24377 Newhall Ave

Highlights:

• 13% Rental Upside
• Utility Recovery Upside
• Only Subject to AB 1482
• 66 Units on 2.14 Acres
• Highest Resource and DDA
• 62 Parking Spaces

Description:

The LAAA Team of Marcus & Millichap is pleased to present Newhall Terrace, 24377 Newhall Avenue, a 66-unit apartment community on a 2.14-acre parcel in the Old Town Newhall neighborhood of Santa Clarita. Built in 1972, the property is one connected two-story building of 36,908 square feet arranged around two landscaped courtyards, with a lobby entry on Newhall Avenue, 62 parking spaces including carports, and on-site laundry. Every unit is a one-bedroom, one-bath apartment. The offering price is $11,500,000, or $174,242 per unit.

The same family has owned the property since 2006. On the December 2026 rent roll, as adjusted in Note 1, the 61 occupied units are scheduled at $102,899 a month against $115,900 at the $1,900 market rent, 13% of upside on the occupied units alone. Two units already rent above $1,900. Water, sewer and trash recovery is upside a new owner can add: the pro forma carries it at $75 per unit per month, about $59,400 a year.

Santa Clarita has no local rent stabilization or just cause ordinance, so tenancies follow the statewide rent cap (AB 1482): annual increases of 5% plus inflation, never more than 10%, and vacant units reset to market. Newhall Terrace offers 66 units of scale on land in a walkable town center, with upside on both lines: higher rents as units turn over to the $1,900 market rent, and lower net utility costs once water, sewer and trash are billed back.