This Multifamily Property is no longer advertised on LoopNet.com.
1293 N Garfield Ave
Rare 40-Unit Pasadena Apt | 6.75% Proforma · Multifamily Property For Sale
·
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
Property Type
Multifamily
Property Subtype
Apartment
Apartment Style
Low Rise
Building Class
C
Lot Size
1.01 AC
Building Size
20,880 SF
Average Occupancy
100%
No. Stories
2
Year Built/Renovated
1962/2020
Parking Ratio
1.92/1,000 SF
UNIT AMENITIES
Framed Mirrors Vinyl Flooring
SITE AMENITIES
Fenced Lot Laundry Facilities
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
$3,920,000
Land Assessment
$5,880,000
Total Assessment
$9,800,000
