| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 72nd | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2198 E Villa St, Pasadena, CA, 91107, US |
| Region / Metro | Pasadena |
| Year of Construction | 1981 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2198 E Villa St Pasadena 20-Unit Value-Add
Neighborhood occupancy trends sit in the mid-90s and about six in ten housing units are renter-occupied, supporting a stable tenant base according to WDSuite’s CRE market data. Elevated local home values further reinforce rental demand, though this occupancy level reflects the neighborhood, not the property.
The property is in Pasadena’s Urban Core, where the neighborhood places in the top quartile among 1,441 metro neighborhoods on overall rating, per WDSuite. Restaurants, cafes, groceries, and pharmacies are well represented nearby, with counts that are well above national averages, which supports daily convenience and leasing appeal.
At the neighborhood level (not the property), occupancy has held in the mid-90s with modest improvement over five years, indicating demand resilience. The share of housing units that are renter-occupied is high for the area, deepening the tenant pool and aiding lease-up and retention dynamics for multifamily assets.
Within a 3-mile radius, recent years show a slight population dip but a small increase in total households and projections for additional household growth by 2028, alongside smaller average household size. This pattern typically enlarges the renter pool and supports occupancy stability as more households seek professionally managed rental options.
Ownership costs are elevated locally relative to national norms, while neighborhood asking rents trend high for the U.S. These dynamics tend to sustain reliance on rental housing, offering pricing power for well-positioned assets but requiring attention to rent-to-income ratios for lease management. The average construction vintage in the area skews 1970s, which positions 1980s-era assets to compete well against older stock when common-area and systems updates are addressed.
Safety indicators for the neighborhood are around the national middle overall, with recent improvement in property offense rates year over year. In the Los Angeles metro context (1,441 neighborhoods), this area sits near the metro median on composite crime measures, indicating conditions that are neither among the best nor the worst locally.
Nationally, comparative standings suggest mixed results: property and violent offense benchmarks trend below national percentiles regarded as strong, yet the one-year decline in property offenses ranks favorably. Investors should underwrite security, lighting, and access controls accordingly, while recognizing the improving trend.
Proximity to established corporate employers supports workforce housing demand and commute convenience for residents. Notable nearby employers include Edison International, Chevron, Avery Dennison, Microsoft, and Reliance Steel & Aluminum.
- Edison International — utilities (7.1 miles) — HQ
- Chevron — energy offices (7.3 miles)
- Avery Dennison — materials & packaging (8.7 miles) — HQ
- Microsoft — technology offices (11.0 miles)
- Reliance Steel & Aluminum — metals & distribution (11.0 miles) — HQ
2198 E Villa St offers 20 units with an average unit size of roughly 919 square feet in a Pasadena neighborhood that ranks in the metro’s top quartile. According to commercial real estate analysis from WDSuite, neighborhood occupancy has remained in the mid-90s and renter-occupied share is elevated, which, combined with high local home values, supports multifamily demand and lease retention.
Built in 1981, the asset is newer than the area’s 1970s-average stock, providing competitive positioning versus older buildings while still allowing for targeted value-add through interiors, common areas, and building systems. Within a 3-mile radius, households have inched up and are projected to grow further as average household size trends lower—factors that typically expand the renter pool and help sustain occupancy, with prudent attention to affordability and renewal management.
- Top-quartile Pasadena neighborhood with strong amenity access supporting leasing
- Mid-90s neighborhood occupancy and elevated renter-occupied share underpin demand
- 1981 vintage offers competitive edge versus older stock with value-add potential
- High ownership costs locally reinforce reliance on rental housing and pricing power
- Risks: mixed safety metrics and affordability pressures require active management