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11628 Lakewood Blvd #9
Downey, CA

11628 Lakewood Blvd #9

$569,000
2 bd • 2 ba • 1,356 sf

This analysis was generated by artificial intelligence on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$569,000

Price/Sq.Ft

$420

Year Built

1985

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 11628 Lakewood Blvd #9 offers several attractive features. At $419.62/sqft, it's priced 12% below the Downey average of $477/sqft for similar properties. The central location provides excellent access to amenities, with Stonewood, Downey Landing, Promenade, and hospitals nearby. The 1,356 sqft layout is spacious for a 2-bedroom condo, 13% larger than the average 1,200 sqft for similar units in the area. High ceilings and plenty of windows create a sense of openness and natural light. The property includes desirable features like granite kitchen counters, a balcony, and direct garage access. Common amenities such as a pool and jacuzzi add value. The complex is pet-friendly, which appeals to a broader market. HOA dues are described as low, though the exact amount isn't specified. The property's location near highly-rated schools (Alameda Elementary 7/10, Downey High 7/10) enhances its appeal for families.

The Bad

Built in 1985, the property is 40 years old, which may necessitate updates or replacements of major systems soon. The tile flooring throughout, while durable, may not appeal to all buyers and could be costly to replace ($6,780 - $13,560 based on $5-$10/sqft for new flooring). The property has been on the market for 14 days, slightly above the Downey average of 11 days, which could indicate it's slightly overpriced or has less demand. The estimated insurance cost of $2,048.40/year is approximately 15% higher than the California average of $1,780 for condos, possibly due to the property's age or location. The two-story layout with all living areas on the second level may not be ideal for buyers with mobility issues or those preferring single-level living.

The Ugly

The pending sale status as of 2025-01-17 at the list price of $569,000 suggests the property may be overvalued, as properties typically sell below list price in balanced markets. This could lead to appraisal issues or financing challenges. The age of the building (40 years) means major systems like HVAC, plumbing, and electrical may need significant repairs or replacement soon, potentially costing $15,000 - $30,000 over the next 5-10 years. Without specific HOA fee information, there's a risk of unexpected costs; if fees are truly low, the HOA may be underfunded for future major repairs. The location on Lakewood Blvd, a major thoroughfare, could mean higher noise levels and traffic, potentially impacting quality of life and future resale value. The condo market can be more volatile than single-family homes, with median condo prices in Downey showing only 2% appreciation over the past year compared to 3.5% for single-family homes.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for first-time homebuyers or small families with a household income of $120,000+ (based on a 28% front-end DTI ratio). It's ideal for professionals or couples who value proximity to urban amenities and don't mind a two-story living arrangement. The pet-friendly policy makes it attractive for pet owners. Investors could consider this property for long-term appreciation, as the current rental rate for a 2-bedroom in Downey is $2,222, potentially yielding a gross rent multiplier of 21.3, which is favorable for the area.

Not For

This property is not suitable for larger families needing more than 2 bedrooms or those requiring single-level living due to mobility issues. It's also not ideal for buyers seeking a newer construction with modern energy efficiency standards. Investors looking for immediate high cash flow might find the potential rent-to-price ratio less attractive compared to other opportunities in the area. Buyers with a budget under $500,000 or those unable to manage potential near-future maintenance costs should consider alternatives.
Demographics
Area Median Income

$75,111

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Risk Assessment

Risk Analysis

The age of the property (40 years) presents a significant risk for major system failures. HVAC, plumbing, and electrical systems typically have a lifespan of 20-30 years, suggesting imminent replacements costing $15,000 - $30,000. The location on a major boulevard (Lakewood Blvd) may lead to higher noise levels and potential air quality issues, which could impact long-term property value appreciation. The condo market in Downey has shown slower appreciation (2% YoY) compared to single-family homes (3.5% YoY), indicating potential for underperformance in value growth. Without specific HOA information, there's a risk of special assessments or rapidly increasing fees to address aging building infrastructure. The higher-than-average insurance costs suggest potential unidentified risks or claims history for the complex.
Insurance
Annual Cost

$2,048

$171 per month

Financials

Monthly Costs
Market Rent (2 bed)

$2,222

Get a detailed rental estimate on Zillow®
HOA Fee

$320

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$790,750

39.0% above list price

Median Price

$825,000

Based on 6 recent sales

Price per Sq.Ft

$600

Comparable Properties

11921 Tristan Drive, Downey, CA 90242
Price: $820,000
Sq.Ft: 1,390
Beds/Baths: 2/2
$/Sq.Ft:
$59040.6%
Sale Date: 11/22/2024
12115 Cornuta Avenue, Downey, CA 90242
Price: $825,000
Sq.Ft: 1,176
Beds/Baths: 3/2
$/Sq.Ft:
$70267.2%
Sale Date: 11/26/2024
8602 Mory Street, Downey, CA 90242
Price: $835,000
Sq.Ft: 1,553
Beds/Baths: 3/2
$/Sq.Ft:
$53828.1%
Sale Date: 10/4/2024
7332 Quill Drive #121, Downey, CA 90242
Price: $569,500
Sq.Ft: 1,090
Beds/Baths: 2/2
$/Sq.Ft:
$52224.5%
Sale Date: 10/2/2024
8227 Duesler Street, Downey, CA 90242
Price: $765,000
Sq.Ft: 1,138
Beds/Baths: 3/1
$/Sq.Ft:
$67260.2%
Sale Date: 1/8/2025
10534 Clancey Avenue, Downey, CA 90241
Price: $930,000
Sq.Ft: 1,611
Beds/Baths: 3/3
$/Sq.Ft:
$57737.6%
Sale Date: 10/28/2024

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