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Listed by Chris Keramati • Triqor Group
$4,455,000
Est. payment /mo
10,929 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Pending
Purchase Type For Sale
Square Footage 10,929 sqft
Price per Sqft $407
MLS Listing ID CRPW22211146
HOA Y/N No
Year Built 1964
Lot Size 0.447 Acres
Property Sub-Type Comm Ind For Sale
Source Datashare California Regional
Property Description
We are pleased to present Downey Palms, a 16-unit apartment community, located in Downey, CA. At a 4% CAP rate on current income, and with approximately 30% upside on rents, this property is priced under recent & relevant sales comps. The building is composed of a studio, 1-bedrooms (13), a 2-bedroom, and a large 3-bedroom 2.5-bath. The units feature A/C wall units, ceiling fans, laminate wood floors (some units), and gas cooking. The property presents a leased laundry facility, a combination of tuck under and open parking, a partially replaced roof, individual gas and electric meters, and copper plumbing. With approximately 35% upside in rental income, an investor will achieve well-over a 5% cap rate once they stabilize the asset.
Location
State CA
County Los Angeles
Interior
Fireplace No
Building
Water Public
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Deeana Owens
Broker | Owner | CA BRE#CA: 02015510, GA: 295613
Broker | Owner CA BRE#CA: 02015510, GA: 295613