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Property profile & analytics
OFF-MARKET
Estimated value
$9,835,000
Warehouses
42133 Challenger Way Lancaster, CA 93535-5435
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US09-7544021
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1986
Total area
63,600 SF
Lot
3.95 ac (172,192 SF)
Zoning code
LRHI
APN
3126-017-042
UPID
US09-7544021
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
AAA Stor-Stuff Rv & Self Storage Storage Facility
-
U-Haul Neighborhood Dealer Car Rental Facility
-
Storelocal Storage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.68M
CAP Approach
CAP
$12.30M
Comparable Approach
Comparable
$9.38M
Blend (final)
Blend
$9.84M
Owner & transaction history
Fre Lan 2 LLC
Fre Lan 2 LLC
since 2025
Last sale
$10.4M
7 recorded transactions
Zoning & alternative use
LRHI · Lancaster, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$14.3M
+80.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lancaster submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lancaster submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$9,425,000
ML approach
$9,675,000
CAP Approach
CAP Return
Estimation
6%
$13,320,000
6.5%
$12,295,000
7%
$11,415,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$7,905,000
Current use
OFFICE BUILDING
$14,280,000
Change: +81% · Conversion: Difficult
Blend value · Realmo final
$9.84M
Range $8.85M – $10.82M · ±10% · vs last sale $10.35M (May 8 2025)
Last sale anchor
$10.35M
May 8 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$155 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$107,809
Tax year 2024
Assessed value
$8,229,564
Assessed 2024
Previous assessed
$8,229,564
+0.0% YoY
Effective rate
1.31%
On assessed value
Assessed land
$2,465,748
Assessed improvement
$5,763,816
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1986
Heating
NONE
Stories
1
Units
10
Bathrooms
2
Total area
63,600 SF
Lot
3.95 ac (172,192 SF)
Zoning code
LRHI
APN
3126-017-042
UPID
US09-7544021
Jurisdiction
LOS ANGELES
Metro division
LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN DIVISION
Zoning & alternative use
LRHI · Lancaster, CA
Zoning LRHI · permitted uses
LRHI · Lancaster, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lancaster. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$7.9M
OFFICE BUILDING
Est. value
$14.3M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Heating
NONE
Stories
1
Units
10
Bathrooms
2
Lot
3.95 ac
Current owner
From public records · entity-resolved
Fre Lan 2 LLC
Entity
Mailing address
3571 COURTSIDE CIR, HUNTINGTON BEACH, CA 92649-2924
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
15 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 19, 2025
$7,240,000
Fre Lan 2 LLC
Storage Solution Challenger Way LLC
Deed
related
—
Aug 8, 2025
$10,350,000
Fre Lan 2 LLC
Challenger Way LLC
Grant Deed
$7,245,000 · Skymar Capital Corporation
Sep 30, 2021
$9,600,000
Storage Solution Challenger Way LLC
Cks Investment Group LLC
Grant Deed
$6,720,000 · American First Cu
May 27, 2021
—
Bongchul Cha
Hyun Jung Cha
Intrafamily Transfer
related
—
Jul 26, 2013
$2,600,000
Cks Investment Group LLC
Lancaster Store Stuff Invtrs L
Grant Deed
$1,300,000 · Wilshire State Bank
Oct 5, 2012
$1,600,000
Lancaster Stor Stuff Invtrs Ll
Beacon Default Mgmt INC
Trustees Deed
related
—
Jun 2, 2005
$6,610,000
Ward Trust
Land N Stor Equity Fund
Grant Deed
$3,050,000 · Silvergate Bank
Nov 5, 2003
—
N Stor Equity Fund Land
—
Deed Of Trust
related
$1,789,000 · Community National Bank
Oct 11, 1989
—
Land N Stor Equi
Camp
Grant Deed
related
—
Jun 23, 1989
—
Robert W Orvis
Orvis
Quit Claim Deed
related
—
Jun 23, 1989
$475,000
Campbell Fmly Tr
Equtiy Clearing
Trustees Deed
related
—
Jun 23, 1989
$804,000
Equtiy Clearing
Lanca
Trustees Deed
related
$328,749 · Lancaster Mini D
—
—
Lancaster Stor Stuff Invtrs Ll
—
Deed Of Trust
related
$1,750,000 · Jjd Invs LLC
—
—
D Lancaster-mini
—
Deed Of Trust
related
$1,400,000 · Hancock Savings Bank
—
—
N Stor Equity Fund Land
—
Deed Of Trust
related
$1,789,000 · Pacific Crest Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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