5
Map
706 W Milling St
About This Property
Excellent opportunity to acquire a strategically located commercial property at 706 W Milling St, Lancaster, CA 93534. The property consists of approximately 13,871 SF of land and is currently utilized as a parking lot, offering a flexible opportunity for an investor, owner-user, or developer looking to acquire a well-positioned parcel in the Lancaster market.
The property is located within Los Angeles County and benefits from convenient access to surrounding commercial corridors, residential neighborhoods, and major transportation routes. With its existing parking use and substantial lot area, the property presents potential for continued parking operations, redevelopment, or other commercial uses, subject to applicable zoning, permitting, and city approvals.
The parcel is identified as APN 3133-023-025 and is zoned LRC* according to the available property data. Buyers and their representatives are encouraged to independently verify zoning, permitted uses, development standards, parking requirements, utilities, and all other property information with the appropriate governmental agencies.
Property Highlights:
Approximately 13,871 SF lot
Existing parking lot use
Commercial property designation
LRC* zoning per available property data
APN: 3133-023-025
Located in Lancaster, CA 93534
Excellent opportunity for investors, developers, and owner-users
Potential for multiple future uses, subject to zoning and governmental approvals
An excellent opportunity to secure a sizable commercial parcel in Lancaster with existing parking use and future potential. Contact the listing agent for additional information, due diligence materials, and showing instructions.
Listed By
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Aug 21, 2026 | Listed by Magic Realty | $249,999 | |
| Listed by Magic Realty | |||
| Nov 3, 2022 | No longer available | - | |
| No longer available | |||
| Apr 8, 2022 | Listed by Nest Seekers | $399,000 | |
| Listed by Nest Seekers | |||
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LOCATION, LOCATION, LOCATION!!! Bring all of your developers and investors. Don't miss this opportunity. This vacant land is located in a very desirable area close to city hall, downtown area, shopping centers, restaurants, museums, and the brand new Marriott hotel. The land is a shovel ready, with plan and permits in place to build an 8 unit commercial property with total of 8000 sqft on a 14000 sqft land. Each unit will have individually metered water and electric and its own access to the unit. You can not find anything like this in the area. The buyer will cooperate with the seller on 1031 exchange with no expense to the buyer.
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| Oct 3, 2020 | No longer available | - | |
| No longer available | |||
| Nov 5, 2019 | Listed | $250,000 | |
| Listed | |||
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This offering memorandum is for a RTB ready project in Lancaster, consisting of one APN number, 3133-023-025 for a total of 13,939 square foot lot with an approved and permitted building of 8,000 sq. ft. A commercial building with 8 units., each unit will have individually metered water & electric. Each unit will have its own access. This future commercial structure precludes a newly constructed 8-unit commercial building and open parking on the lot with a 3 to 1 parking ratio. This incredible opportunity offers an approximate CAP of 10.00% on total project cost, once the construction is completed and tenants are populated in the building with a reasonable vacancy rate of 3%, producing substantial, almost $163,200 Gross Scheduled Annual Income. Please review the highlights and contact us for a profitable opportunity. The manager has listed the unit size as 8000 square feet.
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Property Highlights
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About South Downtown Lancaster
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