| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 36th | Fair |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1111 Queens Rd, Pasadena, TX, 77502, US |
| Region / Metro | Pasadena |
| Year of Construction | 1984 |
| Units | 111 |
| Transaction Date | 2020-01-31 |
| Transaction Price | $9,500,000 |
| Buyer | ALLEN SQUARE PROPERTY HOLDINGS LLC |
| Seller | ASU REAL ESTATE HOLDINGS LLC |
1111 Queens Rd Pasadena TX Multifamily Investment
Neighborhood occupancy trends at the top of the Houston metro support leasing stability and predictable operations, according to WDSuite’s CRE market data. Position within an inner-suburb corridor with everyday amenities provides dependable renter demand at attainable rent levels.
This inner-suburb location in Pasadena offers everyday convenience with grocery, pharmacy, and dining options represented at levels above national medians, while park access is limited. Average public school ratings around 3 out of 5 place the area slightly above the national midpoint, a neutral but supportive factor for family-oriented demand.
At the neighborhood level, occupancy is exceptionally tight and has strengthened over the past five years, a signal of durable renter demand and lease retention potential. While these occupancy figures reflect neighborhood conditions rather than the property, they point to favorable fundamentals for maintaining stabilized operations and managing rollover risk.
Construction vintage in the area skews to the mid-1970s; this property’s 1984 build is newer than the neighborhood average, which can be competitively positioned versus older stock. Investors should still plan for system updates common to 1980s assets, but the relative vintage helps with curb appeal and functionality compared with earlier buildings.
Within a 3-mile radius, household counts have edged higher and are projected to grow further even as population trends modestly contract, indicating smaller household sizes and a potentially larger tenant base over time. The 3-mile renter-occupied share sits slightly above half, signaling a deep pool of prospective renters that supports occupancy stability for multifamily assets.
Home values in the area remain moderate by Houston standards and rent-to-income levels are low for the neighborhood, which can reduce affordability pressure and aid lease retention. With contract rents trending upward locally and still accessible relative to incomes, operators may have measured pricing power without materially increasing turnover risk, based on CRE market data from WDSuite.
Safety conditions in the neighborhood track below national averages overall, placing the area in a comparatively less safe cohort nationwide. Recent year-over-year readings indicate notable increases in both property and violent offense rates, so underwriting should incorporate prudent security measures and insurance assumptions. Trends can vary by micro-location and over time; investors may wish to review recent comparables and on-the-ground reports for additional context.
Proximity to major energy and industrial employers underpins a broad workforce renter base and supports commute convenience for residents. Nearby demand drivers include Boeing’s regional operations, Waste Management, Calpine and its turbine maintenance group, and CenterPoint Energy.
- Boeing: Bay Area Building — aerospace operations (9.3 miles)
- Waste Management — environmental services (10.2 miles) — HQ
- Calpine Turbine Maintenance Group — energy services (10.4 miles)
- Calpine — power generation (10.4 miles) — HQ
- Centerpoint Energy — utilities (10.4 miles) — HQ
1111 Queens Rd is a 111-unit, 1984-vintage asset positioned in an inner-suburb Pasadena location where neighborhood occupancy sits at the very top of the Houston metro. That tightness, together with a 3-mile renter concentration near half of households and everyday amenities, supports steady tenant demand and leasing durability. Moderate ownership costs locally and a low neighborhood rent-to-income profile point to manageable affordability pressure and potential for measured rent optimization.
The 1984 construction is newer than the area’s 1970s average, offering a relative competitive edge versus older stock while still calling for typical mid-life capital planning. Workforce demand from nearby energy and industrial employers broadens the tenant base, and, according to commercial real estate analysis from WDSuite, local rent trends and household growth projections suggest ongoing support for occupancy and revenue stability. Key risks include below-average safety readings and limited park access, which should be reflected in operations strategy and underwriting.
- Top-of-metro neighborhood occupancy supports stable leasing and lower rollover risk
- 1984 vintage competes well versus older 1970s stock; plan for targeted system updates
- Workforce demand from nearby energy and industrial employers expands the renter base
- Low neighborhood rent-to-income suggests room for measured pricing without heightening turnover
- Risks: below-average safety metrics and limited parks warrant prudent Opex and security planning