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1293 N Garfield Ave
Pasadena, CA 91104
Rare 40-Unit Pasadena Apt | 6.75% Proforma · Multifamily Property For Sale
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40 Units
Investment Highlights
- Charming 40 Unit Pasadena Offering - First Time Available on the Market in Over 40 Years.
- Attractive cost per unit due to low rents creating an investor accelerated appreciation as they continue to raise rents to market.
- Rare 1.01 AC Lot Providing Tenants 40 Covered Parking Spaces (Overhang Parking is retrofitted and approved) and a large private courtyard and pool.
- Large Upside Potential in Rent (6.75% Pro-forma Based off Market Rents) - Average Unit is Currently Being Rented $600+/m Below Market!
- Rents Reflected in the Package have Already been Rolled Back per 2023 Requirements in Pasadena. Please Request the Rent Roll Timeline To Verify.
- Massive 350 Sq Ft+ Decks on 1st Floor and 200-350 Sq Ft Decks on 2nd Floor. Buyer to Verify Potential of Expanding Unit Size and/or adding bedrooms.
Property Facts
| No. Units | 40 | Building Size | 25,596 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1962/2020 |
| Building Class | C | Parking Ratio | 1.92/1,000 SF |
| Lot Size | 1.01 AC | ||
| Zoning | PSR3 | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.01 AC |
| Building Size | 25,596 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1962/2020 |
| Parking Ratio | 1.92/1,000 SF |
| Zoning | PSR3 |
Amenities
Unit Amenities
- Heating
- Ceiling Fans
- Kitchen
- Sprinkler System
- Range
- Deck
- Framed Mirrors
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Gated
- Storage Space
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 38 | $1,497 | 650 |
| Studios | 1 | $1,590 | 500 |
| 2+1 | 1 | $2,160 | 800 |
Property Taxes
| Parcel Number | 5729-025-021 | Improvements Assessment | $3,998,400 |
| Land Assessment | $5,997,600 | Total Assessment | $9,996,000 |
Property Taxes
Parcel Number
5729-025-021
Land Assessment
$5,997,600
Improvements Assessment
$3,998,400
Total Assessment
$9,996,000
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