423 N Garfield, Pasadena, CA 91101

About this property

We are pleased to present Garfield Apartments, a well-maintained, value-add multifamily community located in Pasadena, California. The property features an attractive unit mix of spacious 1 and 2-bedroom units, catering to strong and consistent renter demand in this desirable submarket. Garfield Apartments offers a compelling value-add opportunity, with approximately 35% upside in rents. The property currently operates at a 5.1% cap rate and has the potential to achieve an 8% cap rate with market rents. Property amenities include covered parking, gas cooking, individual gas and electric meters, and a shared on-site laundry facility. A key differentiator of the offering is the highly attractive assumable financing, featuring a 3.58% interest rate, interest-only until 2027, and fixed until 2029. The $1.5 million assumable loan significantly enhances leveraged returns and provides a hedge against today’s interest rate environment. Garfield Apartments represents a rare opportunity to acquire a stabilized, well-located asset with strong in-place income, favorable financing, and substantial upside.

Listing description from the May 2026 sale, as reported to CRMLS.

Sale history

$2,850,000

Sold May 2026 · listed $3,080,000, on market February 2026 · MLS #PW26027236 · Source: CRMLS

Listing Agent: Ryan Loria · Listing Office: Triqor Group · Contact: 949-756-3232 · Bought with: Ryan Loria · Triqor Group

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