| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 84th | Best |
| Amenities | 57th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2405 Mohawk St, Pasadena, CA, 91107, US |
| Region / Metro | Pasadena |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | 2018-03-30 |
| Transaction Price | $10,500,000 |
| Buyer | HARMONY COURT INVESTMENT LP |
| Seller | M G ENTERPRISES LLC |
2405 Mohawk St Pasadena Multifamily Investment Opportunity
Neighborhood fundamentals point to durable renter demand supported by high home values and strong incomes, according to WDSuite’s CRE market data. Focus is on stable absorption from a sizable renter base rather than outsized lease-up velocity.
Pasadena’s Urban Core setting delivers daily convenience and steady renter interest. Neighborhood quality ranks competitive among Los Angeles-Long Beach-Glendale’s 1,441 neighborhoods (A- rating), with restaurant access strong relative to national peers and grocery, parks, and pharmacies comparing favorably. Average school ratings land in the top quartile nationally, offering a family-friendly draw that can support retention.
Renter-occupied housing makes up a meaningful share of neighborhood units, indicating depth in the tenant base and consistent leasing activity for multifamily. While neighborhood occupancy is currently below the metro median, historical patterns show stable demand at attainable price points, and median rents in the area have risen over the past five years, per WDSuite.
Within a 3-mile radius, the population has been roughly stable in recent years, and households are projected to expand with smaller average household sizes. That shift typically increases the number of households relative to residents and can translate into a broader renter pool and steadier absorption for appropriately sized units.
Ownership remains a high-cost proposition here compared with most U.S. neighborhoods. Elevated home values, combined with solid household incomes, tend to reinforce reliance on multifamily rentals and support pricing power for well-maintained assets, based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood are mixed compared with national benchmarks. Overall crime sits around the national midpoint, with violent incidents below the national median and property offenses relatively more common; however, both violent and property incident rates have declined year over year, suggesting recent improvement in trend, according to WDSuite.
For investors, the takeaway is directional rather than block-specific: safety metrics track close to broader urban norms in the Los Angeles metro, with recent momentum pointing to incremental improvements. Asset-level security features and professional management can further support tenant retention and leasing performance.
Nearby corporate employment anchors support commuter convenience and help sustain renter demand, led by utilities, energy, manufacturing, and technology offices noted below.
- Edison International — utilities (6.4 miles) — HQ
- Chevron — energy (6.6 miles)
- Avery Dennison — manufacturing & packaging (9.0 miles) — HQ
- Microsoft — technology offices (10.8 miles)
- Reliance Steel & Aluminum — metals & distribution (10.8 miles) — HQ
Built in 1972, the 28-unit property offers value-add potential versus the neighborhood’s slightly newer average stock. Large average unit sizes provide flexibility for upgrades that can target rent premiums while remaining competitive against newer properties. According to CRE market data from WDSuite, the surrounding neighborhood shows strong income fundamentals and high-cost homeownership that tend to sustain multifamily demand even as occupancy currently trails the metro median.
Within a 3-mile radius, households are expected to increase as average household sizes edge lower, which typically expands the renter pool and supports leasing stability. Neighborhood-level NOI per unit ranks in the top decile nationally, signaling the area’s capacity to support operations for well-positioned assets, while investors should still plan for selective capital projects typical for a 1970s vintage.
- 1972 vintage creates value-add and modernization upside relative to nearby stock
- Large average unit sizes support premium renovations and tenant retention
- High-cost ownership market and solid incomes reinforce depth of renter demand
- Neighborhood NOI per unit is strong by national standards, supporting operations
- Risk: neighborhood occupancy sits below the metro median; lease-up may require disciplined pricing and active management