275 N Garfield Avenue, Pasadena, California 91101, Pasadena, 91101 - bed, bath

275 N Garfield Avenue, Pasadena, California 91101 home-pic-0
ACTIVE UNDER CONTRACT$6,900,000
275 N Garfield Avenue, Pasadena, California 91101
0Bed
0Bath
Sqft
25,014Lot
Year Built
1955
Close
-
List price
$6.9M
Original List price
$7.9M
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
P1-24031
Home ConditionFair
Features
Pool
Patio
View-

About this home

We found 3 Cons,5 Pros.

Welcome to 275-285 N Garfield Avenue, a rare multi-parcel investment opportunity nestled in the heart of Pasadena'sprestigious Civic Center District. Spanning two adjacent buildings with a combined total of 35 units, this charming courtyard-style property blends classic Southern California architecture with long-term rental stability. Just steps from Pasadena City Hall, the USC, Pacific Asia Museum, and the Metro Gold Line, this property is a walker's paradise with a 91 Walk Score. Both buildings feature a mixof spacious 1 & 2 bedroom layouts, offering strong in-place cash flow with potential upside through renovation or rent optimization. With high historical occupancy, dedicated parking, andproximity to major employment hubs like Caltech, Kaiser Permanente, and Huntington Hospital, 275-285 N Garfieldrepresents a strategic acquisition in one of Pasadena's most supply-constrained rental markets. Ideal for investors seeking both current income and long-term value appreciation in a prime urban corridor.Multi Family Residential Building, Across 2 APN's2 Level Building20 units in 275 N Garfield Ave19 units 285 N Garfield Ave275 N Garfield Ave 10,331 Sq Ft Living Area285 N Garfield Ave 9,702 Sq Ft Living AreaTotal Living Area Size Across 2 Parcels 20,033 sq ft275 N Garfield Ave 12,266 Sq Ft Lot285 N Garfield Ave 12,748 Sq Ft LotTotal Lot Size Across 2 Parcels 25,014 sq ft26 Combined Surface ParkingBuilt in 1950 & 1955Ideally Situated Near Old Town Pasadena, The PasadenaCourthouse & Central Library, Paseo Colorado and ConvenientAccess to the Major Transportation Routes On Colorado Boulevard and So Much More

Price History

Date
Event
Price
10/13/25
Price Change
$6,900,000-12.7%
09/08/25
Listing
$7,900,000
Condition Rating
Fair

The property, built in 1950 and 1955, is over 70 years old. While the exterior and common areas, including the pool, appear well-maintained, the presence of numerous window AC units indicates outdated cooling systems. The listing explicitly states 'potential upside through renovation or rent optimization' and the property analysis highlights 'Renovation/Capital Expenditure Required,' strongly suggesting that the individual units, particularly kitchens and bathrooms, are dated and require significant modernization to meet current market standards. The property is functional and has strong occupancy, but its age and the clear need for updates place it in the 'Fair' condition category.
Pros & Cons

Pros

Prime Location & Walkability: Strategically located in Pasadena's prestigious Civic Center District, offering a 91 Walk Score with immediate access to City Hall, USC, Pacific Asia Museum, Metro Gold Line, and major employment hubs like Caltech and Kaiser Permanente.
Significant Investment Opportunity: A rare multi-parcel, 35-unit property presenting strong in-place cash flow, high historical occupancy, and substantial potential for rent optimization and long-term value appreciation in a supply-constrained market.
Scale & Diversified Unit Mix: Comprising two adjacent buildings with a combined 35 units, featuring a desirable mix of 1 and 2-bedroom layouts, which provides diversified income streams and broad tenant appeal.
Dedicated Parking: The property includes 26 combined surface parking spaces, a highly valuable amenity in a dense urban environment like Pasadena, enhancing tenant convenience and property desirability.
Recent Price Adjustment: A significant price reduction from $7.9M to $6.9M indicates a motivated seller and potentially a more attractive entry point for investors seeking value.

Cons

Age of Buildings: Built in 1950 and 1955, the properties are over 65 years old, suggesting potential for deferred maintenance, outdated systems, and higher capital expenditure for necessary renovations and upgrades.
Renovation/Capital Expenditure Required: The description explicitly notes 'potential upside through renovation or rent optimization,' implying that significant investment may be needed to modernize units and common areas to maximize rental income and competitiveness.
Lack of Modern Amenities: While charming, the property description does not highlight modern amenities (e.g., in-unit laundry, fitness center, contemporary common areas) that newer developments offer, which could impact its competitiveness for top-tier tenants without significant upgrades.

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