Seller's Agent in 2024
George Wang
Harvest Realtors, Inc.
(310) 347-1300
1 in this area
60 Total Sales
7317 Richfield St Unit 5 Paramount, CA 90723
10
Beds
5
Baths
4,620
Sq Ft
0.42
Acres
Highlights
- 0.42 Acre Lot
- Laundry Room
- 1-Story Property
- No HOA
- Wall Furnace
About This Home
As of November 2024Incredible Investment Opportunity – 5 Detached Units on a Huge Lot!
This rare investment property features 5 detached units, each with 2 bedrooms and 1 bathroom, located on an expansive 18,000 sq ft lot, offering endless potential for future development. Each unit boasts its own private yard space and indoor washer/dryer hookups, making these units highly desirable for tenants seeking privacy and convenience.
Currently, all units are occupied by long-term tenants, with rents significantly below market—an opportunity for substantial rental income growth. One unit has been remodeled, achieving current market rent of $2,700 per month. Tenants are responsible for electricity and gas, with each unit separately metered for both utilities, further reducing operating costs for the owner.
The lot also features ample parking for all tenants, adding to the property's appeal. Additionally, there is the possibility of adding an Accessory Dwelling Unit (ADU) for further income potential. This property is perfect for investors looking for stable cash flow with future upside through rent increases and development opportunities.
Don't miss this chance to own a prime multifamily property with great potential in a high-demand rental market!
Last Agent to Sell the Property
Harvest Realtors, Inc. Brokerage Phone: 310-347-1300 License #01751924 Listed on: 09/26/2024
Last Buyer's Agent
Harvest Realtors, Inc. Brokerage Phone: 310-347-1300 License #01751924 Listed on: 09/26/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1962
Lot Details
- 0.42 Acre Lot
- No Common Walls
- Density is 11-15 Units/Acre
Interior Spaces
- 4,620 Sq Ft Home
- 1-Story Property
- Laminate Flooring
Bedrooms and Bathrooms
- 10 Bedrooms
- 5 Bathrooms
Laundry
- Laundry Room
- Laundry in Kitchen
- Gas Dryer Hookup
Parking
- Parking Available
- Assigned Parking
Utilities
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Additional Features
- Exterior Lighting
- Suburban Location
Listing and Financial Details
- Tenant pays for electricity, gas
- Legal Lot and Block 7 / A
- Tax Tract Number 11345
- Assessor Parcel Number 6241020016
- $2,240 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 5 Buildings
- 5 Units
Building Details
- 5 Separate Electric Meters
- 5 Separate Gas Meters
- 1 Separate Water Meter
- Insurance Expense $3,000
- Trash Expense $2,400
- Water Sewer Expense $2,400
- Operating Expense $7,800
- Gross Income $114,264
- Net Operating Income $106,464
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
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/18/2024 11/18/24 | Sold | $1,650,000 | +3.2% | $357 / Sq Ft |
| 09/26/2024 09/26/24 | For Sale | $1,599,000 | -- | $346 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
George Wang
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24199767
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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