| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Poor |
| Demographics | 32nd | Fair |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3650 Burke Rd, Pasadena, TX, 77504, US |
| Region / Metro | Pasadena |
| Year of Construction | 1983 |
| Units | 120 |
| Transaction Date | 2007-04-27 |
| Transaction Price | $91,000 |
| Buyer | BANANI PROPERTIES |
| Seller | CASTO SALVATORE LO |
3650 Burke Rd Pasadena Multifamily — Renter Demand and Upside
Neighborhood occupancy appears steady and the renter base is deep, according to WDSuite’s CRE market data, positioning this 1983 asset for durable leasing while selective updates could enhance competitiveness. Metrics cited reflect the surrounding neighborhood rather than the property itself.
Pasadena’s inner-suburban setting delivers everyday convenience for renters. Within the Houston metro, this neighborhood’s overall standing sits above the metro median (rank 870 of 1,491), with amenities competitive among Houston peers (rank 317 of 1,491) and mid-pack nationally. Grocery and pharmacy access track stronger than the national average, while parks and cafés are limited—an operational consideration for resident experience.
Multifamily fundamentals are supported by a high share of renter-occupied housing units in the neighborhood (60.7%), placing it in the top quartile nationally for renter concentration. For investors, that indicates depth in the tenant base and potential for stable absorption. Neighborhood occupancy is near the national middle, suggesting baseline leasing resiliency with room for operational execution to drive outperformance.
Home values in the area are comparatively accessible by national standards, which can introduce more competition from entry-level ownership and may moderate pricing power. At the same time, typical rents are around national mid-levels, supporting retention. School ratings trend below national averages, which may influence unit mix appeal for family renters and should be weighed in marketing and amenity programming.
Demographic indicators aggregated within a 3-mile radius point to modest population growth and a larger increase in household counts, alongside a slight drift toward smaller average household size. For multifamily, that combination generally translates into a broader renter pool and supports occupancy stability, with positioning and value proposition key to capturing demand.
Vintage is an advantage here: built in 1983 versus a neighborhood average year of 1978, the property is newer than much of the nearby stock, implying relative competitiveness against older assets. However, planning for system upgrades and targeted modernization remains prudent for long-term performance.
Safety indicators for the surrounding neighborhood trend slightly better than national averages overall, with violent and property offense measures benchmarking in favorable national percentiles. Within the Houston metro, the area performs above the metro median (crime rank 392 of 1,491), indicating competitive positioning among peer neighborhoods.
Recent year-over-year changes show mixed signals, including an uptick in violent incidents alongside improvement in property-related measures. Investors should monitor trend lines and compare against submarket and citywide trajectories as part of ongoing risk assessment rather than relying on a single-year snapshot.
Proximity to established aerospace/industrial and energy employers underpins local renter demand and commute convenience for workforce households. The following nearby corporate offices anchor the employment base referenced here.
- Boeing: Bay Area Building — aerospace offices (6.8 miles)
- Calpine Turbine Maintenance Group — energy services (7.8 miles)
- Air Products — industrial gases (12.2 miles)
- Waste Management — environmental services (12.7 miles) — HQ
- Calpine — power generation (13.0 miles) — HQ
This 120-unit, 1983-vintage asset benefits from a renter-heavy neighborhood and steady occupancy levels in the surrounding area, with grocery and pharmacy access that support daily livability. The vintage is newer than the area’s average stock, offering relative competitiveness versus older properties, though planning for targeted system updates can strengthen positioning. According to CRE market data from WDSuite, local ownership costs are comparatively accessible by national standards, which can temper pricing power—making operations, value proposition, and unit finish strategy important levers.
Within a 3-mile radius, household counts have grown and are projected to continue increasing, while average household size trends slightly lower—factors that typically widen the renter pool and support occupancy stability. School quality benchmarks below national averages and limited parks/cafés are considerations; however, proximity to major employers and mid-level rent positioning can sustain leasing traction with workforce tenants.
- High renter concentration in the neighborhood supports a deeper tenant base and stable absorption
- 1983 construction is newer than nearby stock, with value-add potential through selective modernization
- Everyday retail access (groceries/pharmacies) enhances livability and retention
- Workforce demand reinforced by proximity to aerospace/energy employers
- Risks: accessible ownership may moderate rent growth; below-average schools and limited parks/cafés warrant targeted marketing and amenity strategy