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$ 3,600,000
Est. payment | /mo
0.32 Acres Lot
$ 3,600,000
Est. payment | /mo
0.32 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW25156120
HOA Y/N No
Year Built 1963
Lot Size 0.319 Acres
Property Sub-Type Apartment
Property Description
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.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning PSR*
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Private Pool No
Building
Lot Description Irregular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5725022010
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Ryan Loria Triqor Group 949-756-3232
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