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423 Garfield Ave
Pasadena, CA 91101 Pasadena

$3,100,000 USD

Apartments For Sale • 16,167 SF

Property Details

Property Type Apartments
Total Building Size 16,168 SF
Lot Size 0.28 AC
Building Class C
Year Built 1962
Cap Rate 4.72 %
Zoning PSR3

69 Transit Score

84 Walk Score

                
                    Highlights
                
                                High Rental Demand Location in the City of Pasadena
                            
                                Extremely Attractive Assumable Financing Available – 3.68% Interest Only through Until 2029/ Interest Only - Until 2027
                            
                                4.72% Cap Rate on Current Income, 7.57% Cap Rate at Market Rents
                            
                                Potential for Rental Upside – Opportunity for Approximately 39% Rental Growth to Achieve Market Rents
                            
                                Historically High Occupancy
                            
                                Well-Maintained Property Situated on ±11,875 SF Lot

Financial Summary (Actual)

Net Operating Income: $146,471 USD (2023)

Cap Rate:	4.72 %
Total Expenses:	$95,181 USD

Amenities

Laundry Facilities
Ceiling Fans
Kitchen
Tub/Shower
Views
Carpet
Vinyl Flooring

Public Transportation

Commuter Rail	Drive	Walk	Distance
Glendale (Antelope Valley Line - Southern California Regional Rail Authority (Metrolink), Ventura County Line - Southern California Regional Rail Authority (Metrolink))	12 min	-	9.1 mi
Transit/Subway	Drive	Walk	Distance
Memorial Park Station (Gold Line - Los Angeles County Metropolitan Transportation Authority (Metro))	2 min	11 min	0.6 mi
Lake Avenue Station (Gold Line - Los Angeles County Metropolitan Transportation Authority (Metro))	2 min	17 min	0.9 mi
Airport	Drive	Walk	Distance
Bob Hope	22 min	-	16.7 mi
Los Angeles International	40 min	-	25.4 mi
Long Beach (Daugherty Field)	42 min	-	26.7 mi

Eric Chen 909-418-2071 CBRE, Inc.

423 Garfield Ave Pasadena, CA 91101 Pasadena