10
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$3,080,000
Est. payment /mo
0.27 Acres Lot
Active
423 N Garfield Pasadena, CA 91101
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Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26027236
HOA Y/N No
Year Built 1962
Lot Size 0.273 Acres
Property Sub-Type Apartment
Property Description
We are pleased to present Garfield Apartments, a well-maintained, value-add multifamily community located in Pasadena, California. The property features an attractive unit mix of spacious 1 and 2-bedroom units, catering to strong and consistent renter demand in this desirable submarket. Garfield Apartments offers a compelling value-add opportunity, with approximately 35% upside in rents. The property currently operates at a 5.1% cap rate and has the potential to achieve an 8% cap rate with market rents. Property amenities include covered parking, gas cooking, individual gas and electric meters, and a shared on-site laundry facility. A key differentiator of the offering is the highly attractive assumable financing, featuring a 3.58% interest rate, interest-only until 2027, and fixed until 2029. The $1.5 million assumable loan significantly enhances leveraged returns and provides a hedge against today's interest rate environment. Garfield Apartments represents a rare opportunity to acquire a stabilized, well-located asset with strong in-place income, favorable financing, and substantial upside.
Location
State CA
County Los Angeles
Area 699 - Not Defined
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 5725027026
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Special Listing Condition Standard
Listed by Ryan Loria Triqor Group 949-756-3232, DRE #02006138
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