Four-Unit Multifamily
New
For Sale
$640,000
400 E Lancaster Boulevard, Lancaster, CA 93535
MULTI_FAMILY - Lancaster, CA
Property Size2,688 SF
Lot Size0.16 Acres
Price / SF$238.10
Days on Market1
Property Features for 400 E Lancaster Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LRR3
Bedrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Directions
4 blocks east of Division
Subdivision
04 - Lanc Div to 90th E
Standard status
Active
APN
3142-016-002
Size
2,688 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas
Cooling system
Ductless
Amenities
individual metering
Building Details
Year built
1955
Number of units
4
Building materials
Stucco
Roof type
Asphalt
Listing Agency:
California Realty & Associates
(360) 921-9483
Listed By:
Jonathan Bradley · License #01987273
(562) 230-9762
Added: Aug 14
Last Checked: Aug 14 at 8:06PM
MLS# 26006396
Copyright © 2026 Greater Antelope Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 2,688 square feet on a 0.16-acre lot at 400 E Lancaster Boulevard in Lancaster, California. Built in 1955, the building has stucco construction, an asphalt roof, natural gas heating, and ductless cooling. Individual metering and on-site parking are included among the property features.
The property is zoned LRR3 and is located near Lancaster’s downtown area, local schools, and major commuter corridors. The building includes bedrooms one through five among its listed rooms, providing a residential layout within the fourplex configuration.
The property is zoned LRR3 and is located near Lancaster’s downtown area, local schools, and major commuter corridors. The building includes bedrooms one through five among its listed rooms, providing a residential layout within the fourplex configuration.
Key Highlights
- Four‑unit multifamily property with 2,688 square feet
- 0.16‑acre lot at 400 E Lancaster Boulevard, Lancaster, CA 93535
- LRR3 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,941
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$898,820
$898.8K
Cap Rate 7%
$642,014
$642.0K
Cap Rate 9%
$499,344
$499.3K
Market Conditions
NOI Build-Up for 2,688 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$67.7K $25.20/SF
− Vacancy
−$3.5K −$1.32/SF
EGI
$64.2K $23.88/SF
− OpEx
−$19.3K −$7.17/SF
NOI
$44.9K $16.72/SF
Area
Lancaster, CA
Vacancy
5.22%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$898,820
Cap Rate 7%
$642,014
Cap Rate 9%
$499,344
Alternative Uses
Best Use
Multifamily LT 5
$642.0K
$561.8K – $749.0K
NOI $44,941 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$844.3K
$738.8K – $985.1K
NOI $59,103 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 93535, CA
82,149
Population
23,917
Households
3.4
Avg Household Size
31
Median Age
14%
College-Educated
78%
High-School Grad
239.0 sq mi
ZIP Area
344
Density / Sq Mi
$65,989
Median Household Income
$41,834
Median Earnings
$1,650
Median Rent
$336,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Individual metering, on-site parking, ductless cooling, and natural gas heating serve the four-unit configuration.
Where is this quadplex located?
The property is located at 400 E Lancaster Boulevard Lancaster, CA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 2,688 square feet; 0.16‑acre lot at 400 E Lancaster Boulevard, Lancaster, CA 93535; LRR3 zoning
