Capital Corporation representative for current quotes.

Pricing Sensitivity

How the metrics move across the pricing band we would recommend testing the market within:

List Price	$/Unit	$/SF	Current Cap	Pro Forma Cap	Current GRM
$2,300,000	$255,556	$323.03	5.20%	6.38%	11.41×
$2,250,000	$250,000	$316.01	5.35%	6.56%	11.16×
$2,200,000	$244,444	$308.99	5.50%	6.74%	10.92×
$2,150,000	$238,889	$301.97	5.66%	6.93%	10.67×
$2,100,000	$233,333	$294.94	5.83%	7.13%	10.42×

Recommended list price highlighted. Cap rates at each price point are calculated with property taxes reassessed at that purchase price (approximately 1.40% of price), consistent with the operating statement above; all other expense lines, and the $1,500 of laundry income, are held constant.

The Value-Add: $29,460 of Rent Sitting on the Table

Nine units at $16,795 per month today against $19,250 at market. Capturing that $2,455 monthly spread through ordinary turnover — no repositioning, no capital plan — grows net operating income 22%, from $121,090 to $148,238, and moves a buyer’s cash-on-cash return from 2.68% to 5.76%. At a market-rate 5.50% exit cap, that NOI growth alone is worth roughly $493,000 of value creation.

Our Opinion of Value

Nine Units in Old Town Newhall, Priced to Meet the Market

The LAAA Team is pleased to present our opinion of value for 24315 Walnut Street, a nine-unit apartment property built in 1985 in the Old Town Newhall district of Santa Clarita. Our recommended list price is $2,200,000 — $244,444 per unit and $309 per square foot — a 5.50% cap rate on in-place income and a 6.74% cap rate on market rents.

The property produces $201,540 of gross scheduled income today, plus $1,500 of laundry income, against $75,904 of operating expenses, for $121,090 of net operating income. Rents currently average $1,866 per unit per month. Marking the units to the market rents established elsewhere on the Walnut Street corridor lifts scheduled income to $231,000 and net operating income to $148,238 — a $27,147 increase, or 22% NOI growth, with no capital plan required beyond ordinary turnover.

Physically, the building presents well for its age: two stories of wood siding over stucco under a pitched composition roof, with private balconies on the upper units and fenced patios at grade. A covered tuck-under garage runs beneath the structure and a dedicated laundry room serves the property — two amenities the 1960s walk-ups competing for the same tenant do not offer. Common-area finishes are original and leave room for light cosmetic improvement.

The unit mix is the property’s quiet strength. Five one-bedroom units, a studio, a two-bedroom, and two three-bedrooms give a buyer both the affordability of small units and the rent depth of larger family floor plans — the three-bedrooms alone carry $2,750 market rents. A 1985 vintage means the building sits well past the deferred-maintenance cliff of the 1960s product that dominates this submarket, while remaining subject to the same statewide rent framework.

Our pricing recommendation is anchored to the closest live evidence on this street. 24802 & 24806 Walnut — seven units of 1978 vintage — is under contract at $246,429 per unit and a 5.31% cap. Recent closings in the immediate area span $202,778 per unit for 1962 product up to $303,333 for larger, better-located assets. At $244,444 per unit and a 5.50% going-in cap, 24315 Walnut prices just inside the building the market is buying right now, while its 1985 vintage and three-bedroom plans justify a clear premium over the older nine-unit trades.

Market Comparables

What the Walnut Street Corridor Is Trading For

Old Town Newhall is an unusually well-evidenced submarket right now. Two of the most relevant data points sit on Walnut Street itself, within a few blocks of the subject — one of them our own recent closing. Sales over the trailing eighteen months have run from $202,778 to $303,333 per unit, and the two active listings in the immediate area are priced at $246,429 and $356,000 per unit.

Active & Pending — The Direct Competition

Address	City	Units	Yr Built	Price	$/Unit	$/SF	Cap	Status
★ 24315 Walnut St (Subject)	Santa Clarita	9	1985	$2,200,000	$244,444	$308.99	5.50%	Proposed
24802 & 24806 Walnut St	Santa Clarita	7	1978	$1,725,000	$246,429	$295.28	5.31%	Under Contract
22607 14th St	Santa Clarita	6	1990	$1,780,000	$356,000	$365.95	4.95%	On Market

24802 & 24806 Walnut Street is a Marcus & Millichap listing now under contract. 22607 14th Street is listed by CBRE at $1,780,000 — six units built in 1990 on a 0.17-acre lot, quoted at a 4.95% current cap and 11.26 GRM, rising to a 5.28% cap at market rents.

Closed Sales — Trailing 18 Months

Property	Address	Units	Yr Built	Close	Price	$/Unit	$/SF	Cap
Casa Seville Apartments	24411 Newhall Ave, Newhall	30	1976	5/13/26	$9,100,000	$303,333	$315.03	—
The Elms Apartments — LAAA Team	24966 Walnut St, Newhall	9	1962	9/25/25	$1,825,000	$202,778	$282.60	5.42%
22710 8th Street	22710 8th St, Santa Clarita	22	1985	5/14/25	$6,400,000	$290,909	$319.80	—
Averages		20	—	—	$5,775,000	$265,673	$305.81	5.42%

Source: Marcus & Millichap Research Services and CoStar, Santa Clarita Valley / Newhall multifamily. Cap rates shown where reported by the seller or listing broker.

What We Learned Selling the Last Nine-Unit on Walnut Street

The Elms at 24966 Walnut was our listing. We brought it to market on August 13, 2025 at $1,975,000 — a 4.99% cap and a 12.43 GRM — and put it under contract in 15 days. It closed September 25, 2025 at $1,825,000, a 5.42% cap and $202,778 per unit: roughly 7.6% below the original ask. The lesson is specific and it shapes our recommendation here. Buyer depth on this street is real and it is fast, but it prices to a cap rate in the low-to-mid five range, not to a headline number. Pricing 24315 Walnut at $2,200,000 puts it in front of that same buyer pool at a 5.50% going-in cap on day one — the level the Elms actually traded at, on a building twenty-three years newer.

How the Comps Support $2,200,000

The closest physical comp validates the pricing. 24802 & 24806 Walnut, seven units of 1978 vintage, went under contract at $246,429 per unit and a 5.31% cap. At $244,444 per unit and a 5.50% cap, 24315 Walnut is priced just inside a direct competitor that is seven years older and offers no three-bedroom units — and that competitor has already found its buyer.
The other active listing prices well above us. 22607 14th Street asks $356,000 per unit and $365.95 per square foot at a 4.95% cap. It is newer (1990) and smaller (six units), so the per-unit figure is not directly transferable — but it establishes that sellers in this submarket are asking sub-5% caps, and it makes the subject’s 5.50% going-in yield the more compelling buy on the street.
The best size-matched trade is the weakest asset. The Elms at 24966 Walnut is the only other nine-unit sale on the street — and it was our listing. It closed at $202,778 per unit and a 5.42% cap, but the building dates to 1962, twenty-three years older than the subject, with correspondingly heavier capital exposure.
Larger, newer product clears $290,000–$303,000 per unit. 22710 8th Street (22 units, 1985 — the same vintage as the subject) traded at $290,909 per unit, and Casa Seville at $303,333. Those establish the ceiling for quality Newhall product; a nine-unit building appropriately prices below institutional-scale assets.
On a price-per-foot basis the ask is mid-range. Closed comps averaged $305.81 per square foot. At $308.99, the subject is essentially at the market average despite being newer than every closed comparable but one.

Location

Old Town Newhall — Santa Clarita’s Original Downtown

Santa Clarita is Los Angeles County’s third-largest city, a valley of roughly 225,000 residents thirty miles north of Downtown LA along the I-5 and SR-14 corridors. Newhall is its oldest neighborhood and, through two decades of civic investment, its most walkable — a restored main street of restaurants, breweries, and the Newhall Family Theatre, anchored by a Metrolink station with direct service to Burbank and Union Station.

What Drives Rental Demand Here

Renter-majority core. Within one mile of the property, 2,425 of 4,596 occupied units are renter-occupied — roughly 53%, well above the Santa Clarita Valley average.
Ownership is out of reach. A $916,000 median home price against an $85,722 median household income within a mile keeps would-be buyers in the rental pool indefinitely.
Constrained small-building supply. New Santa Clarita construction is overwhelmingly large master-planned product in Valencia and Castaic. Nine-unit infill buildings in walkable Newhall are effectively unreplaceable at today’s costs.
Transit and freeway access. The Newhall Metrolink station, plus immediate I-5 and SR-14 access to the San Fernando Valley and Downtown LA employment centers.
Deep employment base. College of the Canyons, Henry Mayo Newhall Hospital, Six Flags Magic Mountain, and Valencia’s aerospace and biotech corridor all draw from the same workforce housing pool.

Site Snapshot

Address: 24315 Walnut St, Santa Clarita, CA 91321
County: Los Angeles
City: Santa Clarita
Neighborhood: Old Town Newhall
Transit: Newhall Metrolink Station (Antelope Valley Line)
Freeway Access: I-5 and SR-14
Drive to Downtown LA: ~35 minutes
Drive to Burbank: ~25 minutes

Area Demographics

The immediate one-mile trade area is a dense, renter-heavy workforce neighborhood; widen to three and five miles and household incomes climb sharply into Valencia and Saugus. That gradient is what supports both the affordability of the subject’s small units and the rent depth of its three-bedroom plans.

Demographic Profile

2025 Estimate	1 Mile	3 Miles	5 Miles
Total Population	13,900	71,174	178,110
Total Households	4,584	25,849	63,218
Avg. Household Size	3.1	2.8	2.9
Median HH Income	$85,722	$116,600	$123,426
Average HH Income	$112,262	$143,690	$148,135
Renter-Occupied Units	2,425	9,765	20,259
Owner-Occupied Units	2,171	15,992	42,955

Source: Marcus & Millichap Research Services; Experian; U.S. Census Bureau. Figures are approximate and provided for general reference.

The Newhall Repositioning

Old Town Newhall has been the focus of a sustained public investment program — streetscape improvements along Main Street, the Newhall Family Theatre, the Old Town Newhall Library, and a growing cluster of independent restaurants and breweries. The result is the only genuinely walkable district in a valley otherwise built around the car.

For a small multifamily owner, that matters in a specific way: it is the one Santa Clarita submarket where tenants will pay a premium for location rather than for unit finish. A 1985 building with sound bones and average interiors captures that premium without the renovation budget a Valencia comp would demand.

It also matters on exit. Buyer demand for Newhall infill has been consistent through the last three years of rate volatility — the three closed sales above span 9 to 30 units and cleared between $202,778 and $303,333 per unit, with a live listing and an escrow on Walnut Street itself confirming the depth of that bid today.

Your Team

Prepared By

This opinion of value was prepared by Logan Ward of the LAAA Team at Marcus & Millichap. Logan works alongside co-founders Glen Scher and Filip Niculete — senior managing directors who together have closed more than $1.4 billion in transactions across Los Angeles, Ventura, and Santa Barbara counties.

Logan Ward

Associate Investments

(818) 212-2675
Logan.Ward@marcusmillichap.com

CA License 02200464

Glen Scher

Senior Managing Director Investments

(818) 212-2808
Glen.Scher@marcusmillichap.com

CA License 01962976

Filip Niculete

Senior Managing Director Investments

(818) 212-2748
Filip.Niculete@marcusmillichap.com

CA License 01905352

We Didn’t Invent Great Service. We Just Work Relentlessly to Provide It.

Ready to walk through the underwriting line by line, discuss the pricing strategy, or talk through a go-to-market plan for 24315 Walnut Street? Reach out to any member of the team above.