| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 70th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 708 E Colorado Blvd, Pasadena, CA, 91101, US |
| Region / Metro | Pasadena |
| Year of Construction | 2004 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
708 E Colorado Blvd Pasadena Multifamily Investment
This 120-unit property built in 2004 operates in a high-amenity neighborhood ranking in the top 5% of Los Angeles metro areas for restaurant and retail density, according to CRE market data from WDSuite.
The property sits in an urban core neighborhood that ranks among the top 10% nationally for amenity access, with nearly 50 restaurants per square mile and robust grocery and childcare infrastructure. The area maintains a 73.5% rental occupancy share, ranking in the 98th percentile nationally, indicating strong rental market fundamentals and tenant demand depth.
Demographic data aggregated within a 3-mile radius shows a stable renter pool with median household income of $110,823 and projected growth to $149,289 by 2028. The forecast indicates household count expansion of 37% over the next five years, supporting multifamily demand as the renter pool expands significantly. Higher home values at $690,725 median help sustain rental demand by reinforcing renter reliance on multifamily housing options.
The 2004 construction year positions the property with modern infrastructure while avoiding the highest acquisition costs of newer developments. Neighborhood-level occupancy of 89.1% reflects competitive rental dynamics, though this sits below metro averages and warrants attention to lease management and tenant retention strategies. Contract rents averaging $2,186 demonstrate pricing power in this amenity-rich location.
Property crime rates in the neighborhood rank in the lower 30th percentile nationally, indicating elevated property crime levels compared to other metro neighborhoods. Violent crime rates perform better at the 27th percentile nationally, though both metrics suggest the need for comprehensive security measures and tenant communication regarding area conditions.
Recent trends show property crime increasing 6.1% year-over-year while violent crime decreased 4.4%, creating a mixed safety profile that investors should monitor closely. The urban core location brings both amenity access and the security considerations typical of dense metropolitan areas.
The property benefits from proximity to major corporate employers within the greater Los Angeles region, supporting workforce housing demand and commute convenience for professional tenants.
- Avery Dennison — materials science and manufacturing (6.98 miles) — HQ
- Edison International — utilities and energy (7.04 miles) — HQ
- Chevron — energy and petrochemicals (8.05 miles)
- Microsoft — technology services (9.24 miles)
- Reliance Steel & Aluminum — industrial materials (9.25 miles) — HQ
This 120-unit property leverages exceptional amenity density and rental market fundamentals in a neighborhood ranking in the top 2% nationally for net operating income per unit at $18,887 average. The 2004 construction year provides modern building systems while avoiding premium pricing of newer developments, positioning the asset for stable operations with selective capital improvements. Demographic projections show household growth of 37% through 2028, expanding the tenant base as median incomes rise 35% over the same period.
Commercial real estate analysis from WDSuite indicates the neighborhood's 98th percentile ranking for rental occupancy share creates a deep tenant pool, though current 89.1% occupancy levels require focused lease management. The urban core location provides restaurant density nearly 50 times the metro average, supporting tenant retention through lifestyle amenities while warranting security considerations given elevated property crime rates.
- Top 2% neighborhood ranking nationally for NOI per unit performance
- 37% projected household growth through 2028 expanding renter demand
- Exceptional amenity density with 98th percentile restaurant access
- 2004 vintage provides modern systems without premium acquisition costs
- Risk consideration: Below-average occupancy and elevated property crime require active management