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10/22/24
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A 32-unit multifamily property in the city of Bellflower traded for $5.6 mil, or $175k/unit. The property, located at 15741 Blaine Ave, was acquired by a private investor.
Built in 1955, the property at 15741 Blaine Avenue offers 16.1k sf of rentable space and sits on a 0.71-acre lot near the intersection of Blaine Ave and Alondra Blvd. The gated community consists of 31 one-bedroom units and a manager’s two-bedroom unit, along with 32 parking spaces.
With a Walk Score of 86 (“Very Walkable”), the property is conveniently located near schools, parks, grocery stores, eateries, and public transportation. Residents also have easy access to Interstates 710, 605, 105, and 5, making commuting across the region simple.
CBRE’s Executive Vice President Dan Blackwell, along with Vice President Andrew Boukather, who is now with MBI Equity Partners, represented the repeat buyer. The seller is based in Long Beach.
Blackwell noted, “The Blaine Avenue property features a large concrete area separating the residential units from the parking area, which could provide an opportunity to develop additional dwelling units (ADUs). The closing cap rate was 6.51%, indicating a strong investment value.”
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