NOT LISTED FOR SALE

7227 Richfield St Paramount, CA 90723

Paramount Area
5 Beds
4 Baths
40,632 Sq Ft
1.3 Acre Lot

Sale Details

Date Sold: February 28, 2014

Last sale price $7,550,000 $186 Per Sq Ft

23 Days on Market

About This Home

As of February 2014

The subject property gives an investor the opportunity to purchase a newer, 1989 construction, property in an excellent in-fill rental location. The property offers an excellent unit mix, with 86% of the apartments being 2-bedroom units. Residents enjoy a large amount of covered parking, as well as multiple common areas. The apartments each have a balcony or patio and have been well-maintained by the current owner. New ownership will find a lack of competing newer construction product for rent, as well as very high barriers to entry, and should be able to increase the property’s
income with prudent management. A buyer is free to obtain new financing as well, allowing them to capitalize on today’s extremely low interest rates.

Last Agent to Sell the Property

Doug Rodermund

Morgan Skenderian License #01314304 Listed on: 01/09/2014

Last Buyer's Agent

General NONMEMBER

NONMEMBER MRML

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1989

Lot Details

  • 1.3 Acre Lot
  • 1 Common Wall
  • Density is 2-5 Units/Acre

Home Design

  • 40,632 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Parking

  • 87 Parking Spaces
  • Subterranean Parking
  • Parking Available

Listing and Financial Details

  • Legal Lot and Block 4 / A
  • Tax Tract Number 11345
  • Assessor Parcel Number 6241020065

Community Details

Overview

  • 6 Buildings
  • 43 Units

Building Details

  • 44 Separate Electric Meters
  • 44 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $3,600
  • Insurance Expense $10,158
  • Maintenance Expense $44,226
  • Other Expense $6,200
  • Pest Control $1,650
  • Professional Management Expense $24,008
  • Trash Expense $20,689
  • Water Sewer Expense $20,689
  • New Taxes Expense $94,277
  • Gross Income $52,650
  • Net Operating Income $355,062

Property Details

Home Type

Multi-Family

Year Built

Built in 1989

Lot Details

1.3 Acres

Listing Details

  • CapRate: 4.70
  • Professional Management Expense: 24008.00
  • Property Attached: Yes
  • Water Sewer Expenses: 20689.00
  • Property Type: Residential Income
  • Gardener Expense: 3600.00
  • Parcel Number: 6241020065
  • Year Built: 1989
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 1 Common Wall
  • Levels: Two
  • Price Per Square Foot: 185.81

Exterior Features

  • Pool Private: No

Garage/Parking

  • Parking: Yes
  • Parking Features: Subterranean
  • Total Parking Spaces: 87.00

Utilities

  • Utilities: Sewer Available
  • Pest Control Expense: 1650.00
  • Trash Expense: 20689.00
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Curbs

Lot Info

  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 56768.00
  • Lot Size Acres: 1.3030

Multi Family

  • Gross Income: 52650.00
  • Gross Multiplier: 11.89
  • Gross Scheduled Income: 631800.00
  • Gross Spendable Income: 61714.00
  • Insurance Expense: 10158.00
  • Lot Size Area: 56768.0000 Square Feet
  • Maintenance Expense: 44226.00
  • Maintenance Percent: 7.00
  • Net Operating Income: 355062.00
  • Number Of Separate Electric Meters: 44
  • Number Of Separate Gas Meters: 44
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 43
  • Operating Expense: 245148.00
  • Operating Expense Percent: 38.80
  • Other Expense: 6200.00
  • Other Expense Description: Ad/Admin
  • Rent Control: No
  • Total Actual Rent: 51900.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 94277.00
  • Tax Block: A
  • Tax Lot: 4
  • Tax Tract Number: 11345

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Closed on
May 3, 2016
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$6,110,000
Interest Rate
3.64%
Mortgage Type
Commercial

Purchase Details

Listed on
Jan 9, 2014
Closed on
Jan 28, 2014
Sold by
Bought by
Seller's Agent
Doug Rodermund
Morgan Skenderian
Buyer's Agent
General NONMEMBER
NONMEMBER MRML
List Price
$7,550,000
Sold Price
$7,550,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$5,270,000
Interest Rate
4.34%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Dec 27, 2006
Sold by
Bought by

Purchase Details

Closed on
Mar 27, 2001
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,236,000
Interest Rate
7.19%
Mortgage Type
Commercial

Purchase Details

Closed on
Dec 13, 1995
Sold by
Bought by

Purchase Details

Closed on
Aug 25, 1995
Sold by
Bought by
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$9,400,000 Chicago Title Company
$7,550,000 Orange Coast Title
-- Ticor Title Co Glendale
$2,795,000 First American Title Co
-- Orange Coast Title
$1,600,000 First American Title Ins Co
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $9,100,000
Closed $8,290,000
Previous Owner $6,110,000
Previous Owner $5,270,000
Previous Owner $2,236,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
02/28/2014 02/28/14 Sold $7,550,000 0.0% $186 / Sq Ft
02/01/2014 02/01/14 Pending -- -- --
01/09/2014 01/09/14 For Sale $7,550,000 -- $186 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $146,638 $10,909,504 $2,611,317 $8,298,187
2024 $140,777 $10,695,593 $2,560,115 $8,135,478
2023 $138,196 $10,485,876 $2,509,917 $7,975,959
2022 $134,580 $10,280,271 $2,460,703 $7,819,568
2021 $131,430 $10,078,698 $2,412,454 $7,666,244
2019 $134,959 $9,809,277 $2,340,900 $7,468,377
2018 $126,102 $9,617,517 $2,295,000 $7,322,517
2016 $96,832 $7,818,285 $2,345,485 $5,472,800
2015 $91,258 $7,700,848 $2,310,254 $5,390,594
2014 $47,237 $3,435,659 $614,605 $2,821,054
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW14005941

California Regional Multiple Listing Service (CRMLS)
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