Prime Los Angeles-Area Multifamily Investment Properties with Significant Rental Growth Potential Sold for $14.2m
BELLFLOWER, CALIF. (Nov. 15, 2024) – Tom Papoulias, vice president of Coldwell Banker Commercial West, is proud to announce the successful marketing and sale of 10015 & 10025 Alondra Blvd., a pair of multifamily properties in Bellflower, California for $14.2 million. The neighboring apartment buildings are in a prime location southeast of Los Angeles.
Papoulias represented both the seller and the buyer, Spring Property Group. The properties, located side-by-side, were constructed in 1959. “These buildings offer exceptional upside potential, featuring a mix of one- and two-bedroom units with considerable room for rental growth,” said Papoulias. Once brought to the market, the listings attracted six offers within 10 days.
The property at 10015 Alondra Blvd. consists of 40 one-bedroom, one-bath units, totaling 21,712 square feet on a 37,764 square-foot lot. Neighboring 10025 Alondra Blvd. offers 38 two-bedroom, one-bath units, with a total size of 29,066 square feet on a 38,013 square-foot lot. Both properties are two stories, with newer windows and roofs installed approximately eight years ago. While there is some deferred maintenance to address, both properties remain well-maintained and poised for improvement.
Rents at both properties are significantly below current market levels, with 10015 Alondra Blvd. averaging 60% under market and 10025 Alondra Blvd. at 55% below market rates. This presents a substantial opportunity for future rental increases, further enhancing the investment's value, said Papoulias.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial West, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact:
Kevin Guhl
Email: kevin.guhl@cbrealty.com
Phone: 973-407-5916
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