Description
A rare nine-unit offering in Paramount that combines a genuinely exceptional unit mix, turnkey renovated condition, and legitimate ADU upside - all outside of local rent control. Eight (8) large three-bedroom / two-bath units at approximately 905 SF, plus one (1) one-bedroom / one-bath at 440 SF. Three-bedroom apartments are almost impossible to replicate in today's construction environment, and they drive family tenancy, longer average tenure, lower turnover cost, and rent premiums that one- and two-bedroom product simply cannot command. The property sits on a 17,524 SF lot with 7,800 SF of building area and is 100% occupied at close of escrow. The building has been fully renovated - roofs, windows, and all major systems, along with unit interiors and appliances. A buyer steps into stabilized, day-one cash flow without the deferred-maintenance capital plan that typically accompanies 1962-vintage product. The property is subject only to statewide AB 1482 - not a local rent-control ordinance - preserving annual increases up to the statutory cap and full vacancy decontrol on turnover under Costa-Hawkins. Additional upside comes from the open parking areas which present a strong candidate ADU construction under SB 1211. Offered at $3,100,000 - $344,444 per unit - on $205,494 of in-place NOI, a 6.63% current cap rate going to 6.98% pro forma on turnover to market rents. Nearby 2025-2026 sales in the Bellflower/Paramount submarket traded at 4.64%-5.75% caps and $314,063 per unit, making this an outsized in-place yield for renovated, family-sized product. Paramount is outside the City of Los Angeles and not subject to Measure ULA. Nine on-site parking spaces. Convenient to the 105 and 710 freeways, Downtown LA, LAX, and Long Beach.
Details
| MLS # | PW26175840 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | New Construction |
| Status | Active |
| Year | 1962 |
| Days On Site | 94 |
| Listing Provided By | Property Works RE, Inc. | John Chelius |
Features
| SQ Feet | 7,800 |
|---|---|
| Story(s) | 1 |
| Units | 9 |
| Building(s) | 6 |
| Acreage | 0.20 |
Exterior
| Lot Features | Zero To One Unit Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Paramount |
| Zip Code | 90723 |
| Area | RK Paramount South of Somerset |
| Listing VS Median (in 90723) | |
Price: $2,995,000 low | high Med: $1,380,000 sqft: 7,800 low | high Med: 3,856 $ / sqft: $384 low | high Med: $358 On site: 94 low | high Med: 104 | |
Market Activity 90723
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Paramount |
| Zip Code | 90723 |
| Area | RK Paramount South of Somerset |
| Listing VS Median (in 90723) | |
Price: $2,995,000 low | high Med: $1,380,000 sqft: 7,800 low | high Med: 3,856 $ / sqft: $384 low | high Med: $358 On site: 94 low | high Med: 104 | |