| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 81st | Best |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 435 Garfield Ave, South Pasadena, CA, 91030, US |
| Region / Metro | South Pasadena |
| Year of Construction | 1973 |
| Units | 42 |
| Transaction Date | 2002-10-06 |
| Transaction Price | $6,426,000 |
| Buyer | KAN INVESTMENT LTD LLC |
| Seller | SOUTH PASADENA APARTMENTS LLC |
435 Garfield Ave South Pasadena Multifamily Investment
This 42-unit property benefits from neighborhood-level occupancy at 100% and strong rental demand in an urban core location with 84.5% renter-occupied housing units according to CRE market data from WDSuite.
South Pasadena's urban core neighborhood ranks in the top quartile nationally for housing fundamentals and amenities, with neighborhood-level occupancy at 100% supporting rental stability. The area's 84.5% renter-occupied housing share ranks among the top 1% nationally, indicating strong structural rental demand that benefits multifamily properties.
Built in 1973, this property aligns with the neighborhood's average construction year of 1962, positioning it for potential value-add opportunities through strategic renovations and unit improvements. Median contract rents of $2,187 rank in the 94th percentile nationally, while the neighborhood's $15,621 average NOI per unit places it in the 95th percentile among Los Angeles metro neighborhoods.
Demographics within a 3-mile radius show a stable tenant base with 198,254 residents and median household income of $105,200. Forecasted growth projects household counts increasing 33.6% by 2028, expanding the renter pool and supporting occupancy fundamentals. The area's high home values at $1.26 million median reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing.
Amenity density supports tenant retention with 11 cafes per square mile ranking in the 100th percentile nationally, plus strong restaurant and grocery access. The neighborhood's A-rating and 81st percentile national ranking for demographics reflect the educated workforce, with 35.3% holding bachelor's degrees.
Property crime rates of 125.2 per 100,000 residents place the neighborhood in the 63rd percentile nationally, indicating above-average safety compared to neighborhoods nationwide. The area ranks 640th among 1,441 Los Angeles metro neighborhoods for overall crime metrics, positioning it in the safer half of the region.
Violent crime trends show improvement with rates declining 47.9% year-over-year, ranking in the 85th percentile nationally for crime reduction. Current violent crime rates of 36.2 per 100,000 residents remain moderate relative to urban core locations, supporting the neighborhood's appeal to quality tenants.
The property benefits from proximity to major corporate headquarters and regional offices that support workforce housing demand, with several Fortune 500 companies within commuting distance.
- Edison International — utility services (5.96 miles) — HQ
- Avery Dennison — materials & manufacturing (6.81 miles) — HQ
- Chevron — energy services (7.61 miles)
- Microsoft — technology offices (7.70 miles)
- Reliance Steel & Aluminum — industrial materials (7.70 miles) — HQ
This 42-unit property built in 1973 offers value-add potential through strategic improvements while benefiting from exceptional neighborhood fundamentals. The urban core location features 100% neighborhood-level occupancy and 84.5% renter-occupied housing, ranking in the top 1% nationally for rental demand stability. With average unit sizes of 978 square feet and proximity to major employers like Edison International and Avery Dennison, the property serves workforce housing needs in a supply-constrained market.
Demographic projections within a 3-mile radius support long-term demand with household growth of 33.6% forecasted through 2028, expanding the tenant base. High median home values of $1.26 million reinforce rental demand as ownership costs keep households in the rental market. According to multifamily property research from WDSuite, the neighborhood's $15,621 average NOI per unit ranks in the 95th percentile among metro areas, indicating strong cash flow potential.
- Neighborhood occupancy at 100% with 84.5% renter-occupied housing supporting demand stability
- Value-add opportunity through strategic renovations of 1973 vintage property
- Household growth of 33.6% projected through 2028 expanding tenant base
- Proximity to major employers including Fortune 500 headquarters within 8 miles
- Risk consideration: Property age requires capital planning for mechanical systems and unit improvements