According to Crexi.com the following is Downey’s MultiFamily property stats:
Median Capitalization Rate in Downey is = 4%.
Average Price Per Square Foot in Downey is = $379.
MultiFamily Units in Downey is = 405,534 Square Feet.
In their July 2023 Commercial Real Estate Market Insights MultiFamily Properties info NAR.Realtor said:
With multifamily construction overperforming in the last couple of years, the completion of these additional units has increased the vacancy rate in the multifamily sector. In the meantime, in the last 12 months, net absorption of apartments was half of last year’s level, while 22% more units were delivered during that same timeframe. Thus, this demand-supply mismatch has increased the vacancy rate to 6.9% from 5.3% a year ago. Consequently, rent growth has dropped to 1.1%, below the pre-pandemic level. Nevertheless, the multifamily sector will remain strong compared to the other CRE sectors, owing to favorable demographics, a strong job market, and low housing affordability due to higher mortgage rates.
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