| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Good |
| Demographics | 78th | Best |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 385 S Catalina Ave, Pasadena, CA, 91106, US |
| Region / Metro | Pasadena |
| Year of Construction | 1973 |
| Units | 84 |
| Transaction Date | 2012-02-14 |
| Transaction Price | $19,400,000 |
| Buyer | Mark Pasadena Financing LP |
| Seller | PPC Montego Palms LLC |
385 S Catalina Ave Pasadena Multifamily Investment
This 84-unit property sits in a top-tier Pasadena neighborhood ranking 51st among 1,441 metro neighborhoods for overall investment quality. With 63.7% of neighborhood housing units renter-occupied and strong amenity access, the location supports stable tenant demand according to CRE market data from WDSuite.
This property occupies an A+-rated neighborhood in Pasadena's urban core, ranking 51st among 1,441 neighborhoods in the Los Angeles-Long Beach-Glendale metro for overall investment appeal. The area demonstrates strong fundamentals with 63.7% of housing units renter-occupied, well above the national average and indicating robust rental demand. Neighborhood-level occupancy sits at 85.1%, though this has declined modestly over five years, requiring attention to lease management and competitive positioning.
Demographics within a 3-mile radius show a stable, educated tenant base with 37.3% of adults holding bachelor's degrees, ranking in the 94th percentile nationally. The median household income of $112,812 supports rent affordability, though the rent-to-income ratio suggests some pricing pressure that investors should monitor for renewal rates. Population growth has been modest at 4.3% over five years, with forecasts showing continued household formation supporting multifamily demand.
Built in 1973, this property aligns with the neighborhood's average construction year of 1974, indicating consistent building stock that may present value-add renovation opportunities. The area excels in amenity density, ranking in the 96th percentile nationally for overall amenities, with strong access to restaurants, cafes, parks, and essential services. Median home values of $859,875 create elevated ownership costs that reinforce rental demand and support tenant retention in the multifamily market.
Rental rates show steady growth with median contract rents at $2,104, up 27.9% over five years. This growth trajectory, combined with the neighborhood's high education levels and amenity access, positions the area favorably for continued rental demand, though investors should monitor occupancy trends and competitive dynamics in lease management strategies.
Safety metrics present a mixed picture requiring careful evaluation. The neighborhood ranks 1,237th among 1,441 metro neighborhoods for overall crime, placing it in the lower half for safety performance. Property crime rates are elevated at approximately 3,257 incidents per 100,000 residents annually, ranking in the 5th percentile nationally, indicating higher property crime compared to most neighborhoods nationwide.
Violent crime shows more favorable trends, with rates declining 8.3% over the past year, though the overall violent crime rate remains above average compared to national benchmarks. These safety considerations should factor into property management strategies, including security measures, tenant screening, and insurance planning. Investors should evaluate these metrics against rental premiums and tenant retention patterns in the immediate area.
The property benefits from proximity to major corporate headquarters and offices across diverse industries, supporting workforce housing demand and commute convenience for professional tenants.
- Edison International — utility services (6.5 miles) — HQ
- Avery Dennison — materials and manufacturing (7.4 miles) — HQ
- Chevron — energy sector offices (7.5 miles)
- Microsoft — technology offices (9.2 miles)
- Reliance Steel & Aluminum — industrial materials (9.2 miles) — HQ
This 84-unit Pasadena property presents a compelling value-add opportunity in a top-tier neighborhood with strong rental fundamentals. The 1973 construction year aligns with neighborhood averages and offers potential for strategic renovations to capture rent premiums. With 63.7% of area housing units renter-occupied and elevated home values reinforcing rental demand, the location supports stable occupancy despite recent neighborhood-level softening.
The educated tenant base, with 37.3% holding bachelor's degrees, combined with proximity to major employers like Edison International and Avery Dennison headquarters, creates workforce housing appeal. Rental growth of 27.9% over five years demonstrates pricing power, though multifamily property research indicates monitoring occupancy trends and competitive positioning will be essential for sustained performance.
- A+-rated neighborhood ranking 51st among 1,441 metro areas for investment quality
- Strong rental demand supported by 63.7% renter-occupied housing and elevated ownership costs
- Value-add potential with 1973 vintage offering renovation upside in amenity-rich location
- Proximity to major corporate headquarters supporting workforce housing demand
- Risk consideration: Recent occupancy softening and elevated crime rates require active management