| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Poor |
| Demographics | 32nd | Fair |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3602 Burke Rd, Pasadena, TX, 77504, US |
| Region / Metro | Pasadena |
| Year of Construction | 1983 |
| Units | 94 |
| Transaction Date | 2005-09-19 |
| Transaction Price | $4,812,500 |
| Buyer | RU REAL ESTATE HOLDINGS LLC |
| Seller | MULTIFAMILY BURKE REGENCYASSN LP |
3602 Burke Rd Pasadena Multifamily Investment
Solid renter demand and near-metro occupancy levels in this inner-suburban Pasadena pocket point to steady leasing fundamentals, according to WDSuite’s CRE market data.
Pasadena’s inner-suburban location offers everyday convenience for workforce renters. Neighborhood amenities skew toward essentials, with grocery and pharmacy access performing well compared with U.S. peers, while parks and cafes are thinner. For investors, this mix supports daily needs and reduces friction for lease retention even without destination retail.
The surrounding neighborhood shows a renter-occupied share of housing units around six in ten (94th percentile nationally), indicating a deep tenant base and demand stability for multifamily. Neighborhood occupancy is near the national middle (53rd percentile), suggesting generally steady lease-up and renewal dynamics rather than outsized volatility.
Within a 3-mile radius, demographics indicate modest population growth over the last five years and a larger increase in households, with projections showing more households and smaller average household sizes by 2028. For investors, that combination typically broadens the renter pool and supports occupancy stability over time.
Home values in the neighborhood sit on the lower end nationally, which can make ownership comparatively accessible. In practice, that can introduce some competition with entry-level ownership and single-family rentals, yet the area’s lower rent-to-income ratios point to manageable affordability pressure that can aid retention and reduce turnover sensitivity.
Schools in the area trend below the national median, which may temper some family-driven demand. Amenity access is mixed: groceries (88th percentile nationally) and pharmacies (82nd percentile) are strong relative to peers, restaurants are competitive, but parks and cafes are limited. Overall standing is mid-pack for the Houston–The Woodlands–Sugar Land metro, ranked 870 out of 1,491 neighborhoods.
Safety indicators are mixed. Within the Houston–The Woodlands–Sugar Land metro, the neighborhood’s crime rank sits closer to the higher-incident end (392 out of 1,491), while national percentiles show more favorable positioning on several measures: property offenses benchmark in the top quartile nationally (85th percentile) and violent offense rates are above the national median (62nd percentile). Investors should weigh the local-metro comparison alongside the broader national context.
Recent trends are also nuanced: estimated violent offenses have risen year over year, whereas property offense rates show a modest decline. For underwriting, this suggests monitoring management, lighting, and site-level security practices, and comparing incident patterns to nearby submarkets rather than relying on a single metric.
Nearby employment is anchored by aerospace, energy, and industrial services, supporting commuter convenience and a broad renter pool for workforce housing. The employers below represent the primary demand drivers proximate to the property.
- Boeing: Bay Area Building — aerospace offices (6.9 miles)
- Calpine Turbine Maintenance Group — power generation services (7.9 miles)
- Air Products — industrial gases (12.2 miles)
- Waste Management — environmental services (12.6 miles) — HQ
- Calpine — energy generation (12.9 miles) — HQ
Built in 1983, the asset is newer than much of the 1970s-era stock nearby, which can offer a competitive edge versus older properties while still leaving room for targeted system upgrades and cosmetic value-add. Strong neighborhood renter concentration supports depth of demand, and occupancy levels track near broader norms, pointing to steady leasing rather than volatility. According to CRE market data from WDSuite, local amenity access favors daily-needs shopping and services, which helps retention even with limited park and cafe options.
Within a 3-mile radius, households have grown and are projected to expand further as average household size trends lower, a dynamic that typically enlarges the renter pool and supports occupancy stability. Lower home values in the immediate area may create some competition with entry-level ownership, but comparatively manageable rent-to-income ratios can aid renewal capture and reduce turnover risk when paired with disciplined lease management.
- Renter-heavy neighborhood supports a broad tenant base and stable demand.
- 1983 vintage offers relative competitiveness vs. older stock with potential value-add through selective upgrades.
- Daily-needs amenities (grocery/pharmacy) nearby support retention and leasing consistency.
- Risks: below-median school ratings, limited parks/cafes, and mixed safety signals within the metro warrant conservative underwriting and active management.