$1,600,000
$1,800,000 11.1%
Est. payment /mo
10 Beds
9 Baths
6,062 SqFt
UPDATED:
Key Details
Sold Price $1,600,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,062 sqft
Price per Sqft $263
MLS Listing ID 24455825
Bedrooms 10
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
Heating Wall Furnace
Laundry Common Area
Exterior
Parking Features Detached Carport
Building
Story 2
New Construction No
Others
Special Listing Condition Standard
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Listed by Maurius Jeffery • Marcus & Millichap
Bought with Maurius Jeffery • Marcus & Millichap
Bought with Maurius Jeffery • Marcus & Millichap