| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Fair |
| Demographics | 31st | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 390 E Ashtabula St, Pasadena, CA, 91104, US |
| Region / Metro | Pasadena |
| Year of Construction | 2003 |
| Units | 22 |
| Transaction Date | 2000-02-18 |
| Transaction Price | $479,000 |
| Buyer | HOMES FOR LIFE FOUNDATION |
| Seller | MCALONEY ROBERT B |
390 E Ashtabula St Pasadena Multifamily Investment
A 2003-vintage, 22-unit asset positioned in an Urban Core pocket where neighborhood renter concentration is high and ownership costs are elevated, supporting steady tenant demand. Neighborhood fundamentals sit near national medians with improving crime trends, according to WDSuite’s CRE market data.
Pasadena’s Urban Core setting around 390 E Ashtabula St offers daily-life convenience that supports leasing velocity. Neighborhood amenities test above national norms: grocery access is strong (top decile nationally), with restaurants and cafes also testing well above average, while park access is similarly favorable. Pharmacy and childcare options are comparatively limited, so residents may rely on nearby districts for certain services.
For investors, the local housing context is supportive of multifamily demand. Neighborhood renter-occupied share is elevated (competitive among Los Angeles–Long Beach–Glendale neighborhoods), signaling depth in the tenant base and potential retention benefits for well-managed assets. At the same time, median home values rank in the top national percentiles, indicating a high-cost ownership market that can sustain reliance on rental housing and help preserve occupancy.
Occupancy at the neighborhood level trends around the national middle, which suggests stable, management-driven outcomes at the property level could be a differentiator for performance. Median contract rents in the neighborhood have grown materially over five years, underscoring pricing power for quality units, though operators should balance rent objectives against rent-to-income dynamics to manage renewal risk.
Within a 3-mile radius, demographics point to a large, diversified renter pool with higher-than-average household incomes and continued formation of households over the forecast period. Projections call for modest population growth and a notable increase in household counts, implying smaller household sizes and a broader base of prospective renters — trends that can support occupancy stability and leasing momentum for well-positioned multifamily assets.
Safety indicators at the neighborhood level sit around the lower half of national comparisons, but recent trends show improvement. Violent and property offense rates have declined year over year, with the pace of reduction competitive among Los Angeles–Long Beach–Glendale neighborhoods (measured against 1,441 neighborhoods). In practical terms, investors should underwrite with conservative assumptions while recognizing the directionally improving backdrop.
As always, safety varies by block and over time. A site visit, engagement with local stakeholders, and review of multiple datasets can further contextualize security measures and operating practices for this location.
The area draws from a diverse white-collar employment base that can reinforce renter demand and retention, led by nearby corporate headquarters and major offices in materials, utilities, energy, and technology — specifically Avery Dennison, Edison International, Chevron, Microsoft, and Reliance Steel & Aluminum.
- Avery Dennison — materials & labeling (6.5 miles) — HQ
- Edison International — utilities (8.1 miles) — HQ
- Chevron — energy offices (9.0 miles)
- Microsoft — technology offices (9.6 miles)
- Reliance Steel & Aluminum — metals distribution (9.7 miles) — HQ
Built in 2003, this 22-unit property competes favorably against an older local stock base, offering a more contemporary platform in a neighborhood where renter concentration is high and ownership costs are elevated. The amenity mix — strong grocery, dining, cafe, and park access — underpins leasing appeal, while neighborhood occupancy trends sit near national norms, suggesting well-executed operations can capture steady demand. Based on CRE market data from WDSuite, rent growth at the neighborhood level has been solid over recent years, supporting disciplined pricing strategies.
Investor considerations include capital planning appropriate for a 2003 vintage — with selective modernization to stay competitive versus new deliveries — and sensitivity to household budgets to protect renewals. Safety metrics have improved year over year, though they remain below national medians, warranting prudent underwriting and on-site management focus. Demographic data aggregated within a 3-mile radius points to increasing household counts over the next five years, expanding the potential renter base and supporting long-term occupancy.
- 2003 vintage offers a competitive edge versus older neighborhood stock with targeted modernization potential
- High-cost ownership market supports sustained renter reliance and depth of tenant demand
- Amenity-rich location (grocery, dining, parks) bolsters leasing and retention
- 3-mile radius shows rising household counts, supporting a broader renter pool over time
- Risks: below-median safety metrics and service gaps (pharmacy/childcare) require prudent operations and underwriting