SUCCESS STORY
Bellflower Townhome Complex Sold in 90 Days
9203 Park St.
The fiduciary represented a trust whose beneficiaries were having difficulties agreeing on the disposition of the property.
Price
$
2,503,000
City
Bellflower
Current Cap Rate
3.93
%
Price P/ Unit
$
357,571
Lot Size
19,535
SF
9203 park
About the Property
9203 Park was a sprawling townhouse complex located 1 mile west of Downtown Bellflower that featured seven value-add townhouse-style units not subject to local rent control. These townhomes fell under State of California rent control, which allowed for an annual rent increase of 5% + CPI (currently 8.8%). Residing on a 19,535 lot, 9203 Park featured an attractive unit mix consisting of (1) 3-bdrm. & 2.5-bath single-family townhome and (6) 2-bdrm. townhouse-style units.
Price
$
2,503,000
City
Bellflower
Current Cap Rate
3.93
%
Price P/ Unit
$
357,571
Lot Size
19,535
SF
Background
This well-maintained complex featured 7 townhomes that allowed for an 8.8% annual rent increase. In addition to loosened rent control laws, compared to the City of LA, 9203 Park resided on a sprawling 19,500+ lot that offered the potential to add one or two ADUs (which the buyer has to verify). A residential agent from the San Diego Compass office, who had an existing relationship with the owners, contacted KST to help him win the listing and help the family exchange into some Delaware Statutory Trusts.
Result
Our team hit the ground running, and three weeks into the listing agreement, we were IN ESCROW! Our expert marketing and extensive connections, combined with more than 20 years of multifamily experience, identified an outside agent who represented an exchange buyer who was experienced in the area and saw the property’s potential. 60 days later, escrow closed at $2,503,000. Here’s another example of how hiring the right broker makes all the difference.
