| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 56th | Good |
| Amenities | 71st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2818 W Avenue K8, Lancaster, CA, 93536, US |
| Region / Metro | Lancaster |
| Year of Construction | 1988 |
| Units | 36 |
| Transaction Date | 1999-11-05 |
| Transaction Price | $1,980,000 |
| Buyer | DESERT COLONEY TOWN HOMES LLC |
| Seller | P R DESERT HOMES |
2818 W Avenue K8 Lancaster Multifamily Investment
This 36-unit property in Lancaster's inner suburban market benefits from strong neighborhood occupancy rates at 98% and rising household incomes, according to CRE market data from WDSuite.
The Lancaster neighborhood maintains a 98% occupancy rate, ranking in the 89th percentile nationally and indicating strong rental demand fundamentals. Built in 1988, this property aligns with the area's average construction year of 1989, suggesting consistent building stock that may present value-add opportunities through strategic renovations. The neighborhood's median contract rent of $1,829 reflects healthy rental pricing power in the Los Angeles metro submarket.
Demographics within a 3-mile radius show household income growth of 45% over five years, reaching a current median of $88,890. Population forecasts indicate an 11% increase through 2028, with household formation projected to grow 36%, expanding the potential tenant base. The area's 43% renter share provides a substantial rental market, while elevated home values with a median of $477,520 help sustain rental demand by keeping ownership costs above many household budgets.
The neighborhood ranks in the 79th percentile nationally for housing fundamentals and offers solid amenity access with grocery stores, childcare facilities, and restaurants serving tenant retention needs. School ratings average 2.0 out of 5, which may limit appeal to family renters but supports affordability for other demographic segments. The rent-to-income ratio of 0.23 suggests manageable affordability for current income levels, though investors should monitor potential pressure as rents adjust to market conditions.
Property crime rates in the neighborhood rank 943rd among 1,441 Los Angeles metro neighborhoods, placing it in the 31st percentile nationally. While this indicates above-average crime levels compared to national standards, violent crime rates show improvement with a 10% decrease year-over-year. Investors should factor security considerations into operational planning and tenant screening processes.
The neighborhood's overall crime ranking suggests potential opportunities for security enhancements that could improve tenant retention and justify premium rents. Property management strategies should emphasize lighting, access controls, and community engagement to address safety perceptions and maintain competitive positioning in the local rental market.
The Lancaster area benefits from proximity to major aerospace and corporate employers that provide stable workforce housing demand, including defense contractor Lockheed Martin and waste management operations.
- Lockheed Martin Aeronautics Co. — defense & aerospace (5.5 miles)
- Waste Management - Palmdale — waste services (7.2 miles)
- Boston Scientific Neuromodulation — medical devices (27.1 miles)
- Amerisourcebergen — pharmaceutical distribution (27.1 miles)
This 36-unit Lancaster property offers exposure to a stable inner suburban rental market with 98% neighborhood occupancy and growing household incomes. The 1988 construction year positions the asset for potential value-add strategies through unit renovations and common area improvements. Demographic projections show 11% population growth and 36% household formation increases through 2028, supporting long-term tenant demand fundamentals.
Multifamily property research indicates the area's $1,829 median rent levels provide competitive pricing within the Los Angeles metro, while elevated home values help maintain rental demand by keeping ownership costs above many household budgets. The neighborhood's aerospace employment base, anchored by Lockheed Martin, provides workforce stability that supports occupancy and lease renewal rates.
- Strong 98% neighborhood occupancy rates indicate stable rental demand
- 1988 vintage offers value-add potential through strategic renovations
- 36% projected household growth through 2028 supports tenant base expansion
- Aerospace employment anchor provides workforce housing stability
- Risk: Above-average crime rates may require security investment and impact tenant retention