10611-10617 Western Ave Downey, CA 90241
- Apartment buildings
- 7,988 SF
Current Use by Public Records
- Apartment buildings
Property Details for 10611-10617 Western Ave
- Year built
- 1968
- Property size
- 7,988 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a two-building, eight-unit apartment complex located at 10611-10617 Western Avenue in Downey, California. The property, built in 1968, encompasses 7,988 square feet on a 14,608 square foot lot and features sixteen parking spaces, offering a desirable 2:1 parking ratio. Each of the eight units boasts a spacious 1,000 square foot floor plan with two bedrooms and two bathrooms. Currently operating as a Class C property, the complex offers significant value-add potential. The property's current Net Operating Income (NOI) is $149,784, yielding a 5.45% cap rate. However, a pro-forma analysis projects a NOI of $195,285, resulting in a 7.10% cap rate, showcasing substantial upside potential. The asking price is $2,750,000, translating to $343,750 per unit and $344.27 per square foot. The property is fee simple ownership with no ground lease. This prime North Downey location offers a strong rental history and presents a compelling opportunity for investors seeking a stable and appreciating asset in a thriving market. The property's two buildings and eight units are situated on two APNs: 6251-035-005 and 6251-035-033. This is a rare opportunity to acquire a well-maintained property with significant upside potential in a highly desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Downey
- County
- Los Angeles
- State
- California
- Longitude
- -118.132
- Latitude
- 33.9469
