11118 Newville Ave Pending Save Request In-Person Tour Request Virtual Tour
Downey,CA 90241
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 6,062 sqft
Price per Sqft $296
MLS Listing ID 24-455825
Bedrooms 10
Year Built 1961
Lot Size 7,095 Sqft
Acres 0.1629
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 Northeast Downey, N Of Firestone, E Of Downey
Zoning DOC1*
Rooms
Other Rooms Stall(s)
Interior
Heating Wall
Cooling Wall Unit(s)
Equipment Microwave, Freezer, Ceiling Fan
Laundry Community
Exterior
Parking Features Carport Detached
Garage Spaces 6.0
Building
Story 2
Level or Stories Two
Others
Special Listing Condition Standard