The Broadway Apartments are a rare value add opportunity with a ton of future potential in one of the best locations in all of the South Bay. Sitting on an oversized 10,552 sq ft lot, the offering features 7 separate structures and is comprised of a total of 9 apartment units. The unit mix is comprised of 8 one-bedroom/one-bathroom units and 1 studio/ one-bathroom unit. Two units will be delivered vacant at closing leaving immediate day 1 upside. With current saleal rates of the occupied units well below market value, there is significant potential for value add through strategic renovations and future sale increases. Current ownership has issued maximum saleal increases to begin on August 1st, 2024. Upon the increases going into effect, the property will be operating at a 3.53% cap rate and a proforma cap rate of 6.11%. Adding to the property's allure is the presence of six on-site garages, which provide an additional revenue stream and could be converted into ADUs (Buyer to confirm).
Extra Information for 102 N BROADWAY Downey, CA 90277
- Seller Type: By Owner
- Category: Single-Family Houses
- Listed Date: Jul 29, 2024
