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To find out how fast you can actually download at you need to divide the amount of megabits or Mbits by 8 and that will give you the rough speed in megabytes. I think there is a setting somewhere that will tell you the speed in megabytes but I can't remember where that setting is.
Being able to download more than 1 thing at a time, will just split your download speed. 1 will download at 16 Mbit/sec which is only around 2 megabytes per second. 2 will download at 8 Mbit each, 3 will download at 5.3ish Mbit, 4 will download at 4 Mbit each and so on.
Basically Valves bandwidth is like a city water main, your connection to it is a garden hose. You can only download as fast as your connection will allow. If you want faster, pay for a faster connection.
The download is also already multi part download anywya
The issue is that your local CPU and disk IO can’t keep up with the download and reconstruction of the target files
Hi
https://pics.tinypic.pl/i/00995/tafdx658p0jm.png
He mean for the OP as they stated their max connection is 16 Mbit/s... though that translates to 2 MB/s download speeds on Steam's default display.