- Prime upgraded apartment building minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
- Good demographics with ±$104,800 average household income in a two-mile radius
- High CAP Rate of 4.26% for the area offering Positive Cash Flow (estimated ±5.23% return) going in with low down payment (as low as 35%-40%)
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Significant amount of effort, time and capital were spent in relocating previous tenants and upgrading the property; The heavy lifting has been completed, offering Buyer all the benefits of a clean and upgraded apartment community
- Attractive garden style apartment with excellent curb appeal
- Large lot size; Two entrances – on Washington Blvd and Garfield Ave
- Superb unit mix with all 2bed+1bath units
- All units have been upgraded! New interiors and washer/dryer in each unit, some units have fireplace and private patio, new modern wood railings in patio/balcony
- Separately metered for electricity and gas, secured entrance, gated parking, security camera system installed
- Completely redone landscaping with water-efficient landscaping
The Growth Investment Group as the exclusive listing agent is proud to offer GARFIELD WASHINGTON, a 24-unit garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a very well maintained and upgraded apartment community in a mature market.
The property is an attractive two-story garden style community with that was built in 1964 with ±19,002 SF building size and situated on a ±25,460 SF lot size. It has excellent curb appeal with complete refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The lot is L shaped and unique as provides good frontage on Washington Blvd, and side entrance on Garfield Ave. It offers a superb unit mix of twenty-four (24) 2bed+1bath units. The building has secured entrance with gated parking and security camera system installed.
Each unit is spacious with functional layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows.
The property is separately metered for electricity and gas. Between 2018-2019 ownership spent significant amount of time and effort in relocating previous tenants and then upgrading the building and the units (estimated around $1million). Since the heavy lifting and hard work of relocating old tenants have been completed, this offering provides buyer with a clean and easy to operate asset in a very good rental submarket.
The property offers 24 parking spaces and is served by master water heater. Additional amenities are secured entrance, intercom system, and additional laundry room.
LOCATION AMENITIES AND ACCESS
The property offers best of both world as it has 2 frontages; one on Washington Blvd that provides good traffic volume for future vacant units’ advertisement, and has a side entrance on a quiet street of Garfield Ave. It is within minutes from Old Town Pasadena, Playhouse District, The Paseo, and 210 freeway. It has a good demographics of $104,800 average household income within a 2-mile radius.
It offers convenient access to the best amenities the City of Pasadena has to offer. The property has superb access to FWY 210 and 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.