423 Garfield Avenue

Pasadena, CA 91101

$3,100,000
Price
3
Beds
12
Baths
9,272 Sq. Ft.
$334 / Sq. Ft.
9,272
Sq. Ft.
$334
per Sq. Ft.

Description

We are excited to exclusively offer a prime 12-unit multifamily investment opportunity in the heart of Pasadena’s coveted Villa Parke neighborhood. Strategically located at 423 N Garfield Avenue, just steps from the 210 Freeway, this property boasts approximately 9,272 square feet of rentable space on a generous 11,875 square foot lot. This exceptional property offers unparalleled potential in Pasadena’s vibrant market. This exceptional property offers unparalleled investment potential in Pasadena’s...We are excited to exclusively offer a prime 12-unit multifamily investment opportunity in the heart of Pasadena’s coveted Villa Parke neighborhood. Strategically located at 423 N Garfield Avenue, just steps from the 210 Freeway, this property boasts approximately 9,272 square feet of rentable space on a generous 11,875 square foot lot. This exceptional property offers unparalleled potential in Pasadena’s vibrant market. This exceptional property offers unparalleled investment potential in Pasadena’s vibrant market. With its prime location and strong tenant demand, this asset presents a unique opportunity for significant rental growth. 423 N Garfield Avenue is ideally positioned within walking distance of the eclectic and historic Old Town Pasadena, a cultural hub brimming with over 300 businesses offering diverse shopping, dining, and entertainment options. Additionally, the property is just a mile away from the renowned Pasadena Playhouse District, a premier destination known for its world-class theater, museums, galleries, and upscale eateries. This prime location provides residents with easy access to a wealth of amenities, cultural experiences and top employers. The property features mature lush landscaping, laundry facility, carport and surface street parking. Units features include fully equipped kitchens with gas stoves and appliances, wall air conditioning and heating, wood-like flooring throughout, carpet in bedrooms, ceiling fans and vertical blinds. The city of Pasadena is ideally located within Southern California Offering easy access to the 210, 134, 110, 2 and 5 freeways connecting to all of Los Angeles County, Ventura County, and beyond. Its location offers convenient access to neighboring cities within the San Gabriel Valley and San Fernando Valley. Significant local landmarks within a 20-mile radius include: The Huntington Library, Brookside Golf Course, The Rose Bowl, Dodger Stadium, Crypto. com Arena, Santa Anita Park, Griffith Observatory, Los Angeles Zoo, Hollywood Walk of Fame, Los Angeles County Arboretum, Hollywood Bowl, Universal Studios, and more. 423 N Garfield Avenue is a prime Pasadena income-producing property and a great long-term investment. The property is in a highly desirable area and offers stability for any type of investor, whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange buyer.
  1. Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717

Property Details for 423 Garfield Avenue

Parking Spaces Total
12
Private Pool
No
Cooling Type
Wall/Window
Total Units
12.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
9272
Assessor Parcel Number
5725-027-026
LISTING UPDATED: 10/11/2024 06:45 AM

Property Details for 423 Garfield Avenue

StatusActive
MLS #CV24211539
Days on Market71
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1962
CountyLos Angeles County

Building Information for 423 Garfield Avenue

Building/Complex423 Garfield AveFloor-Stories2Residences-Pet Policy-Year Built1962Building Size-

Property Information for 423 Garfield Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $249,126
  • Gross Scheduled Income: $249,126
  • Vacancy Allowance: 7474
  • Gross Operating Income: $241,652
  • Net Operating Income: $146,471
  • Laundry Income: $7,606
  • Gross Multiplier: 12.44
  • Cap Rate: 4.72
Expense Details
  • Operating Expense: $95,181
  • New Taxes Expense: $37,029
  • Gardener Expense: $1,200
  • Fuel Expense: $7,143
  • Pest Control Expense: $3,733
  • Electric Expense: $1,470
  • Insurance Expense: $7,200
  • Maintenance Expense: $8,400
  • Professional Management Expense: $6,878
  • Other Expense: $2,400
  • Other Expense Description: Reserves
  • Trash Expense: $11,687
  • Water Sewer Expense: $6,999
  • Supplies Expense: $1,042
  • Total Expenses: $95,181
Tax / Assessment Info
  • Tax Block: C
  • Tax Tract Number: 463601
  • Tax Census Tract: 463601
  • CFD/Mello-Roos Fee: $2,690
  • Tax Lot: 1
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: 11-15 Units/Acre
  • Number Of Units: 12
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Uncovered Spaces: 6
  • Open Other Spaces Total: 6
  • Parking Garage Spaces: 0
  • Carport Spaces: 6
Unit Information
Unit 1
  • Unit Type Units Total: 8
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,521
  • Unit Type Total Rent: $146,004
  • Unit Type Pro Forma: 2200
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,987
  • Unit Type Total Rent: $95,352
  • Unit Type Pro Forma: 2600
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 12
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 423 Garfield Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 423 Garfield Avenue

Taxable ValueLand$942,038Additions$755,188Total$1,697,226
Tax Record2024$21,296 ($1,775 / month)
Home Facts
Total Finished SqFt9,272 SqFtAbove Grade Finished SqFt9,272 SqFtLot Size11,875 SqFtStyleMulti-Family Res (5+ Units)Year Built1962ZoningPSR3CountyLOS ANGELESAPN5725-027-026

Schools near 423 Garfield Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Madison Elementary School
PublicK to 5

Octavia E. Butler Magnet School
Public6 to 8

John Muir High School
Public9 to 12

Rose City High (Continuation) School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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423 Garfield Avenue is a multi-family home for sale in Pasadena, CA 91101. This property was listed for sale on October 11, 2024 by CB RICHARD ELLIS, it's currently listed at $3,100,000. It has been on the market for a total of 71 days and was last sold on February 24, 2011. This listing's school district is Pasadena Unified School District. Nearby schools include Madison Elementary School, Octavia E. Butler Magnet School and John Muir High School. 423 Garfield Avenue is a 3-bed, 12-bath, 9,272 sqft multi-family home built in 1962.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.