719 N gARfield AVENUE
PASADENA, CA 91140
PRICE
$4,100,000
BUILDING SIZE
10,571 SF
LOT SIZE
13,908 SF
CAP RATE
PRICE/SF (BLDG)
PRICE/SF
(LAND)
4.15%
$388
$295
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 719-721 N Garfield Avenue, a 10,571 square foot, 16-unit apartment building situated on 0.32 acres of land (13,908 SF), ideally located one parcel north of the NW signalized corner of Garfield Avenue and Orange Grove Boulevard in Pasadena, CA.
719-721 N Garfield Avenue’s sixteen (16) units are currently 100% occupied by tenants paying below market rents, creating a value-add opportunity as tenants turnover. Combined, the property brings in a rent of $292,200.00 annually or $24,350.00 monthly, an average of $1,521.88/unit and $2.30/SF.
The subject property is located just north of the NW corner of Garfield Avenue and Orange Grove Boulevard. The property’s central position in Pasadena provides tenants the tranquility of a residential environment while also being close to amenities and employment hubs.
719-721 N Garfield Ave is just 0.5 miles north of the I-210 on and off ramps along both Los Robles Ave & Marengo Ave. Further south, less than a 5-minute drive, is Old Town Pasadena and the esteemed Colorado Boulevard.