423 Garfield AvePasadena, CA 91101

Property Details for 423 Garfield Ave

Year built

1962

Construction

WOOD

Lot size

0.27 AC

Property size (Sq ft)

9,272 SF

Zone code

PSR3

Property type

Apartment buildings

APN

5725-027-026

APU

5725027026

Description

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.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Latitude

34.1532

Longitude

-118.145

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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