Stepp Commercial Closes 53-Unit Multifamily Property in Downey for Over List Price
DOWNEY, Calif. — Stepp Commercial has completed the sale of 10216 Vultee Avenue, a 53-unit multifamily asset in the high-demand rental market of Downey, California. The property garnered multiple offers and ultimately sold for above the asking price at a 4.5% cap rate and 11.8 GRM, marking the second-largest multifamily transaction in Downey since January 1, 2024. The sale reflects continued investor appetite for well-located, value-add assets in Southern California.
Located on a 1.6-acre parcel, the 56,411-square-foot property offers an exceptional unit mix of one-, two-, and three-bedroom apartments, including nine spacious 2BD/2BA townhome-style units with private patios or balconies. Recent capital improvements totaling over $780,000 include new windows and patio doors, copper plumbing, and full roof replacements across the complex.
“This property stood out to investors due to its strong in-place fundamentals, prime location, and clear path to upside,” said Todd Hawke, Senior Vice President of Stepp Commercial. “With approximately 27% rental upside and completed renovations already in place, the asset presented a compelling investment profile.”
Built in 1965, the gated community also features 77 secured parking spaces, on-site laundry, a central courtyard with a swimming pool and spa, and an individual gas metering system. Nearly half of the units have been renovated within the past decade, offering immediate potential for increased income through further interior updates.
Stepp Commercial’s Todd Hawke, Michael Toveg, and Robert Stepp represented the seller in the transaction.
Downey continues to benefit from its strategic position between Los Angeles and Orange counties, easy access to major freeways, and strong rental demand driven by limited new supply and rising homeownership costs.
