Seller's Agent in 2023
Kevin King
Marcus & Millichap
(562) 257-1245
2 in this area
40 Total Sales
7245 Richfield St Paramount, CA 90723
Estimated Value: $3,318,000 - $3,347,247
2
Beds
1
Bath
8,996
Sq Ft
$370/Sq Ft
Est. Value
About This Home
As of November 2023We are pleased to present 7245 Richfield Street, a 9 unit multi-family property located in Paramount, California. Built in 1987, the subject property consists of 8,996 rentable square feet spread throughout a .41 acre lot. The building consists entirely of condo quality, 2 bedroom 2 bathroom townhome style units. Each unit has washer/dryer hookups, a direct access 2 car garage and a private balcony or patio. There is also a shared laundry room and ample covered and open parking spaces available for tenant convenience.
The property is in a great location, tenants’ benefit from quick access to the 105, 710, and 605 Freeways, which makes a commute to large employment centers such as Downtown Los Angeles, Long Beach, and Orange County, much easier. The city of Paramount is promoting development, creation of business, and local events to create a tight knit- community.
Paramount is a strong rental market which has had an annual rent growth of 4.6%, mainly because of the city’s central location near large employment centers. This is a tight market with zero units delivered within the last 12 months and a vacancy rate of 2.1%. This is an absolutely incredible opportunity to acquire a true pride of ownership multi- family asset in one of the most accessible locations in the city and would be a great addition to any investor’s portfolio.
Last Agent to Sell the Property
Marcus & Millichap License #01158184 Listed on: 08/25/2023
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1987
Lot Details
- 0.41 Acre Lot
- Two or More Common Walls
- Density is 6-10 Units/Acre
Parking
- 8 Open Parking Spaces
- 10 Car Garage
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 8,996 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 2 Bedrooms
- 1 Bathroom
Laundry
- Laundry Room
- Gas And Electric Dryer Hookup
Outdoor Features
- Rain Gutters
Listing and Financial Details
- Legal Lot and Block 4 / A
- Tax Tract Number 11345
- Assessor Parcel Number 6241020012
- $3,185 per year additional tax assessments
Community Details
Overview
- 9 Units
Building Details
- Rent Control
- 10 Separate Electric Meters
- 10 Separate Gas Meters
- 10 Separate Water Meters
- Electric Expense $2,138
- Fuel Expense $2,137
- Insurance Expense $7,647
- Maintenance Expense $6,750
- Other Expense $4,050
- Professional Management Expense $10,491
- Supplies Expense $1,350
- Trash Expense $2,138
- Water Sewer Expense $2,137
- New Taxes Expense $40,625
- Operating Expense $79,463
- Gross Income $211,454
- Net Operating Income $131,991
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Aug 25, 2023
Closed on
Nov 14, 2023
Sold by
Marchand-Yanez Partners Lp
Bought by
Mhd Investments Llc and Better Housing Llc
Seller's Agent
Kevin King
Marcus & Millichap
Buyer's Agent
NoEmail NoEmail
NONMEMBER MRML
List Price
$3,250,000
Sold Price
$3,000,000
Premium/Discount to List
-$250,000
-7.69%
Views
77
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$332,624
Avg. Annual Appreciation
5.01%
Original Mortgage
$1,500,000
Outstanding Balance
$1,468,618
Interest Rate
7.49%
Mortgage Type
Seller Take Back
Estimated Equity
$1,864,006
Purchase Details
Closed on
Dec 11, 2015
Sold by
Yanez Jimmy John and Yanez Alma Susan
Bought by
Marchand Yanez Partners Lp
Purchase Details
Closed on
Jan 13, 2012
Sold by
Yanez Jimmy John and Yanez Alma Susan
Bought by
Yanez Jimmy John and Yanez Alma Susan
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$500,000
Interest Rate
3.88%
Mortgage Type
Future Advance Clause Open End Mortgage
Purchase Details
Closed on
Jun 24, 2000
Sold by
Yanez Jimmy J and Yanez Alma S
Bought by
Yanez Jimmy J and Yanez Alma S
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Mhd Investments Llc | $3,000,000 | Ticor Title Company | |
| Marchand Yanez Partners Lp | -- | None Available | |
| Marchand Yanez Partners Lp | -- | None Available | |
| Marchand Yanez Partners Lp | -- | None Available | |
| Marchand Yanez Partners Lp | -- | None Available | |
| Marchand Yanez Partners Lp | -- | None Available | |
| Yanez Jimmy John | -- | First American Title Insuran | |
| Yanez Jimmy J | -- | First American |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Mhd Investments Llc | $1,500,000 | |
| Previous Owner | Yanez Jimmy John | $500,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 11/20/2023 11/20/23 | Sold | $3,000,000 | -7.7% | $333 / Sq Ft |
| 11/09/2023 11/09/23 | Pending | -- | -- | -- |
| 08/25/2023 08/25/23 | For Sale | $3,250,000 | -- | $361 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Tax History
| 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 | $39,557 | $3,060,000 | $2,142,000 | $918,000 |
| 2024 | $39,557 | $3,000,000 | $2,100,000 | $900,000 |
| 2023 | $15,809 | $1,039,533 | $115,576 | $923,957 |
| 2022 | $15,424 | $1,019,151 | $113,310 | $905,841 |
| 2021 | $15,057 | $999,169 | $111,089 | $888,080 |
| 2019 | $15,380 | $969,535 | $107,795 | $861,740 |
| 2018 | $14,275 | $950,526 | $105,682 | $844,844 |
| 2016 | $12,822 | $913,618 | $101,579 | $812,039 |
| 2015 | $12,154 | $899,896 | $100,054 | $799,842 |
| 2014 | $12,451 | $882,270 | $98,095 | $784,175 |
Source: Public Records
Agents Affiliated with this Home
-
Kevin King
-
Ryan Gonzalez
R
Seller Co-Listing Agent in 2023
Ryan Gonzalez
Lyon Stahl Investment Real Est
(562) 879-3206
3 in this area
19 Total Sales
-
NoEmail NoEmail
N
Buyer's Agent in 2023
NoEmail NoEmail
NONMEMBER MRML
(646) 541-2551
9 in this area
6,221 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW23158243
APN: 6241-020-012
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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