"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
See this Listing
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Schools
Interior
Appliances
Microwave
Heating
Wall Furnace
Interior Features
Ceiling Fan(s)
Exterior
Parking Features
Detached Carport
Parking Spots
6.00
Stories Total
2
Financial
Map
Community
- Address11118 Newville Avenue Downey CA
- AreaD1 – Northeast Downey, N of Firestone, E of Downey
- CityDowney
- CountyLos Angeles
- Zip Code90241
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Courtesy of Marcus & Millichap. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
11118 Newville Avenue
Downey, CA
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