10611-10617 Western AveDowney, CA 90241

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.