| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Poor |
| Demographics | 35th | Fair |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2701 Pasadena Blvd, Pasadena, TX, 77502, US |
| Region / Metro | Pasadena |
| Year of Construction | 1982 |
| Units | 120 |
| Transaction Date | 1999-07-20 |
| Transaction Price | $2,250,000 |
| Buyer | PEDDA CHANDRA CORP |
| Seller | WMFMT REAL ESTATE LTD PARTNERSHIP |
2701 Pasadena Blvd Pasadena TX Multifamily Investment
Neighborhood occupancy is around 93% with stable renter demand and moderate rent levels relative to incomes, according to WDSuite’s CRE market data.
Located in Pasadena’s inner-suburban fabric of the Houston metro, the neighborhood carries a B- rating and sits mid-pack (827 of 1,491 metro neighborhoods), indicating steady but not peak competitiveness. Amenity access is comparatively strong within the metro (ranked 253 of 1,491 — top quartile nationally), supported by above-median grocery and pharmacy density, while parks and cafes are limited. For investors, this points to everyday convenience for residents without commanding premium pricing.
Renter-occupied housing represents roughly one-third of neighborhood units (about 31%), suggesting a meaningful yet balanced tenant base that supports demand for a 120-unit asset. Neighborhood-level occupancy near 93% and a rent-to-income ratio near 10% indicate manageable affordability that can aid retention and reduce turnover risk, based on CRE market data from WDSuite. School ratings average near 2.0/5, which may temper appeal for some family renters and can influence leasing mixes and marketing strategy.
Within a 3-mile radius, household counts have ticked up in recent years and are projected to continue rising as average household size trends lower. Even as population growth is modest to slightly negative, more—but smaller—households typically translate into a larger tenant base for multifamily and can support occupancy stability. Income trends within 3 miles have strengthened materially over the last five years, widening headroom for measured rent increases where unit quality supports it.
The asset’s 1982 vintage is newer than the neighborhood’s average construction year (1973; 1,222 of 1,491 in the metro), offering relative competitiveness versus older stock. That said, systems are entering mid-life, so investors should underwrite targeted renovations and capital planning to maintain positioning against both legacy properties and recently upgraded comps.
Safety indicators are mixed but generally comparable to broader regional patterns. Overall crime performance is competitive among Houston neighborhoods, and national percentiles suggest the area is modestly safer than the U.S. median. Property offense measures sit in the top quartile nationally, while violent offense sits comfortably above the national median.
Recent year-over-year trends show some variability, particularly in violent offense directionally, so operators may wish to emphasize lighting, access controls, and resident engagement to support on-site conditions. As always, these are neighborhood-level readings rather than property-specific metrics.
Proximity to blue-collar and energy-related employers underpins a durable renter base and commute convenience for workforce households, led by Boeing, Calpine’s turbine maintenance operations, Air Products, Waste Management, and Calpine’s corporate offices.
- Boeing: Bay Area Building — aerospace offices (7.7 miles)
- Calpine Turbine Maintenance Group — power services (8.3 miles)
- Air Products — industrial gases (10.4 miles)
- Waste Management — environmental services (12.5 miles) — HQ
- Calpine — power generation (12.7 miles) — HQ
This 120-unit asset at 2701 Pasadena Blvd benefits from neighborhood occupancy near 93% and a balanced renter concentration, supporting day-one demand and stable leasing dynamics. Median rents in the area remain manageable relative to incomes, which can aid retention and measured revenue growth where unit quality and operations warrant, according to CRE market data from WDSuite. The local amenity set—strong on daily-needs retail and pharmacies—supports livability even as parks and cafes are limited.
Built in 1982, the property is newer than much of the surrounding housing stock, offering competitive positioning versus older assets. Targeted interior and systems updates can unlock value-add potential while appealing to a workforce tenant base drawn by nearby industrial, energy, and services employers. Key underwriting considerations include school quality, some variability in neighborhood safety trends, and the relatively accessible ownership market that can compete with entry-level rentals.
- Neighborhood occupancy and balanced renter base support demand and leasing stability.
- 1982 vintage provides an edge over older stock with clear renovation upside.
- Workforce employment nodes nearby bolster tenant retention and lease-up consistency.
- Manageable rent-to-income dynamics offer room for disciplined revenue management.
- Risks: softer school ratings, mixed safety trends, and homeowner alternatives may pressure leasing for some segments.