Office Building with Retail
For Sale
$709,900
902 W Lancaster Boulevard, Lancaster, CA 93534
COMMERCIAL - Lancaster, CA
Property Size3,510 SF
Lot Size0.19 Acres
Price / SF$202.25
Days on Market117
Property Features for 902 W Lancaster Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
LRC3
Lot features
Corner Lot
Directions
Travel on the 14N. Exit on Avenue K and continue straight to the roundabout and take the Lancaster Blvd exit to Genoa Avenue. The property is located on the right.
Subdivision
03 - Lancaster West
Standard status
Active
APN
3133-005-024
Size
3,510 SF
Lot size
0.19 Acres
Utilities
Utilities
Natural Gas Available
Heating system
Central, Natural Gas
Cooling system
Central Air
Building Details
Year built
1953
Floors in Building
1
Building materials
Stucco, Wood Siding
Roof type
Tile, Concrete
Listing Agency:
Roher Realty
(661) 951-0110
Listed By:
Angelo Gant · License #02158941
(760) 267-1184
Added: Apr 27
Changed: Aug 18
Last Checked: Aug 21 at 10:06AM
MLS# 26003415
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 3,510-square-foot office property occupies a 0.19-acre parcel at 902 W Lancaster Boulevard in Lancaster. The building includes one office area currently configured for an insurance business and two retail spaces subject to month-to-month leases. A new electrical panel has been installed, and the property provides 13 private parking spaces at the rear.
Built in 1953, the structure features stucco and wood siding, tile and concrete roofing, central heating with natural gas, and central air conditioning. Natural gas is available. The property is identified as LRC3 zoning and sits in Downtown Lancaster across from the Residence Inn, placing office and retail space along Lancaster Boulevard.
Built in 1953, the structure features stucco and wood siding, tile and concrete roofing, central heating with natural gas, and central air conditioning. Natural gas is available. The property is identified as LRC3 zoning and sits in Downtown Lancaster across from the Residence Inn, placing office and retail space along Lancaster Boulevard.
Key Highlights
- 3,510 square feet on a 0.19‑acre parcel
- One office area and two retail spaces
- Two retail spaces leased month‑to‑month
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
$55,946
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
7.88%
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%
$1,118,920
$1.1M
Cap Rate 7%
$799,229
$799.2K
Cap Rate 9%
$621,622
$621.6K
Market Conditions
NOI Build-Up for 3,510 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
$92.7K $26.40/SF
− Vacancy
−$18.1K −$5.15/SF
EGI
$74.6K $21.25/SF
− OpEx
−$18.6K −$5.31/SF
NOI
$55.9K $15.94/SF
Area
Lancaster, CA
Vacancy
19.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,118,920
Cap Rate 7%
$799,229
Cap Rate 9%
$621,622
Alternative Uses
Best Use
Office B
$799.2K
$699.3K – $932.4K
NOI $55,946 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.7K – $1.29M
NOI $77,177 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,275
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single commercial property combines professional workspace with two leased storefront areas and private rear parking.
Where is this office building located?
The property is located at 902 W Lancaster Boulevard Lancaster, CA.
What is the asking price?
The asking price for this property is $709,900.
What are key features of this property?
This property features: 3,510 square feet on a 0.19‑acre parcel; One office area and two retail spaces; Two retail spaces leased month‑to‑month
