
Lancaster, California 93534
This Residential Income Triplex represents a High-Potential Investment Opportunity with a List Price of $950,000. While the current Fair Market Value is $868,547, the pricing reflects the significant value of approved permits and ongoing construction for five additional units. This shovel-ready expansion is projected to more than double gross income to $15,000 per month upon completion. Despite a Condition Rating of 4 and proximity to Antelope Valley High School, the development upside is substantial. This is a premier acquisition for Buy-and-Hold Investors and Contractors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 44702 Fig Avenue Subject | $950,000* List Price | 0 | 0 | 3,185 | $273 | - |
A 44817 Redwood Sold | $725,000 | 0 | 0 | 2,800 | $259 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1968, this triplex is an aged but functional income-producing property. While it is currently rented and maintained, the 'value-add' description and the focus on an ongoing 5-unit expansion project suggest the existing units likely feature outdated kitchens, bathrooms, and finishes consistent with a property of this era that has not undergone a recent full-scale renovation. The aerial image confirms the existing structure is older, though the property remains livable and operational.
The property includes fully approved plans and permits for five additional units, bypassing a complex three-year entitlement process and offering immediate value-add potential.
Upon completion of the expansion, the property is projected to more than double its gross monthly income from current levels to approximately $14,000–$15,000.
With framing and underground work already underway, the project offers a significantly shortened timeline of 4–5 months to reach full occupancy and income potential.
Purchasing a mid-construction project requires a specialized buyer with the liquid capital and expertise to manage contractors and finalize the build-out to code.
The local schools feature low ratings, including a 2/10 for the high school, which may limit the long-term appeal for families and impact tenant stability.
Back on Market - Exceptional value-add opportunity at 44702 Fig Ave. This 3,200 sq ft triplex offers in-place income and upside potential, featuring two 2-bedroom, 1-bath units renting for $1,997 and $1,800 per month, and one 3-bedroom, 2-bath unit renting for $2,450 per month. The property includes approved plans and permits to construct five additional 1-bedroom/1-bath units (approximately 2,300 additional sq ft), bringing the total projected building size to approximately 5,500 sq ft. Construction on the expansion has already begun, including framing, underground work, and top-outs. The estimated completion time is approximately 4–5 months, offering a streamlined path for the next owner to finalize the project. Projected rents for the new 1-bedroom units are estimated at $1,600–$1,800 per month, with potential upside through housing voucher programs. Upon completion, the property is projected to generate approximately $14,000–$15,000+ per month in gross rental income. The plans and permits took approximately three years to secure due to the complexity of adding this number of additional units. This is a rare opportunity for investors and builders seeking a project with approved permits in place, avoiding years of entitlement work.
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades K-5 • 1.1 mi
Grades 6-8 • 2.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 3,185 | 2,051 | 86% |
| Lot Size | 8,864 | 8,712 | 57% |
| Price | $950.0K | $595.0K | 86% |
| Price per sq ft | $298 | $290 | 71% |
| Built year | 1968 | 1951 | 86% |
| HOA | $0 | $0 | 50% |
| Days on market | 78 | 203 | 14% |
Apr 3, 2026
$950,000
$1,050,000
-10% Price Drop
Initial Listing
Feb 3, 2026
$1,050,000
Initial Listing
Nov 3, 2022
$720,000
Public Record