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7317 Richfield Street

Paramount, CA 90723

– beds
– baths
– sqft
~1/2 acre lot
1962 build
– on site

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Incredible 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!

Listed By CRMLS_CA / George Wang / Harvest Realtors, Inc. / 310-347-1300

Last checked: Checking… • Last updated Nov 18, 2024 •

MLS# SB24199767 —

The Building

Year Built:

1962
Year Built Source:

Assessor
New Construction:

No
Entry Level:

1
Common Walls:

No Common Walls
Building Area Total:

4620.00
Building Area Units:

Square Feet
# of Buildings:

5
Total Number Of Units:

5
Stories Total:

1
# of Separate Gas Meters:

5
# of Separate Water Meters:

1
# of Separate Electric Meters:

5

Interior

Levels:

One
Entry Location:

1
Flooring:

Laminate
Room Type:

All Bedrooms Down
Fireplace:

No
Fireplace:

None
Laundry:

Gas Dryer Hookup, In Kitchen
Laundry:

1

Location

Directions:

Garfield and Rosecrans
Latitude:

33.90231900
Longitude:

-118.17053400

The Property

Property Type:

Residential Income
Subtype:

Commercial/Residential
Zoning:

PARM*
Lot Features:

11-15 Units/Acre
Lot Size Area:

18407.0000
Lot Size Acres:

0.4226
Lot Size SqFt:

18407.00
Lot Size Source:

Assessor
View:

None
Road Frontage:

City Street
Road Surface Type:

Paved
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Block:

A
Tax Census Tract:

5536.01
Tax Tract:

11345
Tax Lot:

7

The Listing

Special Listing Conditions:

Standard
Parcel Number:

6241020016
Showings Begin:

2024-09-26

Heating & Cooling

Heating:

1
Heating:

Wall Furnace
Cooling:

No
Cooling:

None

Utilities

Utilities:

Cable Available, Electricity Connected, Natural Gas Connected, Phone Available
Sewer:

Public Sewer
Electric:

Electricity - On Property
Water Source:

Public

Appliances

Appliances:

None
Included:

No

The Community

Senior Community:

No
Features:

Sidewalks, Storm Drains, Street Lights, Suburban
Pool:

None
Private Pool:

No
Spa Features:

None
Association:

No
Assessments:

No
Assessments:

None

Parking

Parking:

Yes
Parking:

Assigned

Extra Units

Average 1 Bed Area:

924

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
11/18/24 Nov 18, 2024	Sold	CRMLS_CA	$1,650,000	3.2%
10/21/24 Oct 21, 2024	Sold Subject To Contingencies	CRMLS_CA	$1,599,000
9/26/24 Sep 26, 2024	Listed / Active	CRMLS_CA	$1,599,000	45.6% (5.4% / YR)

Multifamily Sold on 11/18/2024

$1,650,000

Listing provided by broker:

George Wang

Harvest Realtors, Inc.

310-347-1300

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Listing Courtesy of: CRMLS_CA and Harvest Realtors, Inc.. Based on information from California Regional Multiple Listing Service, Inc. as of 16:31 on Nov 21.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

7317 Richfield Street

Paramount, CA 90723