11118 Newville Avenue
Downey, CA, 90241
$1,800,000
Beds
0 Baths
SqFt
0.16 Acres
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"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!!!

Property Details

Price:
$1,800,000
MLS #:
24455825
Status:
Pending
Baths:
0
Address:
11118 Newville Avenue
Type:
Residential Income
Neighborhood:
d1northeastdowneynoffirestoneeofdowney
City:
Downey
Listed Date:
Oct 21, 2024
State:
CA
ZIP:
90241
Lot Size:
7,095 sqft / 0.16 acres (approx)
Year Built:
1961
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Microwave
Heating
Wall Furnace
Interior Features
Ceiling Fan(s)

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Parking Features
Detached Carport
Parking Spots
6.00
Stories Total
2

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11118 Newville Avenue
Downey, CA