Stepp Commercial Represents Sale Of 53-Unit Multifamily Asset In Downey For $16.37M

The property asset involved in the transaction is a 53-unit multifamily asset located at 10216 Vultee Avenue in Downey. It was sold for $16,370,000 and encompasses a total square footage of 56,411. The asset has demonstrated strong market value and demand.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $16,370,000
• Units: 53
• Square Footage: 56,411
• Cap Rate: 4.5%
• GRM: 11.8
• Rental Upside: 27%
• Capital Improvements: Over $780K
• Broker Representatives: Todd Hawke, Michael Toveg & Robert Stepp - Stepp Commercial

The successful closing of this transaction highlights the expertise of Todd Hawke, Michael Toveg, and Robert Stepp, who represented the sale. The property received multiple offers, ultimately selling above the asking price, and is noted as the second-largest multifamily transaction in Downey since January 1, 2024. It features completed improvements such as new windows, patio doors, copper plumbing, and recently replaced roofing.