| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Poor |
| Demographics | 12th | Poor |
| Amenities | 18th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 621 E Avenue I, Lancaster, CA, 93535, US |
| Region / Metro | Lancaster |
| Year of Construction | 1982 |
| Units | 91 |
| Transaction Date | 2013-12-20 |
| Transaction Price | $7,320,073 |
| Buyer | RELIANT SAN GABRIEL LP |
| Seller | SIERRA VILLA EAST LP |
621 E Avenue I, Lancaster Multifamily Investment Opportunity
Neighborhood occupancy has held firm near the high-90s, pointing to demand stability for rentals in this pocket of Lancaster, according to WDSuite’s CRE market data. For investors, steady neighborhood-level occupancy can support consistent leasing while value-add strategies target operational upside.
Positioned in suburban Lancaster within the Los Angeles metro, the neighborhood ranks 1,435 out of 1,441 local neighborhoods (D rating), signaling weaker overall fundamentals relative to the region. Even so, neighborhood occupancy trends are comparatively resilient — its occupancy rank is competitive among Los Angeles neighborhoods (561 of 1,441) and nationally the area sits in a higher percentile for occupancy, aiding income consistency at stabilized assets. These metrics reflect the neighborhood rather than the property’s specific performance.
Livability is mixed. Amenity density is limited (few cafes, parks, and pharmacies), while grocery access is moderate compared with peers. Investors should underwrite resident convenience accordingly, focusing on onsite offerings and unit features to offset thinner neighborhood amenities. Median contract rents for the neighborhood sit mid-pack nationally, and the rent-to-income profile suggests lower affordability pressure than many coastal markets — conditions that can help retention and disciplined pricing.
Within a 3-mile radius, demographics show recent population and household growth and projections point to further expansion through the forecast period. A renter-occupied share near the mid-40s within this radius indicates a meaningful tenant base, which supports multifamily demand depth and leasing velocity for well-managed assets.
The property’s 1982 vintage is slightly older than the neighborhood’s average stock (early 1980s). Investors should plan for targeted capital improvements — interiors, building systems, and curb appeal — to capture value-add upside and improve competitive positioning versus newer offerings.
Safety indicators are mixed but showing improvement. The neighborhood’s overall crime ranking is above the metro median (672 of 1,441), and its national position sits modestly above average (around the 58th percentile versus neighborhoods nationwide). Recent year-over-year trend data shows meaningful improvement: estimated violent and property offense rates both declined, with reductions placing the area in the top quartile nationally for improvement momentum. These figures describe neighborhood-level conditions and not the property itself.
Proximity to major employers underpins a local workforce housing dynamic and supports leasing stability, particularly for tenants valuing commute convenience. Key nearby employers include Lockheed Martin Aeronautics, Waste Management, Boston Scientific, AmerisourceBergen, and Charter Communications.
- Lockheed Martin Aeronautics Co. — defense & aerospace (6.6 miles)
- Waste Management - Palmdale — environmental services (9.7 miles)
- Boston Scientific Neuromodulation — medical devices (31.6 miles)
- AmerisourceBergen — pharmaceuticals distribution (31.6 miles)
- Charter Communications — telecommunications (37.2 miles)
This 91-unit, early-1980s asset in Lancaster offers a pragmatic value-add narrative: neighborhood occupancy remains comparatively strong and the 3-mile trade area shows expanding households, supporting a larger tenant base over time. Based on CRE market data from WDSuite, the area’s rent-to-income profile is less pressured than many coastal submarkets, which can aid lease retention and measured rent growth when paired with targeted upgrades.
The 1982 vintage implies near-term capex planning and an opportunity to modernize interiors and systems to differentiate from older nearby stock. While amenity density in the immediate neighborhood is thin and ownership options are relatively accessible, proximity to major employers and steady neighborhood occupancy provide a foundation for durable operations under disciplined management.
- Stable neighborhood occupancy supports income consistency for well-leased assets.
- Expanding 3-mile renter pool and household growth bolster leasing demand.
- 1982 vintage enables targeted value-add to drive rent and NOI uplift.
- Employer proximity (aerospace, logistics, telecom) supports tenant retention.
- Risks: thinner amenity base, relatively accessible ownership alternatives, and mixed but improving safety trends.