We are pleased to present a home-like fourplex in Paramount, California, which includes a collection of separate structures each with their own parking and yard area, making the property feel more like a collection of private homes rather than an apartment complex. The property is situated on a corner lot with the largest unit, a 2-bedroom 1-bath house, facing Jefferson Street and a small neighborhood street called Fairlock Avenue. The rest of the units are situated on Fairlock Avenue, a tranquil road used primarily by locals.
The Property consists of a 2-Bedroom 1-Bathroom Single Family Residence, which is currently vacant and ready for immediate upside. Additionally, there is 1-bedroom 1-bathroom stand-alone cottage, plus a duplex which consists of two 1-Bedroom 1-Bath units. The rents from the long-time tenants are below market, as the property has been under one family ownership for nearly 27 years. Assuming the 2-Bedroom SFR can rent for $1,800 and keeping the other rents unchanged will yield a 3.78% cap rate, and an attractive $230,000 per unit. Proforma estimates can yield cap rates well above 6.0% and a GRMs below 12.5.