$4,450,000
$4,025,000
10.6%For more information regarding the value of a property, please contact us for a free consultation.
12,771 SqFt
SOLD DATE : 02/01/2022
Key Details
Sold Price $4,450,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 12,771 sqft
Price per Sqft $348
MLS Listing ID SB21214354
Sold Date 02/01/22
HOA Y/N No
Year Built 1970
Lot Size 0.449 Acres
Acres 0.4494
Property Description
Offers Due By: 5:00 p.m. on October 5, 2021. The Casa del Rio Apartments represents an opportunity for an investor to acquire a quality 15-unit value-add multi-family asset with the potential to add an additional 4 ADUs per California State standards. There is an extra Bachelor unit (not in the 15-unit count) that is connected to one of the 2 Bd/2Ba units, which is currently being used as the owner’s office. The 2 Bd/2Ba could be easily combined with the Bachelor into a 3 Bd/3Ba unit. The stability of the Downey market is highly appealing to long-term investors. And for apartment renovators there is demonstrable upside in the current rents, by as much as 41%, if higher-end improvements were brought to the property. Rents have not been raised in over 2-years allowing buyer to increase rents 8.6% per state law. Downey is a coveted location for apartment investors due to its central location, diverse employment base, and access to main employment centers within the area.
Location
State CA
County Los Angeles
Area D3 - Southwest Downey, S Of Firestone, W Of Downey
Zoning DOR15000*
Rooms
Ensuite Laundry Common Area
Interior
Interior Features Ceiling Fan(s), Granite Counters, Tile Counters
Laundry Location Common Area
Heating Radiant, Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Laminate, Tile
Fireplaces Type Living Room
Fireplace Yes
Appliance Dishwasher, Gas Oven, Gas Range
Laundry Common Area
Exterior
Garage Assigned, Carport, Driveway Level, Garage, Paved
Garage Spaces 15.0
Carport Spaces 12
Garage Description 15.0
Fence Block
Pool None
Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Shingle,Spanish Tile
Parking Type Assigned, Carport, Driveway Level, Garage, Paved
Total Parking Spaces 27
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
Architectural Style Spanish
New Construction No
Others
Senior Community No
Tax ID 6232022032
Security Features Smoke Detector(s)
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with Ryan Gonzalez • Marcus & Millichap
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "