| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 70th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 775 E Union St, Pasadena, CA, 91101, US |
| Region / Metro | Pasadena |
| Year of Construction | 2004 |
| Units | 98 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
775 E Union St Pasadena Multifamily Investment Thesis
Downtown Pasadena’s renter-heavy neighborhood and strong amenity access suggest durable leasing demand, according to WDSuite’s CRE market data. Metrics cited reflect neighborhood conditions rather than the property and indicate pricing power tempered by retention management needs.
Situated in Pasadena’s Urban Core, the property benefits from a high-amenity backdrop: restaurants, groceries, pharmacies, parks, and cafes all score in the top national percentiles, placing the neighborhood competitive among Los Angeles-Long Beach-Glendale neighborhoods (amenities ranked 33rd among 1,441 metro neighborhoods; national amenity measures are in the mid-to-high 90th percentiles). This retail and services density supports foot traffic and daily convenience that typically aids lease retention and absorption.
Neighborhood occupancy trends are mixed. The area’s occupancy rank sits below the metro median (1,275th of 1,441), yet the share of housing units that are renter-occupied is high and competitive among metro peers (73.5% renter concentration; top national percentile range). For investors, that combination implies a deep tenant base supporting multifamily demand, while day-to-day leasing may still require active management to sustain stabilization.
The ownership landscape reflects elevated home values and value-to-income ratios (nationally high percentiles), which generally sustains reliance on rental housing and can support pricing power. At the same time, a rent-to-income ratio around the neighborhood level indicates affordability pressure for some households, warranting thoughtful renewal strategies and amenity positioning. Average school ratings sit below the national median, an element to weigh for family-oriented renter segments, though overall amenity access remains a counterbalance.
Within a 3-mile radius, recent data shows a slight decline in population alongside a small increase in households, with projections calling for further household growth and smaller average household sizes. For multifamily, this points to a larger tenant base over time driven by more, smaller households, which typically supports occupancy stability and absorption—context validated by WDSuite’s commercial real estate analysis.
Vintage matters for competitive positioning. The neighborhood’s average construction year is 1986 (ranked above the national median), while the subject was built in 2004, giving it a relative edge versus older local stock. That newer vintage can reduce near-term capital expenditure intensity and provides a platform for targeted value-add or modernization to outperform comparables.
Safety indicators are mixed in a metro context. The neighborhood’s crime rank sits in the lower tier among Los Angeles-Long Beach-Glendale neighborhoods (1,238th of 1,441), and national percentiles indicate below-average safety relative to neighborhoods nationwide. Property offense measures track weaker than national norms, while recent trends show a modest year-over-year improvement in violent offense rates.
For investors, this suggests underwriting should incorporate security features and operational practices typical for urban core assets, while recognizing that trend improvements and strong daytime activity from nearby amenities can help support perceived safety over time.
Proximity to regional corporate offices supports a steady renter base seeking commute convenience and professional amenities. Notable nearby employers include Avery Dennison and Edison International (HQs), plus Chevron, Microsoft, and Reliance Steel & Aluminum, all of which align with corporate services, energy, and technology roles represented below.
- Avery Dennison — corporate offices (7.0 miles) — HQ
- Edison International — corporate offices (7.2 miles) — HQ
- Chevron — corporate offices (8.2 miles)
- Microsoft — technology (9.4 miles)
- Reliance Steel & Aluminum — corporate offices (9.5 miles) — HQ
775 E Union St (2004 construction; 98 units) sits within a renter-heavy, amenity-rich Pasadena submarket where elevated ownership costs help sustain rental demand. According to CRE market data from WDSuite, neighborhood occupancy ranks below the metro median but renter concentration is high and amenities score in top national percentiles—an environment that typically supports leasing durability with attentive management. The property’s newer vintage versus the local average (1986) provides competitive positioning and potential value-add leverage through select upgrades rather than heavy system overhauls.
Within a 3-mile radius, households have inched higher despite a modest population dip, and projections point to more households and smaller sizes ahead—conditions that can expand the renter pool and support occupancy stability. Affordability pressure (rent-to-income at the neighborhood level) suggests disciplined renewal strategies, yet the high-cost ownership landscape and proximity to major employers should continue to underpin multifamily demand.
- Newer 2004 vintage versus neighborhood average, supporting competitive positioning and moderated near-term capex
- Renter-occupied share is high, indicating a deep tenant base and demand resilience
- Amenity-rich Urban Core location with top-tier access to food, retail, parks, and services
- Proximity to regional corporate employers supports leasing velocity and retention
- Risk: Neighborhood occupancy rank trails metro median and affordability pressure requires active lease management