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8/22/24
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In a recent LA-area multifamily sales comp, an eight-unit property in Bellflower traded for $2 mil, or $250k per unit. The buyer was a private 1031 exchange buyer from Newport Beach.
Located at 9108 Palm St, the 7.6k sf residential rental complex was built in 1960 and sits on an 18.9k sf lot (approximately 0.43 acres). The property consists of two single-family residences and six townhome-style floor plans, all with large two bedrooms.
The multifamily property is near the intersection of Lakewood Blvd and Artesia Blvd and the on/off-ramp to the 91 Fwy. Residents can walk to Palm Street Park located across the street or Lakewood Plaza shopping center one block away. Also nearby is a grocery store, restaurants, coffee shop, services and more.
Dan Blackwell and Sean Farag with CBRE represented the buyer, a repeat client. The seller was from Los Angeles County.
Farag noted that the acquisition represented a value-add opportunity for the investor to increase the current cap rate from 5.47% to 8.52% with the execution of a renovation plan.
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