| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Poor |
| Demographics | 17th | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 38700 10th St E, Palmdale, CA, 93550, US |
| Region / Metro | Palmdale |
| Year of Construction | 1987 |
| Units | 28 |
| Transaction Date | 2000-01-04 |
| Transaction Price | $700,000 |
| Buyer | PALMCREST REALTY INC |
| Seller | ELMS RICHARD A |
38700 10th St E Palmdale 28-Unit Multifamily
High renter concentration in the surrounding neighborhood underpins a deep tenant base and steady leasing potential, according to WDSuite’s CRE market data, with occupancy trends aligning near national norms.
Situated in Palmdale’s Urban Core, the property benefits from daily-needs access and a workforce-oriented renter pool. Neighborhood grocery density is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked against 1,441 total), while parks access falls in the top quartile nationally. Cafes and pharmacies are relatively sparse, which may temper lifestyle appeal but typically has limited impact on workforce housing demand.
Occupancy at the neighborhood level tracks close to the national median and has improved modestly over the past five years, supporting income stability. Importantly, the share of renter-occupied housing units in the neighborhood is exceptionally high, signaling a large and active tenant base and consistent demand for multifamily product. Compared with the area’s older average construction year (measured across the neighborhood), the subject’s 1987 vintage is relatively newer, which can improve competitive positioning; investors should still underwrite systems upgrades and common-area refresh as appropriate for the era.
Within a 3-mile radius, recent population growth and an increase in households have expanded the renter pool. Projections indicate households are expected to continue rising over the next five years while average household size trends lower, which often supports absorption and lease-up velocity as more households seek rental options. Median home values in the neighborhood sit above national norms, and the high-cost ownership landscape tends to sustain rental demand and help pricing power for well-managed assets.
Amenity access trends above the metro median (ranked among 1,441 neighborhoods), with grocery and park coverage as relative strengths. Median contract rents in the neighborhood have grown over the past five years, reflecting durable demand; however, rent-to-income dynamics point to some affordability pressure, making renewal management and value-focused renovations important considerations for retention.
Safety conditions at the neighborhood level currently track below the national median (national percentile positioning), indicating investors should incorporate prudent security and operational protocols. Relative to the Los Angeles-Long Beach-Glendale metro (1,441 neighborhoods), crime measures are not among the stronger cohorts, but recent trends show year-over-year declines in violent incidents, which is a constructive directional signal.
As with any Urban Core location, risk can vary block to block; investors typically address this through lighting, access control, and community standards, which can support tenant retention without materially impacting operating costs.
Proximity to major employers supports commute convenience and steady renter demand, led by aerospace, waste services, and healthcare distribution, which align with the area’s workforce housing profile.
- Lockheed Martin Aeronautics Co. — defense & aerospace offices (1.7 miles)
- Waste Management - Palmdale — waste services (2.5 miles)
- AmerisourceBergen — pharmaceutical distribution (28.1 miles)
- Boston Scientific Neuromodulation — medical devices (28.4 miles)
- Charter Communications — telecommunications (29.8 miles)
This 28-unit, 1987-vintage asset offers exposure to a renter-heavy neighborhood where occupancy trends sit near national norms and amenity access is above the metro median. The property’s relative youth versus the neighborhood’s older average stock can support competitiveness, while value-add scope remains in modernizing systems and finishes.
Within a 3-mile radius, household counts have increased and are projected to continue rising even as average household size moderates, pointing to a larger tenant base and supportive absorption. A high-cost ownership environment in the neighborhood reinforces reliance on multifamily rentals, and nearby employment anchors help sustain day-to-day leasing. Based on CRE market data from WDSuite, rent growth has been positive at the neighborhood level, though rent-to-income dynamics warrant measured pricing strategies to balance revenue and retention.
- Renter-heavy neighborhood supports depth of demand and occupancy stability
- 1987 vintage is relatively newer than area averages, with clear value-add potential
- 3-mile household growth and employer proximity bolster leasing velocity
- High-cost ownership landscape sustains renter reliance and pricing power
- Risk: affordability pressure and below-median safety call for prudent operations and renewal management