24846 Walnut St

Highlights:

• First time on the market in nearly 40 years, built by the same family in 1985
• Plans average 979 SF per unit, well above the typical workforce apartment in this submarket
• In-place rents trail current market across the majority of the unit mix

Description:

The LAAA Team of Marcus & Millichap presents 24846 Walnut Street, a 16-unit apartment community in Santa Clarita. On the market for the first time in nearly 40 years, this 16-unit apartment community on Walnut Street represents a rare opportunity to acquire a well-established residential asset in one of Northern Los Angeles County’s fastest-growing and most well-planned communities. The property was built and owned by the same family since its development in 1985, and is now being offered by the original owner’s children. Long-term family stewardship of this kind is increasingly rare in today’s multifamily market, and the result is exactly what an experienced investor would hope to find: an asset with a stable operational history, an established tenant base, and rents that have drifted meaningfully below what the market will bear.

The property sits on a 0.55-acre site totaling 15,656 rentable square feet, with a unit mix weighted toward spacious one- and two-bedroom floor plans that average 979 square feet — well above the typical workforce apartment in this submarket. In-place rents trail current market rates by a meaningful margin across the majority of the unit mix, and the path to stabilized performance is driven entirely by natural rent normalization as tenancy turns over under new ownership.

Located approximately 30 miles north of downtown Los Angeles along the I-5 and SR-14 corridors — with convenient access to employment centers in Los Angeles, the San Fernando Valley, and surrounding counties — Santa Clarita is known for its family-friendly neighborhoods, expansive open spaces, and strong local economy. One of the largest and most dynamic cities in Southern California, it offers a suburban lifestyle with modern amenities while maintaining close ties to the greater Los Angeles area. The city is home to a wide range of parks, trails, and recreational facilities, including the extensive Santa Clarita Trail System, as well as major regional attractions like Six Flags Magic Mountain. Seasonal festivals, farmers markets, and a strong tradition of civic engagement give Santa Clarita a welcoming, community-oriented identity that continues to attract long-term residents and new arrivals alike. Walnut Street sits at the center of this established residential fabric — a corridor that has supported stable occupancy at this property for four decades.