31701 Ridge Route Rd

Highlights:

• First time on the market in 40 years, built by the same family in 1986 and 1988
• One-bedroom and two-bedroom plans averaging 829 SF per unit on a 1.34-acre gated site
• Direct I-5 access to the Santa Clarita employment base at a lower basis, with very little new apartment construction in the submarket

Description:

The LAAA Team of Marcus & Millichap presents 31701 Ridge Route Road, a 33-unit apartment community in the heart of the Santa Clarita Valley, being offered to the open market for the first time in nearly 40 years. The property was built and owned by the same family since its development in 1986 and 1988, and is now being offered by the original owner’s children. The property has a proven track record and has been well-maintained throughout it's history.

The property comprises 33 residential units across 27,360 rentable square feet on a 1.34-acre site. The unit mix skews toward functional one- and two-bedroom floor plans - the bread and butter of the Santa Clarita Valley workforce renter - with units averaging 829 square feet. In-place rents trail current market rates by a meaningful margin, and five units are currently vacant, providing an incoming owner with an immediate opportunity to begin capturing market rents at close.

Situated along the I-5 corridor approximately 35 miles north of downtown Los Angeles, Castaic occupies a meaningful geographic and economic position as the northern gateway to the Santa Clarita Valley. The location gives residents direct freeway access to Santa Clarita’s employment base to the south and to the broader Los Angeles metro beyond - all without the congestion and cost of living that define closer-in neighborhoods. Castaic Lake and the surrounding recreation corridor add a quality-of-life dimension that sets this community apart and contributes to the stable, deeply rooted residential character that has defined this property over nearly four decades of family ownership.