Created date: November 21, 2023
Date last updated: November 21, 2023
- Well Maintained Property
- Highly Sought After Unit Type
- Strong Income With Upside Potential
- Central Location
- Spacious Units
7253 Richfield is a 10-unit apartment building located in Paramount, California. Constructed in 1959, the subject property contains 9,140 rentable square feet which is located on a spacious 33,973 square foot lot. The building consists of eight (8) 2 Bed + 1 Bath units, one (1) 3 Bed + 2 Bath unit, and one (1) 4 Bed + 2 Bath unit.
The property offers economically friendly units that are perfect for the working-class individuals that value being centrally located to all business sectors of surrounding cities, and the Greater Los Angeles Area. Paramount has provided a historically strong tenant occupancy, which makes filling vacancies effortless.
The property features a total of eight (8) 2 Bed + 1 Bath units, one (1) 3 Bed + 2 Bath unit, and one (1) 4 Bed + 2 Bath unit. These large units appeal to a broad range of tenants, including small families, couples, work from home individuals, and those with roommates. Two bedroom units are also less susceptible to fluctuations in the housing market because they cater to the basic housing needs for individuals. Especially since the pandemic,
2 bedroom units are highly sought after which allows the landlord to ask for a premium in rent, lower their vacancy cost, and minimize their management issues.
The property is well-maintained and managed, with a focus on providing a comfortable and welcoming environment for residents. The location of the property in the vibrant city of Paramount ensures that residents have easy access to a wide range of amenities, including dining, shopping, entertainment, and recreational opportunities. The combination of a balanced unit mix, additional parking, strong in-place rents, and a central location make 7243 Richfield Ave an attractive investment opportunity for those looking to invest in a multi-family property in Paramount, California.