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11923 Old River School Road

Downey, CA 90242
  • $4,025,000
  • STATUS: Pending
  • ON SITE: 25 Days
  • ID#: SB21214354
Pending
$4,025,000
  • 0
    BEDS
  • 0.45
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS

School Ratings & Info

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 owners 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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-23T00:28:10.14. 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 deemed reliable but is not guaranteed accurate by the MLS or The Parsons Team | Keller Williams Realty. Licensed in the State of California, USA.
www.theparsonsrealestateteam.com/homes/121850574
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11923 Old River School Road Downey, CA 90242

  • Price: $4,025,000
  • Status: Pending
  • ID#: SB21214354
0
Beds
0
Baths
0
½ Baths
0.45
Acres
1970
Built
Neighborhood:
D3 - Southwest Downey, S of Firestone, W of Downey
County:
Los Angeles
Area:
D3 - Southwest Downey, S of Firestone, W of Downey
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 owners 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.
Exterior Features

Architectural Style Spanish Carport Spaces 12 Carport YN Yes Construction Materials StuccoCopper Plumbing Fencing Block Number Of Separate Electric Meters 15 Parking Features AssignedCarportDriveway LevelGaragePaved Parking Total 27 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof ShingleSpanish Tile Spa Features None Spa YN No View None View YN No

Interior Features

Appliances DishwasherGas OvenGas Range Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features Living Room Fireplace YN Yes Flooring CarpetLaminateTile Heating RadiantWall Furnace Heating YN Yes Interior Features Ceiling Fan(S)Granite CountersTile Counters

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest Community Apartment Community Features CurbsStorm Drain(S)Street LightsSidewalks Contingency Buyer To Cooperate With Sellers 1031 Exchange. Electric Standard Electric Expense 3640 Fuel Expense 0 Garage YN Yes Gross Income 186192 Gross Scheduled Income 188292 Insurance Expense 5088 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Maintenance Expense 12750 Net Operating Income 88935 New Construction YN No New Taxes Expense 45671 Number Of Separate Gas Meters 15 Number Of Separate Water Meters 1 Number Of Units Leased 15 Operating Expense 93708 Other Expense 3514 Pest Control Expense 996 Property Sub Type Apartment Rent Control YN No Security Features Smoke Detector(S) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 15515 Trash Expense 5286 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 6900 Water Source Public Zoning Dor15000*

Listing provided courtesy of Michael Mckinney of Lyon Stahl Investment Real Estate, Inc. and Nancy Bush of Lyon Stahl Investment Real Estate, Inc.


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-23T00:28:10.14. 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 deemed reliable but is not guaranteed accurate by the MLS or The Parsons Team | Keller Williams Realty. Licensed in the State of California, USA.
 
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