Marcus & Millichap is pleased to present 11503 Old River School Road, a 16-unit multifamily property in the heart of Downey that is not subject to Los Angeles rent control. Situated on a large 13,985 square foot corner lot near the intersection of Firestone Boulevard and Old River School Road, the two buildings provide a rare opportunity for an owner to capitalize on approximately 21% rent upside in a non-rent controlled investment.
Deferred maintenance is significantly reduced thanks to the new electrical upgrades and new roof installed in 2016, along with the fact that the property is not on the Los Angeles seismic retrofit list (Buyer to verify). To capitalize on recent rent growth in the Downey area and truly maximize income, a new investor can add value through additional interior and exterior renovations. Two separate on-site laundry rooms provide additional income streams to the property owner.
In 2017 the city of Downey was voted the “Most Business-Friendly City” by the Los Angeles Economic Development Corporation. Located between two golf courses and just blocks from the famous Porto’s Bakery, the property is also only one mile from the 710 Freeway. It provides tenants convenient access to Target, Walmart, and Sam’s Club, while the property is less than three miles from Downey Landing and the Downey Promenade, a major shopping destination with a state-of-the-art movie theater and 20 restaurants offering a tribute to Downey’s history as home to major movie studios and the aerospace industry.
