| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 70th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 975 E Union St, Pasadena, CA, 91106, US |
| Region / Metro | Pasadena |
| Year of Construction | 1995 |
| Units | 75 |
| Transaction Date | 1994-09-01 |
| Transaction Price | $2,000,000 |
| Buyer | THE SALVATION ARMY PASADENA RESIDENCES I |
| Seller | THE SALVATION ARMY |
975 E Union St, Pasadena CA Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and strong neighborhood amenity access, according to WDSuite’s CRE market data. The asset’s 75 units position it to capture steady leasing from Pasadena’s urban core without relying on outsized rent growth.
Neighborhood dynamics and renter demand
The property sits in an Urban Core location that is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 57 out of 1,441). Amenity density is a clear strength — restaurants, groceries, pharmacies, and parks all trend in the top quartile nationally — supporting day-to-day convenience that helps leasing and retention.
Ownership costs are elevated versus national norms, with home values ranking in the top decile nationally. For investors, this high-cost ownership market sustains reliance on multifamily rentals and can support pricing power, while careful lease management remains important where rent-to-income ratios run high.
Renter-occupied housing is prevalent at the neighborhood level, indicating a deep tenant base for a 75-unit community. Reported neighborhood occupancy has improved over the past five years, which supports stability, though levels sit closer to national mid-range and warrant ongoing asset-level marketing and renewal focus.
Within a 3-mile radius, demographics show a stable population with modest household growth historically and a projected increase in households alongside smaller average household sizes over the next five years. This pattern points to a gradual renter pool expansion and diversified demand drivers for unit types, a useful context for commercial real estate analysis.
Vintage also matters: built in 1995 versus a neighborhood average vintage from the late 1980s, the asset is newer than much of the nearby stock — a relative competitive advantage — yet investors should still underwrite routine modernization of systems and common areas to meet current renter expectations.
Safety context
Neighborhood safety indicators track below national medians, with property crime measures especially weak by national percentile. Violent offense metrics sit below average nationally but have shown a modest year-over-year improvement, according to CRE market data from WDSuite. Investors should incorporate standard security, lighting, and access-control measures into capital plans and emphasize professional management to support resident experience.
Nearby corporate nodes provide a diversified employment base that supports renter demand and commute convenience. Key anchors within typical commuting distance include Edison International, Avery Dennison, Chevron, Microsoft, and Reliance Steel & Aluminum.
- Edison International — utilities (7.1 miles) — HQ
- Avery Dennison — materials & packaging (7.3 miles) — HQ
- Chevron — energy offices (7.9 miles)
- Microsoft — software offices (9.6 miles)
- Reliance Steel & Aluminum — metals & distribution (9.6 miles) — HQ
The investment case centers on durable renter demand in Pasadena’s amenity-rich urban core, reinforced by high ownership costs and a sizable renter-occupied housing base. Built in 1995, the property is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock while leaving room for targeted upgrades to drive rent premiums. Neighborhood occupancy has trended upward over five years, and household growth within a 3-mile radius is expected to continue as average household sizes decline — factors that support leasing velocity and renewal stability. According to CRE market data from WDSuite, local home values sit in the national top decile, a backdrop that tends to sustain multifamily reliance and reduces direct competition from entry-level ownership.
Key considerations include managing affordability pressure where rent-to-income runs high, monitoring safety metrics that currently lag national norms, and calibrating capital plans to maintain the property’s competitive position. With disciplined operations and selective value-add, the asset can align to Pasadena’s deep, diversified demand drivers.
- Urban Core location with top-quartile amenities supports leasing and retention
- Elevated ownership costs reinforce reliance on multifamily, aiding pricing power
- 1995 vintage is competitively newer than area stock; targeted upgrades can capture premiums
- Household growth within 3 miles and smaller household sizes point to renter pool expansion
- Risks: affordability pressure, below-median safety metrics, and the need for continued asset-level management