| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 70th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 Locust St, Pasadena, CA, 91101, US |
| Region / Metro | Pasadena |
| Year of Construction | 1987 |
| Units | 51 |
| Transaction Date | 2025-08-11 |
| Transaction Price | $21,818,181 |
| Buyer | ADC PASADENA VENTURES LLC |
| Seller | 700 LOCUST STREET OWNER LLC |
700 Locust St Pasadena CA Multifamily Investment
The neighborhood s renter-occupied share is elevated, supporting a deep tenant base and leasing durability, according to WDSuite s CRE market data. Location fundamentals and amenity access position the asset for sustained renter demand while requiring disciplined operations to manage pricing and retention.
Pasadena s urban core shows strong livability drivers for multifamily. The neighborhood ranks in the top quartile among 1,441 metro neighborhoods and scores high nationally for amenities, with dense restaurant, grocery, and daily-needs access. For investors, that concentration of services typically supports leasing velocity and renewal propensity, particularly for working professionals seeking convenience.
On the housing side, neighborhood rents are elevated relative to national norms and net operating income per unit trends near the top nationwide, based on CRE market data from WDSuite. At the same time, the neighborhood s occupancy rate sits below the metro average, so underwriting should assume competitive concessions and focus on asset-level differentiation. The share of housing units that are renter-occupied is high (neighborhood metric), indicating depth in the tenant pool and potential for steady absorption.
Demographic statistics within a 3-mile radius show modest population softening historically but a slight increase in households and a projected rise in household counts alongside smaller average household sizes. For multifamily, that points to a larger renter pool over time and demand for well-located, professionally managed units. Income measures in the 3-mile area are trending higher alongside rent levels, which can support pricing power at stabilized occupancy while emphasizing careful lease management.
School ratings in the neighborhood trend below national averages, which may limit appeal for some family renters but does not diminish demand from singles and couples drawn to employment access and amenities. Elevated home values and a high value-to-income environment indicate a high-cost ownership market, which reinforces reliance on rental housing and can bolster retention among renters who prioritize location and convenience.
Safety indicators are mixed and warrant conservative underwriting. The neighborhood ranks weaker on crime relative to many Los Angeles metro peers (measured among 1,441 neighborhoods), and its national standing sits below the midpoint. However, recent trends show violent incidents easing year over year while property incidents have ticked up, suggesting that risk is more concentrated in non-violent categories. For investors, that typically translates to heightened emphasis on security measures, lighting, access controls, and resident engagement to support retention.
In comparative terms, the area does not sit in the top safety tiers metro-wide, but improving violent-offense trends and strong amenity density can mitigate perception when paired with professional management. Positioning should highlight controlled access and on-site responsiveness while monitoring neighborhood-level data for continued trend direction.
The employment base within a commutable radius includes corporate headquarters and major offices that draw a professional renter cohort, supporting leasing stability for workforce and white-collar tenants. Notable nearby employers include Avery Dennison, Edison International, Chevron, Microsoft, and Reliance Steel & Aluminum.
- Avery Dennison corporate offices (6.9 miles) HQ
- Edison International utilities (7.4 miles) HQ
- Chevron energy (8.3 miles)
- Microsoft technology offices (9.5 miles)
- Reliance Steel & Aluminum metals & distribution (9.5 miles) HQ
700 Locust St is a 51-unit Pasadena asset positioned in a high-amenity urban core where renter demand is reinforced by a large neighborhood-level renter concentration and a high-cost ownership landscape. According to CRE market data from WDSuite, neighborhood NOI per unit trends near the top nationally while rents are elevated versus U.S. benchmarks, implying pricing power for well-managed properties. The average unit size around 1,038 square feet supports livability and renewal potential for professionals seeking space without sacrificing proximity to services and jobs.
Underwriting should balance these strengths against below-metro-average neighborhood occupancy and mixed safety metrics by emphasizing asset-level differentiation, security, and operational rigor. Demographic statistics within a 3-mile radius indicate household growth and smaller household sizes over the forecast period, which can expand the renter pool and support steady absorption and retention at stabilized operations.
- Amenity-rich urban core with top-tier neighborhood NOI trends supporting rent sustainability
- High neighborhood renter-occupied share indicates deep tenant base and leasing resilience
- 3-mile household growth and smaller household sizes point to renter pool expansion
- Risk: below-metro-average neighborhood occupancy and safety require focused operations and security
- High-cost ownership market can reinforce retention but calls for proactive rent-to-income monitoring