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719 721 N Garfield AVE Pasadena, CA 91104
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Key Details
Sold Price $3,400,000
Property Type Apartment
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW25156120
Sold Date 09/17/25
HOA Y/N No
Year Built 1963
Lot Size 0.319 Acres
Property Sub-Type Apartment
Property Description
Garfield Apartments is a well-located, 16-unit, value-add opportunity in the desirable city of Pasadena, CA. This gated community features an attractive unit mix of 1, 2, and 3-bedroom units. Property amenities include covered parking, gas cooking, individual gas and electric meters, and a shared laundry facility. Recent capital improvements include soft-story retrofitting, a new roof (2020), dual-pane windows, and fresh exterior paint. Garfield Apartments offers investors a compelling opportunity to acquire a value-add asset with strong in-place income and significant upside; approximately 48% upside in rents. The property is operating at a 5.7% cap rate with current rents, 9.7% with market rents.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning PSR*
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 5725022010
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
Special Listing Condition Standard
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Bought with Ryan Loria Triqor Group
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Chrystal & David Schoenbrun
Realtor/Broker Associate | License ID: 01409474 & 01761327