24513 Walnut St, the front duplex and two-car garage from Walnut Street

Broker Opinion of Value

24513 Walnut St

Newhall (Santa Clarita), CA 91321 · one parcel, three addresses: 24513, 24515 and 24519 Walnut St

Prepared for Cynthia Piana, Rose Real Estate LLC · July 2026

Start with the story

Exclusively prepared by the LAAA Team at Marcus & Millichap

01

The Story So Far

The LAAA Team of Marcus & Millichap is pleased to present this opinion of value for your property at 24513 Walnut St. Before we talk about what it is worth, we want to talk about what already happened, because the last 22 months contain the single most valuable dataset anyone has on this property.

Your property has been on the market three times since September 2024, with three different price tags and the same result each time. That is not a verdict on the property. It is a verdict on the story it was given.

September 2024 · Listing 1
$1,550,000 · marketed as a 22,350 SF mixed-use development site
178 days on market. Expired March 2025. No sale.
June 2025 · Listing 2
$1,195,000 · marketed as an investment and redevelopment play
Expired. No sale.
January 2026 · Listing 3
$1,249,000 · marketed on a new state transit density law, SB 79
175 days on market. Canceled July 7, 2026. No sale.
MLS records on file, available on request

We want to be fair to the agents who came before us. They were not lying to you. The rules around this parcel are genuinely complicated, they were clarified while your listings were running, and we verified every one of them against the city's own documents. You will see exactly what we found in section 3, with the sources one tap away.

Here is the reframe that matters: you did not waste 22 months. You ran the experiment. The market has now told you, three times and at three prices, what it will not pay for this property as a development story. That answer cost you time, but it is real data, and it points directly at the buyer who actually shows up with money. Two nearby sales tell that part of the story better than we ever could.

The property most like yours

10030 Pinewood Ave, Tujunga

Three detached homes on an 11,048 SF lot, long-term tenants paying far under market, tenants covering their own utilities. The closest match to your property that has sold recently.

$1,195,000→ $1,100,000→ SOLD $1,050,000

51 days, December 2024. It refused to sell at the same kind of number your property was asking, then sold quickly once the price met the income buyer.

Even the renovated one repriced

25252 Atwood St, Newhall

Same zip code, three units, fully renovated, new ADU, pool, $8,000 per month already in place. The finished version of your property.

$1,225,000→ $1,175,000→ SOLD $1,150,000

26 days, May 2026. Its first listing failed too. Priced right the second time, it sold in under a month. That is the ceiling for our neighborhood, set by a building in far better condition than yours.

02

What Your Property Is Worth Today

The buyer for your property is not a developer with a spreadsheet full of maybes. It is an investor or an owner-user with a conventional loan who wants three rentable units in a city with no local rent control. Here is how that buyer prices it.

Your rents are low. That is an asset, not a flaw.

Your three units bring in $5,700 per month today. The same units at today's market rents support about $6,950 per month. Buyers in this segment pay for that gap instead of discounting it, because the gap is their upside.

Front duplex, unit A (1 bedroom)
Today
$1,800
Market
$1,950
Front duplex, unit B (2 bedroom)
Today
$1,800
Market
$2,400
Rear house (2 bedroom, 2-car garage, yard)
Today
$2,100
Market
$2,600

One sentence on the law: state rule AB 1482 lets rents on sitting tenants rise 8% this year and 8.7% starting August 2026, and each unit resets fully to market whenever a tenant moves out on their own. There is no Santa Clarita rent board on top of it. Unit mix and market figures get confirmed at the walkthrough.

Civil Code 1947.12 (AB 1482)

How buyers actually priced the recent sales

We rebuilt every recent comparable sale on the identical basis, the way a residential income appraiser does it. The pattern is unmistakable: buyers ignored the old rents and paid 12.15 to 12.36 times the yearly market rent on the best matches. They paid for what the units can earn, not for what a long-term rent roll happens to collect.

25252 Atwood St, Newhall
Renovated + new ADU + pool · same zip
$1,150,000
SoldMay 2026 · 26 days Per unit$383,333 Per SF$409 Rent multiple11.98x (at market)
The neighborhood ceiling. Fully finished with $8,000 per month in place. Your property sits below it exactly as far as the renovation gap says it should.
1237 Coronel St, San Fernando
3,106 SF triplex · same no-rent-board regime as Newhall
$1,090,000
SoldAugust 2024 Per unit$363,333 Per SF$351 Rent multiple14.49x in place
The highest clean sale in the ring, and the best regulatory match to your property. Big building, big units, one renovated.
10427 Oro Vista Ave, Sunland
3x 2BR · LA City rent control (stricter than yours)
$1,075,000
SoldJuly 2025 · 6 days Per unit$358,333 Per SF$376 Rent multiple12.36x market
Rents were even further under market than yours, one unit at $1,166. It still sold over asking in 6 days. Buyers paid the market multiple.
10030 Pinewood Ave, Tujunga
3 detached homes, big lot · LA City rent control
$1,050,000
SoldDecember 2024 · 51 days Per unit$350,000 Per SF$395 Rent multiple12.15x market
Your property's closest physical twin, carrying a stricter rent regime and a car-dependent location. It sets your floor, and you beat it on location, rules and income health.
11344 Santol Dr, Sylmar
Canyon location · county rent program · 4th non-permitted unit
$899,000
SoldDecember 2025 Per SF$302 Per bedroom$179,800 Rent multiple11.19x in place
The freshest sale, printed low for reasons your property does not have: seclusion, a harsher rent program, and a fourth unit lenders would not count.
216 Harding Ave, San Fernando
Vacant original-condition fixer · 1,560 SF
$760,000
SoldJanuary 2025 · 9 days Per unit$253,333 Result101% of asking Rent multiple10.56x market
The absolute floor: a small, empty fixer that still drew a bidding war in 9 days. Demand for this product is real at every rung of the ladder.

Where the sales put your property

Stack those sales on every metric at once, price per unit, price per square foot, price per bedroom and the rent multiple, and they bracket your property between the Pinewood floor and the Atwood ceiling. The math lands in one zone: a likely sale between $1,020,000 and $1,065,000 as it sits today, before we price the second buyer pool. That is the next section.

Likely sale range
$1.02M to $1.065Mfrom six rebuilt sales
Per unit at center
$350,000Pinewood $350,000 · Coronel $363,333
Per bedroom at center
$210,000Pinewood $210,000 · Atwood $230,000
Market-rent multiple
12.2x to 12.8xring cleared at 12.15x to 12.36x
03

We Tested the Development Story

Three listings sold you a development story. We did not argue with it. We tested it, claim by claim, against the city's own planning documents and the state's own laws. Every card below shows what the listings said and what the record says, with the source one tap away.

Aerial view with the 24513 Walnut St parcel outlined
Your parcel: 9,379 SF, roughly 75 by 125 feet, with a rear alley. Outline for illustration only. Imagery: Google.
What the listings said
"Approximately 22,350 SF of mixed-use building potential."
What the city's documents say

By right, the code caps a new building here at roughly 15,600 SF, and that is before parking and open space shrink it further. Getting anywhere near 22,350 SF requires two separate discretionary city approvals that can simply be denied.

OTNSP 2025, Table 4.3-7, p.91 · PDF
What the listings said
"SB 79 transit-oriented allowances" let a developer build tall and dense here.
What the law says

SB 79 only applies near stations running 48 or more trains a day. Newhall's station runs 30. The state's official regional map, published June 2026, does not include Newhall. The law does not touch this parcel.

SB 79 as signed, Gov. Code 65912.155+SCAG SB 79 map methodology, May 2026 · PDFMetrolink Newhall station schedule
What the listings said
"Little to no parking requirements."
True, and worth keeping

This one holds up. A 2022 state law, AB 2097, bans parking minimums within a half mile of any rail station, and your property sits 0.26 miles from Newhall Metrolink. It has been true since 2023 and it survives everything else on this page.

HCD advisory on AB 2097 · PDF
What the listings said
"Three stories, 35 feet allowed."
True

Correct as stated: the Corridor Zone allows 3 stories and 35 feet by right. What the listings left out is that a new building here must be mixed use, apartments only go above a commercial ground floor, and 100% residential is not allowed by right.

OTNSP 2025, Table 4.2-3, p.82 · PDFOTNSP 2025, Table 4.2-1, p.72 · PDFCity zoning map, Old Town Newhall · PDF

The number that ends the debate: what can a builder actually pay?

A builder works backward. Start with what the finished building sells for, subtract construction, subtract the profit no lender lets them skip, and whatever is left is the land price. We ran that math at the friendliest defensible inputs a builder could claim in 2026, cheap construction at $250 per SF, thin soft costs, rents borrowed from the newest project in Old Town Newhall, so nobody can say we stacked the deck against the story.

$1,550,000
4.7% builder profit. Dead on arrival. No builder moves for under about 15%.
$1,249,000
9.6% builder profit. Below every lender's bar. This is why listing 3 sat for 175 days.
$1,095,000
12.1% builder profit. Thin but real. An aggressive local builder can finally raise a hand at this number.
$917,000
15% builder profit, the industry standard. This is what the land is worth to a by-the-book developer.
LAAA land residual model, on file

Read those four bars once more. Even at the developer-friendliest inputs, development math supports $900,000 to $1.1M for this dirt, the same range the income buyer pays for the triplex. The prior prices never captured either buyer. And if you have wondered how anything gets built in LA at all: the projects that pencil are far larger, they buy land at these residual numbers rather than retail asking prices, or they carry subsidies. A 12-unit infill lot enjoys none of those.

04

The Real Upside

Killing the inflated story does not mean your property is ordinary. It carries a stack of genuine advantages, and here is the framing that sells it: the buyer pays for the triplex. Everything on this list comes free with it.

01

No city rent control

Santa Clarita has no rent board. Only the light state cap applies, 8.7% yearly from August, with full reset to market on turnover. Most competing LA listings cannot say that, and the sales show buyers pay up for it.

02

Three detached, house-like buildings

No shared walls, a 2-car garage, a yard and a rear alley on a 9,379 SF lot. It rents like houses, and owner-user buyers can live in one and collect from two.

03

A real backyard-unit play

State law allows 1 to 2 additional backyard units here with a 60-day, no-hearing city approval. Each one costs roughly $275,000 to $325,000 to build, rents free of the state cap for 15 years, and is worth roughly $330,000 to $375,000 once built.

04

Zero parking minimums

The one true piece of the old story. AB 2097 has applied here since 2023 because of the Metrolink station 0.26 miles away. Any future project skips the parking math that kills small lots.

05

A free option on the train

A funded Metrolink upgrade targets 30-minute service around 2028. If Newhall ever reaches 48 daily trains, the state density law switches on for this parcel. Nobody should pay for that today, and nobody has to: it rides along free.

06

Genuine scarcity

There are 28 triplexes in this zip code. The median owner has held for 28 years, and only 2 have traded at arm's length since 2018. When one is priced to its actual buyer, it does not sit.

One thing to protect while you sell

The city treats your three units as a legal use that predates today's zoning. If the buildings ever sit empty for more than 60 days, that residential status can expire, which would hurt every type of buyer. Keep tenants in place while we market, and any buyer planning a heavy renovation should phase the work. Have counsel confirm the specifics before acting on this.

OTNSP 2025, 4.1.02.G, p.66 · PDF

What if you wait?

Front duplex from Walnut St
Front duplex, Walnut St
Rear 1926 house from the alley
Rear house, alley side
Garage and rooflines from the alley
Garage and rooflines
Old Town Newhall context aerial
Old Town Newhall context. Imagery: Google.
05

The Price, the Plan, and Why Us

Everything above converges on one number. The income buyer's math and the builder's math, run independently, point at the same place, and that is rare. Most properties have to pick one buyer pool. Yours gets both.

The income buyer's math

$1,095,000

13.1 times the yearly market rent, against recent clean sales at 12.15x to 13.8x. The premium over the middle is earned by no city rent control, the free options in section 4, and how rarely this product trades here.

The builder's math

$1,095,000

A 12.1% development margin at the friendliest defensible inputs. Thin, but for the first time in three listings, a number an aggressive local builder can actually underwrite instead of laugh at.

One price. Two buyer pools. No wasted months.

Our recommendation

List at $1,095,000
Expected sale
$1,020,000 to $1,065,000
93% to 97% of list, exactly how this segment has actually cleared
Built-in discipline
Day 30 to 45 review
A pre-committed price checkpoint at $1,049,000. You will never sit for 175 days again
Buyer financing
Conventional 1-4 unit
Residential loans, 20% to 25% down. The widest, fastest pool for this asset

The full matrix

PricePer unitPer SFPer bedroomRent multiple (market)Year-1 return
$995,000$331,667$421$199,00011.9x4.57%
$1,020,000$340,000$431$204,00012.2x4.42%
$1,049,000$349,667$444$209,80012.6x4.26%
$1,065,000$355,000$451$213,00012.8x4.17%
$1,095,000 · list$365,000$463$219,00013.1x4.02%

Year-1 return is the buyer's first-year yield on today's rents after property taxes reset at the sale price. Operating costs are presented on a broker-benchmarked basis; seller operating statements were not available at the time of preparation, and buyers verify actual costs in escrow.

A marketing plan that looks nothing like the last three

The last three campaigns marketed one story to one buyer who never existed at those prices. We market to everyone who can actually pay.

  1. The residential buyer, where they actually shop

    Full residential MLS exposure with complete syndication, built for owner-users and small investors on conventional loans. Your last listings ran as commercial stories; this one runs where 1-4 unit buyers live.

  2. The LAAA exchange-buyer network

    Investors exiting other buildings on a 1031 clock need exactly this: clean, no-rent-board, sub-$1.1M product. We market to our own active exchange list first.

  3. The people who already own this product

    Direct outreach to every triplex owner in 91321 and the surrounding valley, the 28-property census plus the ring. Owners of this product are its most frequent buyers, and nobody else is calling them.

  4. The builder short list, with the honest math

    We hand the local builders the same margin ladder you just read. At $1,095,000 the aggressive ones can finally engage, and honesty is what makes them take the call.

Why the LAAA Team

You called us because we sold a building on your street. That was not luck. A team that has closed 465+ apartment transactions is on every street eventually, including yours.

465+
Closings
$1.47B+
Sales volume
4,200+
Apartment units sold
24966 Walnut St, Newhall
Your street
24966 Walnut St, Newhall
Sold $1,825,000Units 9Per unit $202,778Closed Sept 2025On market 33 days

Nine units on your own street, sold for 40-year owners with the roof, electrical and termite work still on the to-do list. Multiple offers within days; a local all-cash buyer closed. This is the sale that prompted your call.

4503 Castle Lane, La Cañada Flintridge
Triplex
4503 Castle Lane, La Cañada Flintridge
Sold $1,280,000Units 3Per unit $426,667Per SF $548Closed April 2026

A triplex in a city with barely 70 apartment buildings, the same scarcity story as yours. Double-digit offers in the first week; the sellers exchanged into passive income after 16 years.

12800 Oxnard St, North Hollywood
Triplex
12800 Oxnard St, North Hollywood
Sold $1,125,000Units 3Per unit $375,000Per SF $347Closed March 2025On market 35 days

A rent-control-exempt triplex sold in a hard financing market. Three offers; we kept the deal alive by moving the buyer to a rental-income loan when banks tightened.

2907 W Riverside Dr, Burbank
4 units, residential financing
2907 W Riverside Dr, Burbank
Sold $1,590,000Units 4Per unit $397,500Per SF $526Closed May 2026Result 98% of ask

A fourplex in the Burbank Media District that qualified for residential 1-4 unit financing, the exact loan your buyer will use. First escrow fell out; we re-marketed and drew multiple offers within two weeks.

6860 Woodley Ave, Van Nuys
Fresh closing
6860 Woodley Ave, Van Nuys
Sold $1,715,000Units 7Per unit $245,000Per SF $219Closed June 2026

A family trust's first trade in 32 years. Five competing offers within two weeks of launch; closed to a 1031 exchange buyer two weeks ago.

5905 Whitnall Hwy, North Hollywood
Sold twice by LAAA
5905 Whitnall Hwy, North Hollywood
Sold $1,475,000Units 8Per unit $184,375Per SF $276Closed May 2026

We sold this building in 2021 at $1,325,000 and again in 2026 at $1,475,000, $150,000 above the prior price, for a repeat client. Sellers come back when the process works.

Glen Scher
Glen Scher
Senior Managing Director Investments
Co-Founder, LAAA Team · Marcus & Millichap, Encino
(818) 212-2808 Glen.Scher@marcusmillichap.com
CA License 01962976
Filip Niculete
Filip Niculete
Senior Managing Director Investments
Co-Founder, LAAA Team · Marcus & Millichap, Encino
(818) 212-2748 Filip.Niculete@marcusmillichap.com
CA License 01905352

Your questions, answered straight

Can't someone build 5 stories here?

Not by right. The city's plan caps this block at 3 stories and 35 feet, and every taller path, including the new state transit law, either does not apply to this parcel or requires discretionary approvals a buyer cannot count on. A 5-story project was approved on Main St in 2025, but only after a contested public hearing, which is exactly the risk builders discount your land for.

OTNSP 2025, Table 4.2-3, p.82 · PDFSB 79 as signed, Gov. Code 65912.155+
What about the train law everyone mentioned?

SB 79 requires 48 daily trains at the station; Newhall runs 30, and the state's official June 2026 map leaves Newhall off. If a funded upgrade someday pushes service past the line, the law would switch on, and your buyer inherits that upside for free. Nobody can honestly price it in today.

SCAG SB 79 map methodology, May 2026 · PDFMetrolink Newhall station schedule
Why didn't it sell at $1,249,000?

Because at $1,249,000 a builder earns 9.6%, under every lender's bar, and an income buyer pays 15 times market rent when recent sales cleared at about 12. The price belonged to neither buyer pool, so neither showed up. 175 days proved it.

LAAA land residual model, on fileMLS records on file, available on request
Why exactly $1,095,000?

It is the one number both buyer pools can reach: 13.1 times market rent for the income buyer, against a ring that cleared at 12.15x to 13.8x, and a 12.1% margin for an aggressive builder. Price above it and you re-enter the zone the market rejected for 22 months. Price below it and you give away the premium your no-rent-board zip code has earned.

What if I wait a year or two?

Your rents can only rise 8.7% a year on sitting tenants while a 1926 building keeps aging and costs keep climbing. The train catalyst has no date and a real chance of never hitting the 48-train line. Meanwhile the sub-$1.1M conventional-loan buyer pool is the deepest it has been in years. Waiting trades a certain market for an uncertain one.

Call Glen Scher · (818) 212-2808