Multifamily
Pasadena 40 Units - $256k/Unit
1293 Garfield Ave, Pasadena, CA 91104
Listing Price: $10,250,000
Investment Overview
Garfield Palms is a 40-unit apartment complex with a prime Pasadena location. This 2-story complex offers a unit mix of (38) 1 bed/1 bath, (1) 2 bed/1 bath, and (1) 0 bed/1 bath units. Currently, the property is 100% occupied. The site has private covered parking as well as ample street parking. Additional on-site amenities include a laundry facility and a rare pool for tenant use. Quite a few of the units have some improvements such as new kitchens, cabinets, counters, floors and/or bathrooms. There are a host of amenities located within close proximity to Garfield Heights. Among the many amenities are the Rose Bowl Stadium, Kidspace Children’s Museum, Norton Simon Museum, Brookside Golf and Country Club, Pasadena Convention Center, Paseo Colorado, and the California Institute of Technology. The property rents are significantly below market and currently average only $1,456/m on all 1bd/1ba floor plans. This is nearly $600 below market rents allowing an owner increased ease of management due to less turnover and dependable yearly increases. Investor’s can confidently depend on property appreciation and increasing cash flow through simply raising the rents at the legally allowed limit and investing in additional improvements to capture the upper end of market rents.
Pasadena 40 Units - $256k/Unit
Investment Highlights
- Large upside potential in rent - Average unit is being rent $600/m below market!
- Rare 1.01 acre lot which allows tenants covered parking as well as a private courtyard with a pool.
- Attractive cost per unit due to low rents allowing an investor to capture accelerated appreciation as they continue to raise rents to market.
Exclusively Listed By
Financing By
Listing Price: $10,250,000
Investment Highlights
- Large upside potential in rent - Average unit is being rent $600/m below market!
- Rare 1.01 acre lot which allows tenants covered parking as well as a private courtyard with a pool.
- Attractive cost per unit due to low rents allowing an investor to capture accelerated appreciation as they continue to raise rents to market.
Investment Overview
Garfield Palms is a 40-unit apartment complex with a prime Pasadena location. This 2-story complex offers a unit mix of (38) 1 bed/1 bath, (1) 2 bed/1 bath, and (1) 0 bed/1 bath units. Currently, the property is 100% occupied. The site has private covered parking as well as ample street parking. Additional on-site amenities include a laundry facility and a rare pool for tenant use. Quite a few of the units have some improvements such as new kitchens, cabinets, counters, floors and/or bathrooms. There are a host of amenities located within close proximity to Garfield Heights. Among the many amenities are the Rose Bowl Stadium, Kidspace Children’s Museum, Norton Simon Museum, Brookside Golf and Country Club, Pasadena Convention Center, Paseo Colorado, and the California Institute of Technology. The property rents are significantly below market and currently average only $1,456/m on all 1bd/1ba floor plans. This is nearly $600 below market rents allowing an owner increased ease of management due to less turnover and dependable yearly increases. Investor’s can confidently depend on property appreciation and increasing cash flow through simply raising the rents at the legally allowed limit and investing in additional improvements to capture the upper end of market rents.
Exclusively Listed By
Financing By
