Renovated Apartment Building
7306-7312 Neo Street Downey, CA 90241
For Sale
Contact for pricing
Twin Palms includes renovated 1-, 2-, and 3-bedroom units with garage parking and a shared laundry facility.
Property Size10,524 SF
Price / SF$486.98
Days on Market121
Property Features for 7306-7312 Neo Street
General Information
- Standard status
- Active
- Size
- 10,524 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1957
Listing Agency:
Morgan Skenderian Investment Real Estate Group
(949) 251-8800
Listed By:
Ken Morgan · License #01220368
Source:
Crexi
Added: Mar 26
Changed: Jul 23
Last Checked: Jul 23 at 11:52AM
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 Morgan Skenderian Investment Real Estate Group
Investment Insights
Based on property information with market context.
Twin Palms is an apartment building constructed in 1957 containing 16 renovated units with a mix of 1-, 2-, and 3-bedroom layouts. The property includes garage parking, a laundry facility, and a courtyard.
The building is located at 7306–7312 Neo Street in Downey, CA, and is described as being near major employment centers and freeways.
The seller notes copper plumbing and SB721 compliance, and states the property is not subject to municipal rent control.
The building is located at 7306–7312 Neo Street in Downey, CA, and is described as being near major employment centers and freeways.
The seller notes copper plumbing and SB721 compliance, and states the property is not subject to municipal rent control.
Key Highlights
- 10,524 SF multifamily building built in 1957 in Downey, CA
- 16 renovated units with a mix of 1-, 2-, and 3‑bedroom layouts
- Garage parking included for residents
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $294.3k | $27.96 |
| − Vacancy | −$13.2k | −$1.26 |
| EGI | $281.0k | $26.70 |
| − OpEx | −$126.5k | −$12.02 |
| NOI | $154.6k | $14.69 |
10,524 SF · lease $27.96/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,555 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.29M
$3.76M – $5.01M
NOI $300,565 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Twin Palms includes renovated 1-, 2-, and 3-bedroom units with garage parking and a shared laundry facility.
Where is this apartment building located?
The property is located at 7306-7312 Neo Street Downey, CA.
What is the asking price?
The asking price for this property is $5,125,000.
What are key features of this property?
This property features: 10,524 SF multifamily building built in 1957 in Downey, CA; 16 renovated units with a mix of 1-, 2-, and 3‑bedroom layouts; Garage parking included for residents
