Description

We are pleased to offer 24513–24519 Walnut Street, a fully occupied, three-unit residential investment in Old Town Newhall, Santa Clarita. Constructed in 1954, this low-rise asset comprises approximately 2,364 square feet of improvements on a 9,379-square-foot (0.22-acre) lot. The property features one 1-bedroom/1-bathroom residence with a detached, one-car garage and two 2-bedroom/1-bathroom residences with attached, one-car garages. Each unit delivers roughly 788 square feet of living space and generates independent cash flow on a single parcel, offering straightforward management and stable occupancy.

At an offering price of $1,095,000 (approximately $463 per square foot), the current gross rental income of $70,800 per year produces an estimated net operating income of $47,203, reflecting a 4.31% current cap rate and a 15.47-year gross rent multiplier. Broker-selected market rents total $81,420 per year—a 15.0% upside—boosting pro forma NOI to $57,823 and elevating the pro forma cap rate to 5.28%. The property is exempt from local rent-stabilization ordinances but remains subject to California’s statewide AB 1482 rent-cap and just-cause regulations, balancing income security with growth potential.

Beyond stabilized operations, 24513–24519 Walnut Street presents meaningful value-add and long-term site options. Rear alley access, three individual garages, and OTNSP-COR zoning support independent study of garage conversions, detached ADU construction or future redevelopment (subject to City review and utility capacity). This offering is ideally suited for small-property investors, 1031-exchange buyers and long-term holders seeking a well-positioned Southern California multifamily asset with reliable cash flow, measurable upside and enduring market fundamentals.