719 721 N Garfield Avenue, Pasadena, CA 91104
- $3,400,000
- Sold Price
- $3,400,000
- List Price
- $3,600,000
- Closing Date
- Sep 17, 2025
- Status
- CLOSED
- MLS#
- PW25156120
- Year Built
- 1963
- Lot Size
- 13,908
- Acres
- 0.32
- Lot Location
- Irregular Lot
- Days on Market
- 62
- Property Type
- Multifamily
- 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.
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Additional Information
- Pool Description
- None
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 16
- Gross Scheduled Income
- $330,684
- Operating Expense
- 116842
Listing courtesy of Listing Agent: Ryan Loria (Ryan.Loria@TriqorGroup.com) from Listing Office: Triqor Group.
Listing sold by Ryan Loria from Triqor Group
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.