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Lancaster, CA

Lancaster Auto Row

Address:
45003-45027 Yucca Avenue, Lancaster, CA 93534
Property Type:
Multi Tenant
Price:
$2,700,000
Cap Rate:
6.96% pro-forma cap
NOI:
$104,644
Square Feet:
24,320 sqft
Lot Size:
1.04 Acres
Price Per Square Foot:
$111.02
Year Built:
1955
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Investment Highlights

Investment Highlights

Investment Highlights

  • 24,320-Square-Foot Multi-Tenant Industrial Automotive Asset Situated on 1.04 Acres
  • Masonry/Metal Construction Featuring 10’-15’ Clear-Height, 11 Grade-Level Doors, and Ample Parking
  • Value-Add Investment or Owner-User Opportunity with Seller Financing
  • Located in T.O.D. Zone Creating Redevelopment Opportunity
  • Landlord Friendly Leases with Ability to Terminate for Owner Occupancy or Redevelopment
  • Proximate to CA 14, Metrolink, and Palmdale Regional Airport, Less Than One Hour from San Fernando Valley
  • Tight Barrier-to-Entry Submarket with 2.5% Vacancy Rate, 4.4% Rent Growth (CoStar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 45003 to 45027 Yucca Avenue in Lancaster, California, anchored by various automotive-related tenants. The subject property consists of approximately 24,320 square feet of industrial space and is situated on 1.04 acres of land. The multi-tenant asset features two buildings (one masonry and one metal construction), clear heights ranging from 10’ to 15’, 11 grade-level doors, and 36 parking spaces. With 2,080 square feet of vacant space and multiple leases on month-to-month, this sale offers both a value-add and owner-use opportunity with seller financing available.

Thanks to the property’s location in a Transit Oriented Development (T.O.D) zone that promotes the development of communities with easy access to transit services, the property can also be acquired for redevelopment purposes. The property sits one block away from Lancaster Boulevard (known as “The BLVD”) which houses the city’s entertainment and shopping district. Approximately 1.5 miles from the property is the Lancaster Metrolink train station that connects passengers to Downtown Los Angeles. Situated less than an hour’s drive from the San Fernando Valley, the property has proximate access to State Route 14 and Palmdale Regional Airport.

The subject property is positioned in the Antelope Valley, a midsize submarket containing 11.9 million square feet of industrial space. While Antelope Valley is notably home to the large aerospace and defense companies Lockheed Martin and Northrop Grumman, 55 percent of the inventory is concentrated in properties under 100,000 square feet. Over the last two years, the vacancy rate has remained low and steady, sitting at 2.5 percent in Q3 2023. Despite tight availability, market rents have decelerated, but remain 4.4 percent higher year-over-year. New construction activity was largely subdued over the last decade and only 160,000 square feet were in the pipeline during Q3, representing just 1 percent of current inventory levels. As a result, vacancies and rent growth will continue to go essentially unimpeded by new supply for the foreseeable future (CoStar).

The Los Angeles metropolitan area is home to a diverse population of 10.1 million, including over 4 million residents within city limits. The second largest city in the U.S. boasts an 81-mile coastline along the Pacific Ocean and is encircled by the picturesque Santa Monica and San Gabriel mountains, including the towering Mount San Antonio. Simply known as L.A., the city features a well-connected transportation network, including major interstates, Amtrak, Metrolink, and Los Angeles International Airport (LAX). The entertainment industry, nine Fortune 500 companies, and a prominent aerospace sector drive the economy. Los Angeles’ industrial activity is anchored by the Ports of L.A. and Long Beach which play a major role in the domestic supply chain as the leading point of imports from East Asia. With a growing population and high home prices, Los Angeles remains a vibrant and culturally rich metropolis.

BROKER OF RECORD
Jim Markel
Encino Broker of Record
16830 Ventura Boulevard, Suite 100
Encino, CA 91436
Tel: (818) 212-2700
Jim.Markel@MarcusMillichap.com
License #: 01253407
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0060543)