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The Normandy 8207 Stewart And Gray Rd 25 Unit Apartment Building $6,985,000 ($279,400/Unit) 5.45% Cap Rate Downey, CA 90241
Investment Highlights
- Ideal Mix of One and Two Bedroom Units with Individual Meters
- Approximate 5.5% Current Cap Rate and Over 6% on Market
- Well-Maintained and Gated Property with Mostly Upgraded Units
- Desirable Downey Location with Frontage on Stewart and Gray Rd.
Executive Summary
We are pleased to present The Normandy, a 25-unit multifamily community located in the high-demand market of Downey, CA. This well-maintained asset features a diverse unit mix of one and two-bedroom floor plans, plus a non-conforming studio. Interior highlights include upgrades such as quartz countertops, vinyl plank flooring, wall air conditioning, and gas cooking. The property boasts significant recent capital improvements, including a partially replaced roof, resurfaced decks, a repaved driveway, and a new gas line. With over half of the units already renovated and a current cap rate of 5.5%, the Normandy Apartments offers investors the opportunity to achieve over a 6% cap rate on market rents.
Property Facts
| Price | $6,985,000 | Apartment Style | Low-Rise |
| Price Per Unit | $279,400 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.75 AC |
| Cap Rate | 5.45% | Building Size | 16,946 SF |
| Gross Rent Multiplier | 11.34 | Average Occupancy | 100% |
| No. Units | 25 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 2.07/1,000 SF |
| Zoning | DOR15000* - Detached One-Residential | ||
| Price | $6,985,000 |
| Price Per Unit | $279,400 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| Gross Rent Multiplier | 11.34 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.75 AC |
| Building Size | 16,946 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 2.07/1,000 SF |
| Zoning | DOR15000* - Detached One-Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,525 | 500 |
| 1+1 | 14 | $1,850 | 600 |
| 2+1 | 10 | $2,316 | 800 |
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Walk Score®
Very Walkable (75)
Property Taxes
| Parcel Number | 6255-018-017 | Improvements Assessment | $3,196,249 |
| Land Assessment | $2,130,833 | Total Assessment | $5,327,082 |
Property Taxes
Parcel Number
6255-018-017
Land Assessment
$2,130,833
Improvements Assessment
$3,196,249
Total Assessment
$5,327,082
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The Normandy | 8207 Stewart And Gray Rd
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