Seven-Unit Apartment Building with Garage
For Sale
$1,375,000
44751 Fern Ave, Lancaster, CA 93534
MULTI_FAMILY - Lancaster, CA
Property Size5,050 SF
Lot Size0.28 Acres
Price / SF$272.28
Days on Market92
Property Features for 44751 Fern Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LRR2*
Bedrooms
11
Bathrooms
7
Full bathrooms
2
Rooms
Bedroom 9, Bathroom 4, Bedroom 2, Bathroom 7, Bathroom 1, Bedroom 3, Bedroom 7, Bathroom 5, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 6, Bedroom 8, Bedroom 11, Bedroom 10, Bedroom 5, Bedroom 6
Parking
12
Parking features
Garage, Covered, Carport
Directions
Located near the corner of Fern Ave and W Milling St, just south of Lancaster Blvd
Subdivision
Lancaster
Standard status
Active
APN
3133-011-033
Size
5,050 SF
Lot size
0.28 Acres
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
central A/C and heating
Building Details
Year built
1983
Floors in Building
2
Number of units
7
Listing Agency:
Remax Commercial and Investment Realty · RE/MAX International
(213) 817-1000
Listed By:
Shant Sherbetdjian · License #01713570
(626) 657-8150
Added: May 26
Changed: Aug 1
Last Checked: Aug 25 at 11:06PM
MLS# 26838667
Copyright © 2026 The MLS/CLAW. 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.
Well-maintained seven-unit apartment building featuring four 2 bedroom/1 bath units and three 1 bedroom/1 bath units. Built in 1983, the property has central A/C and central heating in all units.
Parking is provided with 5 garages, 6 carport spaces, and 1 uncovered parking space. The property sits on a 0.2823-acre lot and totals 5,050 square feet. It is zoned LRR2*.
Located at 44751 Fern Ave in Lancaster, CA 93534, the building is presented as an infill option in a rental-oriented corridor, with proximity to THE BLVD Cultural District just one block away.
Parking is provided with 5 garages, 6 carport spaces, and 1 uncovered parking space. The property sits on a 0.2823-acre lot and totals 5,050 square feet. It is zoned LRR2*.
Located at 44751 Fern Ave in Lancaster, CA 93534, the building is presented as an infill option in a rental-oriented corridor, with proximity to THE BLVD Cultural District just one block away.
Key Highlights
- Built in 1983 seven‑unit apartment building
- Unit mix: four 2 bed/1 bath units and three 1 bed/1 bath units
- Central A/C and central heating in all units
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
$75,592
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
5.50%
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%
$1,511,840
$1.5M
Cap Rate 7%
$1,079,886
$1.1M
Cap Rate 9%
$839,911
$839.9K
Market Conditions
NOI Build-Up for 5,050 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
$145.4K $28.80/SF
− Vacancy
−$8.0K −$1.58/SF
EGI
$137.4K $27.22/SF
− OpEx
−$61.8K −$12.25/SF
NOI
$75.6K $14.97/SF
Area
Lancaster, CA
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,511,840
Cap Rate 7%
$1,079,886
Cap Rate 9%
$839,911
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$944.9K – $1.26M
NOI $75,592 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,039 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 93534, CA
43,906
Population
16,343
Households
2.7
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
19.0 sq mi
ZIP Area
2,311
Density / Sq Mi
$58,891
Median Household Income
$44,566
Median Earnings
$1,513
Median Rent
$339,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained seven-unit apartment property with central A/C and heating plus garage and covered parking.
Where is this apartment building located?
The property is located at 44751 Fern Ave Lancaster, CA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Built in 1983 seven‑unit apartment building; Unit mix: four 2 bed/1 bath units and three 1 bed/1 bath units; Central A/C and central heating in all units
