Homes for sale - 11118 Newville AVE, Downey, CA 90241

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Tracy Thrower Conyers

team@homesforsalebeachcities.com +1(424) 229-1634

$1,800,000

Est. payment - /mo

10 Beds

9 Baths

6,062 SqFt

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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

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Listed by Maurius Jeffery • Marcus & Millichap

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Tracy Thrower Conyers

+1(424) 229-1634

Broker Associate, JD | License ID: 01712960

Broker Associate, JD License ID: 01712960

11118 Newville AVE Downey, CA 90241

Tracy Thrower Conyers

Key Details

Location

Interior

Exterior

Building

Others