7230 Cortland Avenue, Paramount, California 90723, Paramount, 90723 - bed, bath
ACTIVE$1,349,000
7230 Cortland Avenue, Paramount, California 90723
0Bed
0Bath
3,150Sqft
16,717Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Multi-Unit Income Stream: Three separate 3-bedroom, 1-bath units provide diversified rental income and strong investment potential.
Top Cons:
Shared Water Meter: A single water meter for all three units necessitates landlord payment or complex allocation, increasing operational overhead.
Compared to the nearby listings
Price:$1.35M vs avg $927.5K (+$421,500)88%
Size:3,150 sqft vs avg 2,116 sqft88%
Price/sqft:$428 vs avg $42850%
More Insights
Built in 1966 (59 years old).
Condition: The property, built in 1966, appears well-maintained with clean living spaces and good condition hardwood/laminate flooring. However, the kitchens and bathrooms are significantly outdated. Kitchens feature older light wood cabinets, laminate countertops, dated white appliances, fluorescent lighting, and linoleum flooring. Bathrooms have older vanities, laminate countertops, dated light fixtures, and small square tile flooring. While functional and clean, these areas require substantial cosmetic updates to meet current standards, aligning with a 'Fair' condition score.
Year Built
1966
Close
-
List price
$1.35M
Original List price
$1.6M
Price/Sqft
$428
HOA
-
Days on market
-
Sold On
-
MLS number
DW24227974
Home ConditionFair
Features
Patio
View-
About this home
Large lot of 16,500 (165x100) per plat map measurement -tax assessor shows 15,434 sq. ft.) and 3rd parcel with 217sq. ft. lot for a TOTAL of 16,717 sq. ft.(per measurement) 3 spacious separate houses, each house has is 1050 living sq.ft (per measurement) 3-bedroom 1 bath. There is a 2 car garage. Included in the purchase are approved plans for an ADU! There are plenty of spaces for parking. The 3 units all have separate meters for gas and electricity. 1 water meter for all three houses. **There is also an opportunity to buy the front house for $1,199,000 (MLS DW24227179)***
Price History
Date
Event
Price
07/09/01
Sold
$355,000
Condition Rating
Fair
The property, built in 1966, appears well-maintained with clean living spaces and good condition hardwood/laminate flooring. However, the kitchens and bathrooms are significantly outdated. Kitchens feature older light wood cabinets, laminate countertops, dated white appliances, fluorescent lighting, and linoleum flooring. Bathrooms have older vanities, laminate countertops, dated light fixtures, and small square tile flooring. While functional and clean, these areas require substantial cosmetic updates to meet current standards, aligning with a 'Fair' condition score.
Pros & Cons
Pros
Multi-Unit Income Stream: Three separate 3-bedroom, 1-bath units provide diversified rental income and strong investment potential.
Approved ADU Plans: Inclusion of approved plans for an Accessory Dwelling Unit offers immediate value-add and potential for a fourth income-generating unit.
Expansive Lot Size: A generous 16,717 sq. ft. lot provides significant outdoor space, privacy, and future development potential.
Individual Utility Metering: Separate gas and electricity meters for each unit simplify tenant billing and reduce landlord operational costs.
Ample Parking & Garage: Abundant parking, including a 2-car garage, is a highly desirable feature for multi-unit properties, enhancing tenant convenience.
Cons
Shared Water Meter: A single water meter for all three units necessitates landlord payment or complex allocation, increasing operational overhead.
Property Age (1966 Build): Built in 1966, the property may require updates to systems and finishes, potentially leading to higher maintenance and renovation costs.
Substantial Price Reduction: The significant price drop from the original listing suggests market resistance or an initial overvaluation, which could indicate challenges in attracting buyers at a higher price point.