Apartment project sales are typically slow in the High Desert as there is a higher concentration of 2 to 4 unit properties. We’ve been tracking 5+ unit sales in the Victorville, Apple Valley, Hesperia, and Adelanto areas since 2005. The data presented herein is more recent information starting from 2023. The data suggests there is increasing demand for 5+ unit projects as evidenced by Q1 ’26 closing numbers.

Here are the closing numbers for Victorville, Apple Valley, Hesperia, and Adelanto as a group.

Listings have decreased slightly over our last report in March 2026. Note that gross rent multipliers (GRM’s) vary based on various physical factors as well as upside income potential and expense ratios.  Don’t use this market unit of comparison as your only tool to estimate the value of your project. If you’re in doubt, call Bill Swift for help at 310-666-5638.

The average asking GRM’s for all properties (where reported or not classified as confidential) is just over 11. The averages for Adelanto, Apple Valley, Hesperia, and Victorville are 9.6, 12.2, 10.8, and 11, respectively.

Average High Desert GRM;s based on closed sales are summarized below. If there is no bar on the graph for a certain city in any quarter, that means there were no sales and/or the GRM was not reported.

Average unit size is an important factor for buyers. All else being equal, price per unit increases as average unit size increases. Note the 2026 data set is small so the accuracy coefficient is marginal.

Many investors mull over what type of property to acquire. The 2-4 unit segment is easier to finance as a simple loan-to-value (LTV) is usually applied. Underwriting is based mainly on the financial strength of the borrower. The 5+ unit segment is typically underwritten based on a debt service coverage ratio with the project itself being the basis for loan approval. Given current prices and expense ratios, the 5+ unit market segment will generally require a larger cash down payment as a percent of the purchase price than a 2 to 4 unit property. Also, many 2-4 unit projects are sold to owners who occupy a unit and don’t place GRM’s or capitalization rates at the top of their priority list. These factors explain the reason for higher multipliers for 2 to 4 unit projects. See the numbers for Apple Valley below. This pattern holds true to the High Desert in general.

Surprisingly, Apple Valley GRM’s have been relatively stable over the last 2+- years.

Hesperia data is summarized below:

Victorville data tracked as follows:

Average GRM’s for 5+ units projects broken down by city are shown below. Where no data is shown means we found no sales for that period or GRM’s were not reported or they were classified by the listing agent as confidential.

This data is just a small portion of information we have in our files. When recommending a probable sale price for your property, we consider comparable cap rates, when upside income potential can be realized, expense ratios, GRM’s, mix & average unit size, and current & future management efficiencies as well as other factors. Feel free to call Bill Swift (310-666-5638) for a no-obligation price opinion.