| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 24th | Poor |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1037 E Avenue K, Lancaster, CA, 93535, US |
| Region / Metro | Lancaster |
| Year of Construction | 1981 |
| Units | 60 |
| Transaction Date | 2020-06-30 |
| Transaction Price | $54,350,000 |
| Buyer | VILLAGE POINTE COMMUNITY PARTNERS LP |
| Seller | YOUTUEMAN LP |
1037 E Avenue K Lancaster Multifamily Investment
This 60-unit property benefits from Lancaster's growing renter base and affordable housing market dynamics. Neighborhood-level occupancy remains stable at 93%, according to WDSuite's CRE market data.
Lancaster's inner suburb character supports multifamily demand through a combination of demographic growth and housing affordability factors. Within a 3-mile radius, population growth of 10.6% over five years has expanded the local renter pool, with households increasing 8.9% during the same period. The area maintains a 47.9% renter-occupied housing concentration, providing depth for multifamily tenant demand.
The property's 1981 construction year aligns with neighborhood averages built around 1989, positioning it competitively among Lancaster neighborhoods for renovation upside and value-add potential. Neighborhood-level occupancy of 93% reflects stable tenant retention, while median rents of $1,393 have grown 65% over five years. Home values averaging $368,435 with 78% appreciation over five years reinforce rental demand by limiting ownership accessibility for many households.
Demographics within a 3-mile radius show household income growth of 48% to $60,237 median, with projected increases to $95,360 by 2028. The rent-to-income ratio remains manageable for tenant retention considerations. Limited amenity density reflects the suburban character, with minimal grocery and childcare facilities per square mile, though restaurant and pharmacy access provides basic commercial support for residents.
Crime metrics position this Lancaster neighborhood as competitive among Los Angeles metro neighborhoods for investor consideration. The area ranks in the middle tier among 1,441 metro neighborhoods for overall crime levels, with recent trends showing improvement in both property and violent offense rates.
Property offense rates have declined 20.7% year-over-year, while violent crime has decreased 33% during the same period, indicating positive directional trends for neighborhood stability. These improvements support tenant retention and leasing considerations, though investors should monitor ongoing crime reduction efforts as part of their due diligence process.
The Lancaster area benefits from proximity to major aerospace and corporate employers that support workforce housing demand, with Lockheed Martin and other established companies providing employment stability for potential tenants.
- Lockheed Martin Aeronautics Co. — aerospace & defense (4.5 miles)
- Waste Management - Palmdale — waste management services (7.8 miles)
- Amerisourcebergen — healthcare distribution (30.9 miles)
- Boston Scientific Neuromodulation — medical technology (30.9 miles)
- Charter Communications — telecommunications (35.4 miles)
This Lancaster multifamily property offers value-add potential through its 1981 vintage and positioning in a growing suburban market. Demographic projections within a 3-mile radius show household growth expanding the tenant base, while home value appreciation reinforces rental demand by maintaining ownership barriers. The 93% neighborhood-level occupancy rate indicates stable leasing fundamentals, supported by proximity to aerospace employment centers.
Rent growth momentum of 65% over five years, combined with projected household income increases to $95,360 by 2028, suggests pricing power potential. The property's 60-unit scale provides operational efficiency opportunities, while the suburban Lancaster location offers lower basis compared to core Los Angeles markets. Crime trend improvements and employment stability from nearby Lockheed Martin operations support long-term tenant retention prospects.
- Value-add renovation potential with 1981 construction year
- Stable 93% neighborhood occupancy and growing renter base
- Proximity to major aerospace employer Lockheed Martin
- Home value appreciation sustaining rental demand
- Limited amenity density may impact tenant appeal and retention