Listing provided courtesy of Maurius Jeffery of Marcus & Millichap. Last updated 2024-11-15 09:11:46.000000. Listing information © 2024 Sandicor.
Asking Price: $1,800,000
11118 Newville, Downey CA 90241
Community: D1 - Northeast Downey, N of Firestone, E of Downey
This property was built in 1961 and is priced at $1,800,000. Please see the additional details below.
"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!!!
