Courtyard Apartment
For Sale
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9339 Ramona Street, Bellflower, CA 90706
Fourteen-unit apartment complex with updated building systems, townhome-style 2-bedroom units, and parking for two cars per home.
Property Size14,005 SF
Lot Size35,914.00 Acres
Price / SF$299.82
Days on Market59
Property Features for 9339 Ramona Street
General Information
Standard status
Active
Size
14,005 SF
Total Parking Spaces
28
Lot size
35,914.00 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$168,055
Additional Details
Multifamily Units
14
Building Details
Year Built
1973
Buildings
3
Stories
2
Units
14
Tenancy
Multi
Listing Agency:
Centennial Advisers
(714) 231-2537
Listed By:
Justin White · License #CA 00875427
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 12 at 11:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Centennial Advisers
Investment Insights
Based on property information with market context.
Situated at 9339 Ramona Street in Bellflower, this 14-unit apartment complex is set on an approximately 35,914-square-foot lot and arranged for residential-style living. The property includes 13 spacious 2-bedroom/1.5-bath townhome-style residences, along with a front bungalow-style home featuring private garages. A park-like, landscaped courtyard provides dedicated outdoor amenity space for residents.
Capital improvements have been completed across the three buildings. New roofs were installed on all three buildings, interior subpanels were added throughout, and the rear 6-unit building has undergone a complete repipe. Off-street parking is provided with two spaces per unit, and the expansive driveway corridor along the right side of the property offers a potential ADU development opportunity.
For buyers seeking a well-maintained multifamily asset, the current tenant mix is anchored by multiple 2-bedroom/1.5-bath townhome-style homes, supported by on-site parking and meaningful system upgrades already in place. The property is positioned within Bellflower’s renter base, where 62% of residents rent. The remarks also note current average rents for 2-bedroom units in Bellflower of approximately $2,480 per month, stated as about 18% above the national average, along with steady year-over-year growth, and they describe upside potential through higher rents.
Capital improvements have been completed across the three buildings. New roofs were installed on all three buildings, interior subpanels were added throughout, and the rear 6-unit building has undergone a complete repipe. Off-street parking is provided with two spaces per unit, and the expansive driveway corridor along the right side of the property offers a potential ADU development opportunity.
For buyers seeking a well-maintained multifamily asset, the current tenant mix is anchored by multiple 2-bedroom/1.5-bath townhome-style homes, supported by on-site parking and meaningful system upgrades already in place. The property is positioned within Bellflower’s renter base, where 62% of residents rent. The remarks also note current average rents for 2-bedroom units in Bellflower of approximately $2,480 per month, stated as about 18% above the national average, along with steady year-over-year growth, and they describe upside potential through higher rents.
Key Highlights
- 14‑unit apartment complex on a 35,914 SF lot in Bellflower (built in 1973).
- Unit mix features 13 townhome‑style 2 bed/1.5 bath units averaging about 990 SF each.
- Front bungalow‑style building includes private garages.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$225,352
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,507,040
$4.5M
Cap Rate 7%
$3,219,314
$3.2M
Cap Rate 9%
$2,503,911
$2.5M
Market Conditions
NOI Build-Up for 14,005 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$445.4K $31.80/SF
− Vacancy
−$35.6K −$2.54/SF
EGI
$409.7K $29.26/SF
− OpEx
−$184.4K −$13.17/SF
NOI
$225.4K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,507,040
Cap Rate 7%
$3,219,314
Cap Rate 9%
$2,503,911
Alternative Uses
Best Use
Apartment 5plus
$3.22M
$2.82M – $3.76M
NOI $225,352 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.50M
$6.56M – $8.75M
NOI $524,876 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 90706, CA
79,179
Population
24,499
Households
3.2
Avg Household Size
36
Median Age
20%
College-Educated
78%
High-School Grad
6.1 sq mi
ZIP Area
12,980
Density / Sq Mi
$77,602
Median Household Income
$38,452
Median Earnings
$1,771
Median Rent
$661,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fourteen-unit apartment complex with updated building systems, townhome-style 2-bedroom units, and parking for two cars per home.
Where is this apartment building located?
The property is located at 9339 Ramona Street Bellflower, CA.
What is the asking price?
The asking price for this property is $4,199,000.
What are key features of this property?
This property features: 14‑unit apartment complex on a 35,914 SF lot in Bellflower (built in 1973).; Unit mix features 13 townhome‑style 2 bed/1.5 bath units averaging about 990 SF each.; Front bungalow‑style building includes private garages.
