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$ 1,800,000
Est. payment /mo
Pending
11118 Newville AVE Downey, CA 90241
10 Beds
9 Baths
6,062 SqFt
UPDATED:
12/05/2024 05:20 AM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 6,062 sqft
Price per Sqft $296
MLS Listing ID 24455825
Bedrooms 10
HOA Y/N No
Year Built 1961
Lot Size 7,095 Sqft
Property Description
"The Jade" Apartments is a 6-unit multi-family property. Situated on 6,969 square feet of land, the property is only .60 miles from Stonewood Center one of Downey's largest employers. Discreetly positioned next to Rio San Gabriel Park, the property has covered carports w/ on-site laundry facilities. This six-unit gem has been well maintained through the years and features upgraded flooring, quartz countertops, new blinds & new windows. Additionally, the units are large & spacious averaging over 1,000sq.ft. per residence. With a balcony or private patio provided for every unit the property has tremendous upside potential. In fact, current rents are more than 28% below market levels. Downey is home to Boeing Company, Kaiser Permanente, PIH Health to name few. Moreover, 54% of all residents are between ages 25-64 with an average annual household income of $75,974 per year. A savvy investor could seize the opportunity to acquire a well-located asset with tremendous upside potential in an area bolstered by strong investment fundamentals and continued growth trends. Profroma Cap Rate of 7.0% on conservative rents!!!
Location
State CA
County Los Angeles
Area D1 - Northeast Downey, N Of Firestone, E Of Downey
Zoning DOC1*
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplace No
Appliance Microwave
Laundry Common Area
Exterior
Parking Features Detached Carport
Attached Garage No
Total Parking Spaces 6
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 6287025017
Special Listing Condition Standard
Listed by Maurius Jeffery • Marcus & Millichap