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11716 Gurley Ave Downey, CA 90241

$5,750,000 Sold Price as of 07/17/2023

26 Beds
23 Baths
12,646 Sq.Ft.

Sold

$5,750,000 Sold Price as of 07/17/2023 Refinance Your Mortgage

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Map preview of 11716 Gurley Ave, Downey, CA 90241

Property Overview: 11716 Gurley Ave Downey, CA has 26 bedrooms, 23 bathrooms, 12,646 living square feet and 18,252 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present this 23 unit offering in an excellent rental pocket of Downey, CA. The property has over 49% upside in rental income and has been meticulously maintained from previous ownership. There are 23 surface parking spaces, all new vinyl windows installed in 2022, no municipal rent control, only subject to AB 1482.

Listed by Daniel Gomez | BRE #02081392 | Younglewin Advisors, Inc.
Co-listed by Shane Young | BRE #01963090 | Younglewin Advisors, Inc.

Last checked: 1 minute ago | Last updated: July 17th, 2023 | Source CRMLS | DOM: 147

Home details

Lot Sq. Ft: 18,252
HOA Dues: $0/mo
Year built: 1957
Garage: --
Property Type:: Apartment

Status: Sold
MLS#: PW23005386
City: Downey
County: Los Angeles
Time on Site: 617 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 23
Total # of Buildings: 1
# of Leased Units: 23
# of Electric Meters: 24
# of Gas Meters: 24
# of Water Meters: 1

Unit Breakdown 1

# of Units: 4
# of Beds: 2
# of Baths: 1
Garage Spaces: 4
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,265
Total Rent: $5,060
Pro Forma/Market Rent: $2,200

Unit Breakdown 2

# of Units: 1
# of Beds: 0
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,155
Total Rent: $1,155
Pro Forma/Market Rent: $1,650

Unit Breakdown 3

# of Units: 18
# of Beds: 1
# of Baths: 1
Garage Spaces: 18
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,315
Total Rent: $23,678
Pro Forma/Market Rent: $1,895

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 3.65%
Gross Rent Multiplier: 16.59
Gross Scheduled Income: $358,710
Net Operating Income: $217,183
Gross Operating Income: $353,580
Vacancy Allowance: $10,761
Laundry Income: $5,631

Annual Expense Breakdown

Total Operating Expense: $136,396
Electric: $0
Gas/Fuel: $0
New Taxes: $72,820
Trash: $0
Gardener: $1,380
Insurance: $5,058
Maintenance: $11,500
Workman's Comp: $6,900
Professional Management: $10,761
Water/Sewer: $0
Other Expenses: $17,422
Other Expense Description: Utility

Property Details for 11716 Gurley Ave

Interior Features

Laundry Information

Has Laundry
Community, Dryer Included, Washer Included

Exterior Features

No Pool
Pool Features: Community

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 23

Lot Information

Lot Features: Rectangular Lot
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 1 Common Wall
Total # of Units: 23
Parcel Number: 6255014039
Year Built Source: Public Records
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Unknown
Water Source: Public

Location / Neighborhood

Location Information

Directions: Downey Ave & Stewart & Gray Rd

Neighborhood Information

Community Features: Sidewalks

View more facts & features

Local Downey Agent

Sale History for 11716 Gurley Ave

Last sold for $5,750,000 on July 17th, 2023

July, 2023
Jul 17, 2023

Date

Sold

CRMLS: PW23005386

$5,750,000

Price
Jan 10, 2023

Date

Active

CRMLS: PW23005386

$6,325,000

Price
March, 2021
Mar 17, 2021

Date

Expired

CRMLS: PW20193085

$5,500,000

Price
Oct 28, 2020

Date

Withdrawn

CRMLS: PW20193085

$5,500,000

Price
Sep 17, 2020

Date

Active

CRMLS: PW20193085

$5,500,000

Price
Listing provided courtesy of CRMLS

We are pleased to present, for the first time in over 25 Years, the exclusive opportunity to acquire 11716 Gurley Ave in Downey along with 12705 Kalnor Ave in Norwalk. Built in 1964/1957 and located in one of the most central commuting thoroughfares – the 605 Freeway, this is a rare opportunity to acquire a two-building portfolio of meticulously maintained real estate in one of California’s most sought after submarkets. The properties are available together or separate, and consist of a mixture of mostly 2-bedroom and 1-bedroom units. All units are separately metered for gas and electricity, with onsite laundry, sparking pools, air conditioning, ample parking, and an enjoyable tenant common-area. Both buildings have new roofs, renovated pools and are a blank slate for the next investor to capitalize on this opportunity. Inquire with the listing team for due diligence materials and marketing packages and provide Proof of Funds and a Schedule of Real Estate Owned.

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December, 1994
Dec 8, 1994

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 11716 Gurley Ave

Assessed Value (2020): $455,308

Year	Land Value	Improved Value	Assessed Value
2020	$171,923	$283,385	$455,308

Home Value Compared to the Market

This property vs the competition

11716 Gurley Ave sold on July 17, 2023 for 542.46% higher than the current median sold price for the city of Downey which is $895,000. The median sold price per/sqft for Downey is $582 and this home is sold at $454.69 per/sqft which puts the price per square foot 21.87% lower than the current median sale per square foot for the city of Downey.

About 11716 Gurley Ave

Detailed summary of property

11716 Gurley Ave is a apartment that recently sold in Downey, CA 90241. This apartment offered 26 bedrooms, 23 bathrooms, roughly 12,646 living square feet, and sits on an approximately 18,252 square foot lot. 11716 Gurley Ave was first listed on ArdentRealEstateGroup.com on January 11, 2023. The homeowner sold the property for $5,750,000. Home in Downey are selling for a median price of $895,000 and a median price per square foot of $582. Based on Ardent Real Estate Group's Downey Market Data, this home is sold 542.46% higher than the current median priced home. Local homes that are currently for sale include 676 S Rampart Blvd, 3018 W 67th St and 2709 W Pico Blvd. While the average home in Downey, CA is selling in 56 days, 11716 Gurley Ave has a days on market of 147 days. There are currently 98 homes for sale in the Downey real estate market and 83 of them are single family homes while 12 of them are condos and 3 are townhomes. For more information on this home for sale at 11716 Gurley Ave Downey, CA 90241 contact Ardent Real Estate Group and we will put you in touch with one of our Downey agents.

Public Facts for 11716 Gurley Ave

Public county record property details

Beds: --
Baths: --
Year built: 1957
Sq. Ft.: 12,646
Lot Size: 18,251
Stories: --

Type: Apartment House (5+ Units)
Pool: Yes
Spa: No
County: Los Angeles
Lot#: 4,5
APN: 6255-014-039

The source for these homes facts are from public records.

90241 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$909,900

Median List Price/Sq.Ft.

$558

Median Sold Price

$987,000

Median Sold Price/Sq.Ft.

$536

Total Inventory

Median Sale to List Price %

100.82%

Avg Days on Market

Loan Type

Conventional (41.67%), FHA (16.67%), VA (0%), Cash (33.33%), Other (8.33%)

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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.