11118 Newville Avenue
Downey, CA 90241
6062 sqft | 10 beds | 0.16 acres | #24455825
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!!!
Interior Details
- InteriorCeilingFans
Beds & Baths
- Bedrooms10
Property Details
- Stories2
Measurements
- Acres0.1629
- Square Feet6062
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1961
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$1,800,000
Other
- MLS #24455825
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Maurius Jeffery (#CLW-C109879)
Listing Office: Marcus & Millichap (#CLW-X7515101)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
