Eight-Unit Apartment
For Sale
$1,300,000
11528 Adco Ave, Downey, CA 90241
Two-story walk-up operating as regulated affordable housing under a recorded HOME Program covenant.
Property Size4,052 SF
Days on Market50
Property Features for 11528 Adco Ave
General Information
Standard status
Active
Size
4,052 SF
Property subtype
Multifamily
Occupancy
97%
Amenities
Affordability Already Recorded; Restricted through 2059. No re-entitlement, no community process.
• Section 8 Income by Covenant; Voucher acceptance is a recorded obligation; rents benchmarked to HUD FMR.
33 Years of Remaining Term Recorded 2004 on a 55-year schedule; nondiscrimination covenants perpetual.
Building Details
Building Size
4,052 SF
Units
8
Listing Agency:
South Bay Office
Listed By:
Alex Scinta · License #License(s): CA: 02161763
(424) 405-3861
Source:
Marcusmillichap
Added: Sep 18
Changed: Oct 26
Last Checked: Nov 6 at 5:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of South Bay Office
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Investment Insights
Based on property information with market context.
This two-story walk-up apartment property was built in 1957 and includes eight units totaling 4,052 rentable square feet on a 7,405-square-foot corner lot. The unit mix comprises six studios, one 1-bed/1-bath apartment, and one 2-bed/1-bath apartment. Eight on-site parking spaces provide a 1:1 parking ratio.
The property is located at the corner of Adco Avenue and Neo Street in Downey, California. A HOME Program covenant recorded in 2004 governs the affordable-housing program through approximately July 2059. Rents are determined using HUD Fair Market Rent and AMI formulas, Section 8 vouchers are accepted under the covenant, and tenant incomes are re-certified annually by the City.
The property is located at the corner of Adco Avenue and Neo Street in Downey, California. A HOME Program covenant recorded in 2004 governs the affordable-housing program through approximately July 2059. Rents are determined using HUD Fair Market Rent and AMI formulas, Section 8 vouchers are accepted under the covenant, and tenant incomes are re-certified annually by the City.
Key Highlights
- Eight‑unit apartment property with 4,052 rentable square feet
- Six studios, one 1‑bed/1‑bath unit, and one 2‑bed/1‑bath unit
- Two‑story walk‑up built in 1957
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,508
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,190,160
$1.2M
Cap Rate 7%
$850,114
$850.1K
Cap Rate 9%
$661,200
$661.2K
Market Conditions
NOI Build-Up for 4,052 SF
Gross rent
$113.3K $27.96/SF
− Vacancy
−$5.1K −$1.26/SF
EGI
$108.2K $26.70/SF
− OpEx
−$48.7K −$12.02/SF
NOI
$59.5K $14.69/SF
Area
Downey, CA
Vacancy
4.50%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,190,160
Cap Rate 7%
$850,114
Cap Rate 9%
$661,200
Alternative Uses
Best Use
Apartment 5plus
$850.1K
$743.9K – $991.8K
NOI $59,508 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,725 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
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Demographics for 90241, CA
44,921
Population
15,100
Households
3
Avg Household Size
37
Median Age
25%
College-Educated
81%
High-School Grad
4.9 sq mi
ZIP Area
9,168
Density / Sq Mi
$84,375
Median Household Income
$43,319
Median Earnings
$1,884
Median Rent
$770,100
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Los Angeles County, CA
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Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story walk-up operating as regulated affordable housing under a recorded HOME Program covenant.
Where is this apartment building located?
The property is located at 11528 Adco Ave Downey, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Eight‑unit apartment property with 4,052 rentable square feet; Six studios, one 1‑bed/1‑bath unit, and one 2‑bed/1‑bath unit; Two‑story walk‑up built in 1957
