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Union Plaza 16818 Downey Ave 72 Unit Apartment Building $18,700,000 ($259,722/Unit) 6.40% Cap Rate Paramount, CA 90723
Investment Highlights
- Developed and Constructed by Current Ownership in 1976 - First Time on Market
- Approximate 6.5% Cap Rate on Current Income, Almost 7.5% on Market
- Substantial Frontage on Major Thoroughfare
- Ideal Mix of Large 1, 2, & 3 Bedroom Units with Individual Meters
- Well-Maintained Building with Recently Replaced Roof & Over 2:1 Parking
- Property Not Subject to Rent Control Outside of AB 1482
Executive Summary
Triqor Group is pleased to present Union Plaza Apartments, a 71 + 1 unit multifamily community located in the city of Paramount, CA, offered for sale for the first time since being developed and constructed by current ownership in 1976. This well-maintained property features an ideal mix of large one, two, and three-bedroom units with individual gas and electric meters. Units include gas wall heating, wall air conditioning, fireplaces, and most offer private balconies or patios. The property has benefited from recent capital improvements including a recently replaced roof and features copper plumbing throughout. Community amenities include a leasing office, security camera system, on site laundry facility, and fourty tandem garage spaces. Union Plaza Apartments offers substantial frontage along the major thoroughfare of Downey Avenue, providing excellent visibility and accessibility. With an approximate 6.5% cap rate on current income and nearly 7.5% on market rents, Union Plaza Apartments represents a compelling opportunity to acquire a pride of ownership asset with strong in-place cash flow and upside potential.
Property Facts
| Price | $18,700,000 | Apartment Style | Garden |
| Price Per Unit | $259,722 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.30 AC |
| Cap Rate | 6.40% | Building Size | 59,695 SF |
| Gross Rent Multiplier | 9.79 | Average Occupancy | 82% |
| No. Units | 72 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 2.45/1,000 SF |
| Zoning | PARM* - 0501 - 5 Or More Apts Or Units, Coop Or Oyo Projects - 4 | ||
| Price | $18,700,000 |
| Price Per Unit | $259,722 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| Gross Rent Multiplier | 9.79 |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.30 AC |
| Building Size | 59,695 SF |
| Average Occupancy | 82% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 2.45/1,000 SF |
| Zoning | PARM* - 0501 - 5 Or More Apts Or Units, Coop Or Oyo Projects - 4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,500 | 500 |
| 1+1 | 35 | $1,958 | 760 |
| 2+1 | 15 | $2,184 | 875 |
| 2+2 | 18 | $2,310 | 900 |
| 3+2 | 3 | $2,795 | 1,050 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 7107-003-050 | Improvements Assessment | $10,824,321 |
| Land Assessment | $8,118,241 | Total Assessment | $18,942,562 |
Property Taxes
Parcel Number
7107-003-050
Land Assessment
$8,118,241
Improvements Assessment
$10,824,321
Total Assessment
$18,942,562
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Union Plaza | 16818 Downey Ave
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