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8116 3Rd St, Downey, CA 90241
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8116 3Rd St Downey, CA 90241

$2,800,000 Sold Price as of 07/30/2024
  • 8 Beds
  • 14 Baths
  • 7,704 Sq.Ft.
Sold
$2,800,000 Sold Price as of 07/30/2024 Refinance Your Mortgage
Map preview of 8116 3Rd St, Downey, CA 90241

Property Overview: 8116 3Rd St Downey, CA has 8 bedrooms, 14 bathrooms, 7,704 living square feet and 20,996 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Presenting an outstanding investment opportunity in the Downtown area of the city of Downey, exclusively offered by RE/MAX Commercial & Investment Realty. This impressive property comprises 14 single-story units set on a spacious 20,996 square foot lot. There is a total of 14 detached single car garages and the property is separately metered for gas and electric. Boasting an impressive Walk Score of 89, the property offers unparalleled access mere footsteps away to shopping, trendy dining, and entertainment options, enhancing its appeal and marketability. Additionally, with approximately 40% upside potential in the current rents, this investment epitomizes prime real estate in a thriving rental market, promising long-term growth and stability. All offers must include a current proof of funds.

Listed by Nicholas Petrosian | BRE #01462598 | Remax Commercial and Investment Realty
Last checked: 15 minutes ago | Last updated: July 30th, 2024 | Source CRMLS | DOM: 30

Home details

Lot Sq. Ft
20,996
HOA Dues
$0/mo
Year built
1941
Garage
14 Car
Property Type:
Multi Family
Status
Sold
MLS#
24391225
City
Downey
County
Los Angeles
Time on Site
129 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 14
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 8
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,175
  • Total Rent: $9,400
  • Pro Forma/Market Rent: $16,400
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $957
  • Total Rent: $5,745
  • Pro Forma/Market Rent: $10,500
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.42%
  • Gross Rent Multiplier: 15.41
  • Gross Scheduled Income: --
  • Net Operating Income: $95,897
  • Gross Operating Income: $176,288
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 8116 3Rd St

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Wall Furnace
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: One
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 14
  • # of Parking Spaces: 14
  • Has Parking
  • Parking Features: Garage - Single Door
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Total # of Units: 14
  • Parcel Number: 6254003025
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: North of Firestone Blvd and East of Paramount Blvd.
View more facts & features

Local Downey Agent

Sale History for 8116 3Rd St

Last sold for $2,800,000 on July 30th, 2024

  • July, 2024

  • Jul 30, 2024

    Date

    Sold

    CRMLS: 24391225

    $2,800,000

    Price

  • May 13, 2024

    Date

    Active

    CRMLS: 24391225

    $3,200,000

    Price

Tax History for 8116 3Rd St

Assessed Value (2020): $597,985
Year Land Value Improved Value Assessed Value
2020 $412,071 $185,914 $597,985

Home Value Compared to the Market

This property vs the competition

8116 3Rd St sold on July 30, 2024 for 257.54% 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 $415.37 per/sqft which puts the price per square foot 28.63% lower than the current median sale per square foot for the city of Downey.

About 8116 3Rd St

Detailed summary of property

8116 3Rd St is a multi family that recently sold in Downey, CA 90241. This multi family property offered 8 bedrooms, 14 bathrooms, roughly 7,704 living square feet, and sits on an approximately 20,996 square foot lot. 8116 3Rd St was first listed on ArdentRealEstateGroup.com on May 13, 2024. The homeowner sold the property for $2,800,000. 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 257.54% higher than the current median priced home. Local homes that are currently for sale include 442 W 93rd St, 7361 Artesia Blvd and 11308 S Figueroa St. While the average home in Downey, CA is selling in 56 days, 8116 3Rd St has a days on market of 30 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 8116 3Rd St Downey, CA 90241 contact Ardent Real Estate Group and we will put you in touch with one of our Downey agents.

Public Facts for 8116 3Rd St

Public county record property details
Beds
--
Baths
--
Year built
1941
Sq. Ft.
7,704
Lot Size
21,017
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
5,7
APN
6254-003-025

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
43
Median Sale to List Price %
100.82%
Avg Days on Market
42
Loan Type
Conventional (41.67%), FHA (16.67%), VA (0%), Cash (33.33%), Other (8.33%)

Thinking of Selling?

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Thinking of Selling?
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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.

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