11118 Newville Avenue

Downey, CA 90241

$1,800,000

List Price

10

bed Beds

9

shower Baths

6,062 sqft

straighten / sqft

1961

calendar_month Built

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!!!

Listing Information

List Price $1,800,000
Status Active
MLS 24455825
Type Residential Income
Year Built 1961
Lot Size 7,095
Structure Size 6,062
DOM 1
Courtesy Of Marcus & Millichap
Listing Agent Maurius Jeffery DRE#01738154

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms 10
Total Bathroom
Bathrooms 9
Additional Information
Additional Features Ceiling Fan(s)

Exterior Information

Maps

Listing information courtesy of: Maurius Jeffery, Marcus & Millichap 213-943-1837. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 22nd, 2024 at 11:13 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.