| Comparable | Distance | Units | Rent | Days Listed |
|---|---|---|---|---|
| 7350 Lowell Blvd | 0.3 mi | 12 | $1,175 | 22 |
| 3600 W 73rd Ave | 0.5 mi | 24 | $1,225 | 14 |
| 7100 Stuart St | 0.7 mi | 8 | $1,150 | 31 |
| 7421 Bradburn Blvd | 0.8 mi | 20 | $1,250 | 8 |
| + 14 more comps | avg $1,198 | avg 19 |
Asking rent is 17% above estimated market rent. A comparable unit at a nearby property listed at $1,375 sat 87 days before being removed without leasing. At 16 units, even one vacancy at this overage costs $1,400/month in lost revenue.
Property tax assessment jumped 45% in two years, from $412K to $598K assessed value. At current mill rates, this adds roughly $2,200/year in operating expenses with no corresponding rent increase captured.
Absentee owner operating through a single-property LLC with a mailing address 45 miles from the property. Combined with above-market asking rents, this pattern often indicates an owner testing the market or a stressed hold.
14 new multifamily units are permitted within 1 mile, with estimated completion in Q3 2026. These will compete directly for the same tenant pool and may force rent concessions in this micro-market.
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