| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 74th | Best |
| Amenities | 91st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1070 N Lake Ave, Pasadena, CA, 91104, US |
| Region / Metro | Pasadena |
| Year of Construction | 1973 |
| Units | 115 |
| Transaction Date | 2014-04-21 |
| Transaction Price | $15,712,657 |
| Buyer | CNS LA VILLA LAKE LLC |
| Seller | LA VILLA LAKE |
1070 N Lake Ave Pasadena Multifamily Investment
This 115-unit property built in 1973 operates in a high-income neighborhood where median household income reaches $135,166 and home values exceed $1.1 million. According to CRE market data from WDSuite, the area ranks in the top quartile nationally for amenity access while maintaining strong rental demand fundamentals.
The property sits in an Urban Core neighborhood that ranks 153rd among 1,441 metro neighborhoods, earning an A rating for overall investment fundamentals. Demographics within a 3-mile radius show a mature, stable tenant base with 24.3% of residents aged 18-34 and median household income of $110,606. The area maintains 54.4% renter-occupied housing units, providing a substantial rental market foundation.
Built in 1973, this property represents value-add potential in a neighborhood where the average construction year is 1937. While older than the neighborhood average, this vintage positions investors for strategic capital improvements and modernization opportunities that could enhance competitive positioning. The neighborhood's amenity density ranks in the 92nd percentile nationally, with 6.69 grocery stores per square mile and extensive dining options supporting tenant retention.
Current neighborhood-level occupancy sits at 88.8%, though this has declined 2.9 percentage points over five years, requiring attention to lease management and retention strategies. Median contract rents of $1,937 have grown 36.9% over five years, indicating strong pricing power despite occupancy pressures. The rent-to-income ratio of 0.21 suggests manageable affordability for area residents, supporting lease renewal prospects.
Forward-looking demographics project household growth of 38% through 2028, expanding the potential tenant base significantly. Home values averaging $1.1 million reinforce rental demand, as elevated ownership costs sustain renter reliance on multifamily housing. The neighborhood's high-income profile and amenity access create a competitive rental environment that rewards well-positioned properties.
Property crime trends show improvement, with estimated rates declining 24.6% year-over-year, ranking in the 68th percentile nationally for crime reduction. However, current property crime rates remain elevated at 2,158 incidents per 100,000 residents, placing the neighborhood in the bottom quartile among 1,441 metro neighborhoods for property crime levels.
Violent crime presents a more favorable picture, with rates of 87 incidents per 100,000 residents and a substantial 59.7% year-over-year decline that ranks in the 89th percentile nationally for violent crime improvement. Overall crime metrics rank at the 50th percentile nationally, indicating average safety conditions compared to neighborhoods across the country.
The property benefits from proximity to major corporate headquarters and regional offices, supporting professional workforce housing demand within commuting distance of established employers.
- Avery Dennison — materials and labeling solutions (7.2 miles) — HQ
- Edison International — electric utility services (8.2 miles) — HQ
- Chevron — energy and petroleum (8.8 miles)
- Microsoft — technology services (10.3 miles)
- Reliance Steel & Aluminum — metals and materials (10.4 miles) — HQ
This 115-unit property built in 1973 presents value-add potential in a high-income Pasadena neighborhood where demographics support sustained rental demand. The area's median household income of $135,166 and home values exceeding $1.1 million create favorable conditions for multifamily investment, as elevated ownership costs reinforce renter reliance on rental housing. Projected household growth of 38% through 2028 expands the potential tenant base significantly.
The neighborhood ranks in the top quartile nationally for amenities while maintaining 54.4% renter-occupied units, indicating strong rental market fundamentals. Commercial real estate analysis from WDSuite shows rent growth of 36.9% over five years, demonstrating pricing power despite some occupancy pressures at 88.8%. The property's 1973 vintage offers modernization opportunities in a neighborhood where average construction dates to 1937, positioning investors for strategic improvements and competitive differentiation.
- High-income demographics with median household income of $135,166 supporting rent growth potential
- Projected 38% household growth through 2028 expanding tenant base
- Value-add opportunity with 1973 construction allowing strategic modernization
- Elevated home values over $1.1 million reinforcing rental demand
- Risk consideration: Neighborhood occupancy declining to 88.8% requires active lease management