9203 Park is a sprawling townhouse complex located 1 mile west of Downtown Bellflower that features seven value-add townhouse-style units not subject to local rent control. These townhomes fall under State of California rent control, which allows for an annual rent increase of 5% + CPI (currently 8.8%). Residing on an 19,535 SF lot, 9203 Park features an attractive unit mix comprising of (1) 3-bdrm. & 2.5-bath single-family townhome and (6) 2-bdrm. townhouse-style units.
About The Property
Stats
Price $2,503,000
Year Built 1987
City Bellflower
Units 7
Current CAP 3.93%
Price p/ Sq. ft. $307
Price P/ Unit $357,571
Background
This well-maintained complex featured 7 townhomes allowing 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+ SF 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 (DSTs).
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.
