24522 Chestnut Street
Newhall, CA 91321
Prime 8-Unit in the Heart of Old Town Newhall
Asking Price
$3,275,000
Cap Rate
4.73%
NOI
$154,948/yr
Units
8 Units
Building SF
8,730 SF
Year Built
1979
1 / 10⤢ ExpandProperty Overview
CRH Realty Group is pleased to present 24522 Chestnut Street, a prime multifamily investment opportunity located in the heart of Newhall, just steps from Santa Clarita's rapidly redeveloping Old Town Newhall District — one of the city's most vibrant and in-demand rental markets. This well-maintained, eight-unit apartment building was constructed in 1979 and features spacious two-bedroom, one-bathroom units averaging approximately 1,091 square feet. Each unit offers a comfortable living space that appeals to long-term tenants seeking proximity to schools, shopping, dining, and entertainment in a central, walkable location. Notably, the property is not subject to the Los Angeles Rent Stabilization Ordinance (RSO) due to its construction date and is instead governed by California's AB 1482, which allows for more favorable annual rent increases compared to older, rent-controlled assets.
Key Features
- Eight (8) large 2BR/1BA units (~1,091 SF per unit)
- Built in 1979 — Exempt from LA RSO
- Subject to AB 1482 — Favorable rent increase flexibility
- One-car garage per unit
- Updated dual-pane windows
- Newer AC units (replaced within 2–5 years)
- Well-maintained with stable tenancy and rental upside
Investment Thesis
- ▸Current rents average $2,169/mo vs. market rate of $2,319/mo for 2BR in Newhall — immediate 7%+ rent upside at turnover
- ▸AB 1482 allows CPI-based increases annually without the strict RSO caps imposed on pre-1978 buildings
- ▸Old Town Newhall redevelopment is driving sustained rental demand from young professionals and creatives
- ▸Stable, long-term tenant base with low vacancy — day-one cash flow certainty
- ▸5 freeway and 14 freeway access + Metrolink proximity makes this one of the most commuter-friendly locations in SCV
Market Intelligence
Old Town Newhall is undergoing a city-backed revitalization within its 271-acre Arts & Entertainment District. Catalytic investments include the LEED-certified Newhall Library, Newhall Crossings mixed-use development (Laemmle theater + 47 units), and a second park-once garage now in planning. The Henry Mayo Newhall Hospital (1,695 employees) sits within commute distance — providing a persistent, recession-resistant renter base.
Current in-place rents of $2,169/unit/month sit $150 below the Newhall market average of $2,319 for 2BR units (October 2025 survey). At normal turnover, closing this gap adds $14,400+ annually to gross income with zero capital outlay. The property's AB 1482 status (no LA RSO exposure) permits annual increases up to 8% plus full market resets at vacancy.
Income & Expenses
| Item | Annual | Monthly |
|---|---|---|
| Income | ||
| Rent | $212,112 | $17,676 |
| Laundry | $5,400 | $450 |
| Total Income | $217,512 | $18,126 |
| Expenses | ||
| Property Tax | $35,268 | $2,939 |
| Insurance | $7,000 | $583 |
| Sewage | $696 | $58 |
| Electricity | $2,400 | $200 |
| Water | $3,600 | $300 |
| Gas | $4,500 | $375 |
| Repairs | $3,600 | $300 |
| Vacancy Estimate | $4,800 | $400 |
| Trash | $700 | $58 |
| Total Expenses | $62,564 | $5,214 |
| Net Operating Income | $154,948 | $12,912 |
Rent Roll
| Unit | Type | SF | Current Rent | Market Rent |
|---|---|---|---|---|
| 1 | 2+1 | 1,091 | $2,122 | $2,319+ |
| 2 | 2+1 | 1,091 | $2,122 | $2,319+ |
| 3 | 2+1 | 1,091 | $2,251 | $2,319+ |
| 4 | 2+1 | 1,091 | $2,251 | $2,319+ |
| 5 | 2+1 | 1,091 | $2,122 | $2,319+ |
| 6 | 2+1 | 1,091 | $2,214 | $2,319+ |
| 7 | 2+1 | 1,091 | $2,251 | $2,319+ |
| 8 | 2+1 | 1,091 | $2,343 | $2,319+ |
| Average | $2,210 | Market Upside ▸ | ||
* Market rent based on October 2025 Newhall/Canyon Country 2BR average survey data.
Location Overview
Newhall is the southernmost, oldest part of Santa Clarita — a charming, walkable district undergoing a major cultural and commercial renaissance. Old Town Newhall draws young professionals and creatives with its theaters, restaurants, and arts scene, fueling sustained rental demand and consistent appreciation.
29,416
Population
37
Median Age
$114,322
Avg. HH Income
$2,319/mo
Market Avg 2BR Rent
Schools
- Newhall Elementary School — 0.1 mi
- Placerita Middle School — 0.7 mi
- William S. Hart High School — 0.4 mi
- College of the Canyons — 4.8 mi
Shopping
- The Oaks Plaza — 0.2 mi
- Newhall Crossings — 0.2 mi
- Wayman Court Center — 0.4 mi
Transportation
- Newhall Metrolink — 0.5 mi
- Santa Clarita Metrolink — 4.4 mi
Hospitals
- Henry Mayo Newhall Hospital — 1.9 mi
Parks
- William S. Hart Regional Park — 0.8 mi
- Ed Davis Park (Towsley Canyon) — 4.1 mi
Request Information
Chris Habitz
DRE 01319877 · CRH Realty Group
Request Full OM →All-cash offering. Qualified investors only.
Property Details
- APN
- 2831-005-034
- Lot Size
- 1,219 SF
- Building
- 8,730 SF
- Units
- 8
- Year Built
- 1979
- Parking
- 8 Garage Spaces (1 per unit)
- Regulatory
- AB 1482 — Exempt from LA RSO
