CA > Downey
Downey, CA 90241,11118 Newville Ave
Downey, CA 90241,11118 Newville Ave
Downey, CA 90241,11118 Newville Ave
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$1,800,000
Est. payment /mo
10 Beds
9 Baths
6,062 SqFt
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UPDATED:

10/29/2024 07:01 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

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

Garage Carport Detached

Garage Spaces 6.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

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TheMLS (CLAW)
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Listed by Marcus & Millichap

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Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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