| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 33rd | Poor |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 W Avenue I, Lancaster, CA, 93534, US |
| Region / Metro | Lancaster |
| Year of Construction | 1983 |
| Units | 90 |
| Transaction Date | 2021-08-26 |
| Transaction Price | $18,500,000 |
| Buyer | PARKWOOD APTS REI LLC |
| Seller | PARKWOOD AVENUE PARTNERS |
700 W Avenue I Lancaster Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand and occupancy stability, according to WDSuite’s CRE market data. With strong amenity access and a deep renter base, the area supports consistent leasing for well-managed assets.
Situated in Lancaster’s inner-suburb fabric, the neighborhood is rated B+ and ranks 503 out of 1,441 Los Angeles metro neighborhoods — competitive among Los Angeles-Long Beach-Glendale neighborhoods. Amenity access is a relative strength: the area ranks 55 of 1,441 locally and sits in the top quartile nationally for restaurants, cafes, groceries, parks, and pharmacies, helping sustain day-to-day convenience and retention.
Multifamily demand is supported by a very high share of renter-occupied housing units at the neighborhood level (among the highest nationally), indicating depth in the tenant base. Neighborhood occupancy trends remain in the low 90s, which supports leasing durability for stabilized assets. Elevated home values in the broader context and a high value-to-income environment indicate a high-cost ownership market, which can reinforce reliance on rental housing and help sustain pricing power when paired with thoughtful lease management.
Demographic statistics are aggregated within a 3-mile radius: recent years show population and household growth, with forecasts indicating further increases in households and incomes. This expansion suggests a larger tenant base and supports occupancy stability. Median contract rents in the 3-mile area have risen historically and are projected to continue growing, which can underpin revenue visibility for competitive product.
The property’s 1983 construction is newer than the neighborhood’s older average housing stock. That vintage can compete well versus mid-century buildings while still benefiting from targeted modernization to enhance rents and reduce near-term capex surprises.
Safety indicators for the neighborhood trail both national and metro averages, with the area ranking 1,117 out of 1,441 Los Angeles neighborhoods. Nationally benchmarked measures place the neighborhood below the median; however, recent year-over-year trends show double-digit declines in both violent and property offense estimates, indicating incremental improvement. Investors typically account for these dynamics through security, lighting, and community engagement strategies when underwriting.
Proximity to defense, waste services, medical technology, pharmaceuticals distribution, and communications offices supports a diverse employment base and commuter convenience for renters. Nearby employers include Lockheed Martin Aeronautics, Waste Management, Boston Scientific Neuromodulation, AmerisourceBergen, and Charter Communications.
- Lockheed Martin Aeronautics Co. — defense & aerospace (6.6 miles)
- Waste Management - Palmdale — environmental services (9.4 miles)
- Boston Scientific Neuromodulation — medical technology (30.3 miles)
- AmerisourceBergen — pharmaceuticals distribution (30.4 miles)
- Charter Communications — telecommunications (36.6 miles)
700 W Avenue I is a 90-unit, circa-1983 asset positioned in a renter-heavy Lancaster neighborhood where amenity density and a high-cost ownership backdrop support durable multifamily demand. Neighborhood occupancy remains stable in the low 90s and the area ranks competitive within the Los Angeles metro, according to CRE market data from WDSuite. The property’s vintage is newer than much of the surrounding housing stock, suggesting competitive positioning versus older assets with potential upside from focused renovations.
Within a 3-mile radius, recent and forecast growth in population, households, and incomes point to a larger tenant base and support for sustained rent levels over time. While affordability pressure warrants attentive lease management, the combination of strong amenity access, diverse nearby employers, and a deep pool of renter-occupied units underpins leasing resilience. Investors should weigh localized safety considerations, which have shown year-over-year improvement, alongside operational strategies and capital plans.
- Competitive location with amenity density and commuter access supporting retention
- Renter-heavy neighborhood and stable occupancy underpin demand depth
- 1983 vintage offers relative competitiveness versus older stock with renovation upside
- 3-mile growth in households and incomes supports rent durability
- Risks: below-median safety and affordability pressure require active management