Condominium buy in Downey California

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. MLS® ID: PW22093167 Listed: 5/3/22 Updated: 9/29/22 Interior Features Total Bedrooms: 0 Total Bathrooms: 0 Laundry Description: Common Area Exterior/Building Features Lot Size: 0.45 acres lot Lot Details: Rectangular Lot Sewer: Public Sewer Other Property Details Area Name: D3 - Southwest Downey, S of Firestone, W of Downey HOA Amenities: Sidewalks Garage: No Parking: N Parking Total: 19.0 View: N County: Los Angeles Water Source: Public Pool: No Pool Description: None Zoning: DOR3-P* Property History Date Event Price Value 8/29/22 Pending - - 7/25/22 Price Change $4,455,000 -3% 7/25/22 Active - - 6/26/22 Sold - - 6/16/22 Pending - - Listed by Chris Keramati, Triqor Group, Based on information from California Regional Multiple Listing Service, Inc. as of 9/29/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.