$1,800,000
11118 Newville Avenue Downey, CA 90241
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
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$1,800,000
Est. payment /mo
6,062 SqFt
UPDATED:
11/21/2024 08:28 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,062 sqft
Price per Sqft $296
MLS Listing ID CL24455825
HOA Y/N No
Year Built 1961
Lot Size 7,095 Sqft
Acres 0.16
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 Listing
Zoning DOC1
Interior
Heating Wall Furnace
Fireplace No
Laundry Community Facility
Building
New Construction No
Others
Tax ID 6287025017
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Listed by Maurius Jeffery • Marcus & Millichap
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122