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Garfield Apartments is a well-located, 16-unit, value-add opportunity in the desirable city of Pasadena, CA. This gated community features an attractive unit mix of 1, 2, and 3-bedroom units. Property amenities include covered parking, gas cooking, individual gas and electric meters, and a shared laundry facility. Recent capital improvements include soft-story retrofitting, a new roof (2020), dual-pane windows, and fresh exterior paint. Garfield Apartments offers investors a compelling opportunity to acquire a value-add asset with strong in-place income and significant upside; approximately 48% upside in rents. The property is operating at a 5.7% cap rate with current rents, 9.7% with market rents.
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Listing Snapshot
Price
$3,600,000
Days On Site
47 Days
Bedrooms
N/A
Inside Area (SqFt)
10,571 sqft
Total Baths
N/A
Full Baths
N/A
Partial Baths
N/A
Lot Size
0.3193 Acres
Year Built
1963
MLS® Number
PW25156120
Status
Active
Property Tax
N/A
HOA/Condo/Coop Fees
N/A
Sq Ft Source
N/A
Friends & Family
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Recent Activity
2 months ago
Listing first seen on site
2 months ago
Listing updated with changes from the MLS®
General Features
Acres
0.3193
Number Of Stories
2
Property Sub Type
Apartment
Sewer
Public Sewer
Special Circumstances
Standard
SqFt Total
10571
Water Source
Public
Zoning
PSR*
Interior Features
Laundry Features
Common Area
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Exterior Features
Lot Features
Irregular Lot
Pool Features
None
Community Features
Building Access
/
Community Features
Sidewalks
Financing Terms Available
Conventional
MLS Area
645 - Pasadena (NW)
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. The 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, the 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.
Did you know? You can invite friends and family to your search. They can join your search, rate and discuss listings with you.