| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Poor |
| Demographics | 27th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2402 Burke Rd, Pasadena, TX, 77502, US |
| Region / Metro | Pasadena |
| Year of Construction | 1972 |
| Units | 50 |
| Transaction Date | 2017-03-15 |
| Transaction Price | $2,350,000 |
| Buyer | ANAV LLC |
| Seller | 1836 PROPERTIES LLC |
2402 Burke Rd Pasadena Multifamily Investment
Stabilized neighborhood occupancy and a broad renter base point to steady cash flow potential, according to WDSuite’s CRE market data. The property’s inner-suburb location offers access to employment corridors while keeping operating strategy focused on durable, workforce demand.
The property sits in an Inner Suburb of the Houston metro with a neighborhood rating of C+. Neighborhood occupancy is 93.1% (neighborhood statistic, not property-level), placing conditions above the national median and supportive of leasing stability based on CRE market data from WDSuite.
Local amenities are mixed. Restaurants are competitive for the metro and in the top decile nationally, and pharmacies are also strong. By contrast, walkable cafes, parks, and grocery options are limited in the immediate neighborhood, so on-site conveniences and parking remain important to retention.
Schools in the surrounding area average 2.0 out of 5, which may temper appeal for some family renters; however, childcare availability ranks competitively in the metro and can support working households. Across a 3-mile radius, the renter-occupied share is roughly half of housing units, indicating a sizable tenant base for multifamily operators.
Rents in the neighborhood benchmark at a mid-tier level (median contract rent near $1,388, neighborhood metric) with a rent-to-income ratio around 0.12. This suggests manageable affordability pressure that can aid renewal outcomes, while home values near $200,000 indicate an ownership market that is relatively accessible, moderating pricing power but supporting ongoing demand for well-managed rentals.
Vintage patterns matter for competitive positioning. With an average neighborhood construction year around 1974 and this asset built in 1972, investors should plan for continued capital improvements to keep interiors, systems, and curb appeal current, creating potential value-add levers versus older nearby stock.
Neighborhood-level crime metrics were not available from WDSuite for this location at the time of publication. Investors typically benchmark safety using city and metro trend data, property-level incident history, and management protocols, and may consider measures such as lighting, access control, and resident engagement when underwriting.
Proximity to energy and industrial employers underpins renter demand and commute convenience in this Pasadena/Houston corridor. Nearby anchors include Boeing, Calpine Turbine Maintenance Group, Air Products, Waste Management, and Kinder Morgan.
- Boeing — aerospace operations (7.8 miles)
- Calpine Turbine Maintenance Group — power services (8.5 miles)
- Air Products — industrial gases (11.2 miles)
- Waste Management — environmental services (12.1 miles) — HQ
- Kinder Morgan — midstream energy (12.3 miles) — HQ
This 50-unit property, built in 1972, aligns with workforce housing demand in a Houston inner-suburb setting where neighborhood occupancy is above the national median, supporting income stability. The vintage points to clear value-add potential through targeted renovations and system upgrades that can enhance competitiveness against older nearby stock while maintaining attainable rents.
Within a 3-mile radius, a large renter pool and steady household counts support ongoing multifamily demand, while a neighborhood rent-to-income ratio near 0.12 suggests manageable affordability pressure that can aid retention. Employment access is diversified by nearby energy, industrial, and services employers; according to commercial real estate analysis from WDSuite, these fundamentals position the asset for consistent leasing with prudent expense and capital planning.
- Above-median neighborhood occupancy supports leasing stability
- 1972 vintage offers value-add potential via interior and system upgrades
- Large 3-mile renter base and mid-tier rents underpin demand and renewals
- Access to regional employers (energy, industrial, services) supports tenant retention
- Risk: Limited walkable amenities and older systems require proactive management and capex