This exceptional 12-unit apartment building in Pasadena, California presents a compelling value-add investment opportunity. Located at 423 N. Garfield Avenue, this property boasts 9,272 square feet of rentable space on an 11,875 square foot lot. Built in 1962, the two-story building features a mix of one and two-bedroom units, each averaging approximately 773 square feet. Amenities include a laundry facility, carport parking, and mature landscaping. Units feature fully equipped kitchens with gas stoves and appliances, wall air conditioning and heating, wood-like flooring, and carpet in bedrooms. The property currently generates a NOI of $146,471, representing a 4.72% cap rate. However, a pro-forma analysis projects a NOI of $234,550 and a 7.57% cap rate based on market rents, indicating significant upside potential. The asking price is $3,100,000, or $258,333 per unit, and the property is situated in a highly desirable location within walking distance of Old Town Pasadena and close to major freeways (210, 134, 110, 2, and 5), offering convenient access to numerous amenities, cultural attractions, and employment centers throughout Los Angeles County and beyond. The property's prime location and potential for rental growth make it an attractive investment for various investor profiles, including first-time buyers, seasoned investors, and 1031 exchange participants. The property's strong location and potential for rental growth make it an attractive investment for a variety of investor profiles. This is a rare opportunity to acquire a well-maintained property with significant upside potential in a thriving market.
Highlights
High demand Pasadena location.
Assumable financing at 3.68% interest-only until 2029.
4.72% cap rate (current income), 7.57% cap rate (market rents).
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Contacts
Joyce Goldstein
Eric Chen
Justino Fa'aola
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423 Garfield Ave, Pasadena, California, 91101
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
423 Garfield Ave
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