| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Fair |
| Demographics | 31st | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 266 E Washington Blvd, Pasadena, CA, 91104, US |
| Region / Metro | Pasadena |
| Year of Construction | 1995 |
| Units | 21 |
| Transaction Date | 2012-08-28 |
| Transaction Price | $2,460,000 |
| Buyer | 266 WASHINGTON APARTMENTS |
| Seller | VILLA WASHINGTON |
266 E Washington Blvd Pasadena Multifamily Investment
This 21-unit property sits in a neighborhood with 91.6% occupancy and strong rental demand, supported by high-income demographics and limited childcare options that favor multifamily housing according to CRE market data from WDSuite.
The property sits in an urban core neighborhood that ranks in the top third among 1,441 Los Angeles metro neighborhoods for housing fundamentals, with 91.6% occupancy rates and a strong 63.9% share of housing units that are renter-occupied. Demographics within a 3-mile radius show household incomes averaging $110,450, with 21.3% of households earning over $200,000 annually, creating a stable tenant base for quality multifamily housing.
Built in 1995, this property benefits from newer construction compared to the neighborhood average of 1952, potentially reducing near-term capital expenditure needs while maintaining competitive positioning. The area demonstrates strong rental market fundamentals with median contract rents at $1,619 and 36.7% rent growth over five years, though rent-to-income ratios suggest careful lease management considerations given affordability pressures.
Tenant retention benefits from exceptional amenity density, including 7.52 grocery stores per square mile (98th percentile nationally) and robust dining options with 13.78 restaurants per square mile. However, the complete absence of childcare facilities and pharmacies may limit appeal to certain demographic segments. Home values averaging $903,754 with 46.6% appreciation over five years reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing.
Safety metrics show mixed performance relative to the broader Los Angeles metro area. The neighborhood ranks 913th among 1,441 metro neighborhoods for overall crime, placing it near the median for the region. Property crime rates of 1,069 per 100,000 residents have declined 15.8% over the past year, while violent crime rates of 195 per 100,000 residents have decreased significantly by 39.7%.
These improving crime trends, particularly the substantial reduction in violent offenses, suggest positive momentum in neighborhood safety conditions. However, property crime rates remain above regional averages, indicating continued attention to security measures and tenant safety protocols may benefit property management and retention strategies.
The property benefits from proximity to major corporate employers across multiple sectors, supporting workforce housing demand and commute convenience for professional tenants.
- Avery Dennison — materials science and manufacturing (6.4 miles) — HQ
- Edison International — utilities (8.7 miles) — HQ
- Chevron — energy (9.5 miles)
- Microsoft — technology (10.1 miles)
- Reliance Steel & Aluminum — metals distribution (10.1 miles) — HQ
This 21-unit property presents a compelling investment opportunity in a stable Pasadena neighborhood with strong fundamentals. Built in 1995, the asset offers newer construction relative to the area average, potentially reducing capital expenditure needs while maintaining competitive positioning. The neighborhood demonstrates solid occupancy at 91.6% with 63.9% of housing units renter-occupied, supported by affluent demographics including 21.3% of households earning over $200,000 annually.
Multifamily property research indicates sustained rental demand driven by high home values averaging $903,754, which reinforce renter reliance on quality rental housing. The area benefits from exceptional amenity density with grocery stores and restaurants in the 98th percentile nationally, supporting tenant retention. Five-year rent growth of 36.7% demonstrates pricing power, though current rent-to-income ratios warrant careful lease management strategies.
- Strong occupancy fundamentals with 91.6% neighborhood rates and high renter share
- Newer 1995 construction reduces near-term capital expenditure risk
- Affluent tenant base with over 20% of households earning $200,000+
- High home values sustain rental demand and limit ownership competition
- Risk: Rent-to-income ratios may pressure lease renewals and require active management