INVESTMENT HIGHLIGHTS
- TURNKEY apartment community minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
- Excellent ASSUMABLE Loan with 3.3% Fixed (Sep 2026) – Mature in September 2051 (27 years!)
- Good demographics with ±$102,837 average household income in a two-mile radius
- Easy to manage community with full occupancy and low vacancy history
- Excellent ±5.92% Cash-on-Cash return Year-1 without hassle of unit rehab
- RUBS Program in place for 70% of the units (RUBS upside for the remaining 30% of the units)
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Perfect asset for a 1031 exchange investor
PROPERTY HIGHLIGHTS
- Very attractive garden style apartment with excellent curb appeal
- Superb unit mix with ALL 2 bed + 1 bath upgraded units.
- Major Improvements and recent CAPEX have been completed (new roof/partial, new water heater, new paint, new landscaping, new sliding glass doors and new a/c and heating in some units, new driveway, new balcony for some units, etc.)
- Soft story parking retrofit has been completed, Controlled entrance with covered parking.
- Large lot size; Two entrances – on Washington Blvd and Garfield Ave
- Ample carport parking with opportunity to stripe additional spaces or even convert the carports to ADUs.
- All units have been upgraded: new gourmet kitchen + bathroom, washer/dryer in each unit, some units have fireplace and private patio, modern wood railings in patio/balcony.
- Separately metered for electricity, secured entrance, security cameras installed, gated parking, security camera system installed.
- Completely redone landscaping with water-efficient landscaping
- Extra space on the side of the building to install self-storage for additional income.
EXECUTIVE SUMMARY
Growth Investment Group California as the exclusive listing agent is proud to offer 278 E Washington Blvd a.k.a. 1305 N Garfield Ave, a 24-unit TURNKEY 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 fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with ±46% LTV at 3.30% interest rates fixed until September 2026 – 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place ±5.92% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market.
The property is an attractive two-story garden style community 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 a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About ±70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed.
Each unit is spacious with open space 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. Most of the units have open floor plan providing spacious feel, and 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 serviced by a new master water heater. Most recent leases have a RUBS program in place which reimburses the owner for the gas usage. The property offers 24 parking spaces with a wide driveway providing the opportunity to strip additional parking space or even convert some of the carports into ADUs. There are 2 extra spaces on the side of the building that could be opened and converted into a self-storage area for additional income. Additional amenities are secured entrance, intercom system, and an additional laundry room.
LOCATION AMENITIES AND ACCESS
The property offers the best of both worlds 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 demographic 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.