| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Poor |
| Demographics | 32nd | Fair |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3663 Fairmont Pkwy, Pasadena, TX, 77504, US |
| Region / Metro | Pasadena |
| Year of Construction | 2003 |
| Units | 122 |
| Transaction Date | 2018-12-05 |
| Transaction Price | $9,873,800 |
| Buyer | FAIRFIELD PARKWAY SENIOR LLC |
| Seller | PARKWAY SENIOR APARTMENTS LP |
3663 Fairmont Pkwy Pasadena Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and proximity to major Houston employers, according to WDSuite’s CRE market data. This commercial real estate analysis points to stable occupancy with room for operational upside from a 2003 vintage asset.
Located in an Inner Suburb of the Houston metro with a B- neighborhood rating (competitive among Houston neighborhoods), the area balances everyday convenience with working-class housing demand. Grocery and pharmacy access are strengths — grocery density sits in the top quartile nationally and is competitive among 1,491 Houston neighborhoods, while pharmacies rank above most peers — supporting daily-needs livability even as parks and cafes are relatively limited.
Neighborhood-level occupancy is near the national middle, and the renter-occupied share is high (measured at the neighborhood level), indicating a deep tenant base that can support leasing velocity and retention. Typical rents in the neighborhood align near national midpoints, reinforcing demand for workforce-oriented units rather than premium positioning.
Within a 3-mile radius, households have increased over the last five years while overall population edged slightly lower — signaling smaller average household sizes and a stable-to-expanding renter pool. Looking ahead to 2028, 3-mile forecasts indicate modest population growth and a larger household count, which should broaden the tenant base and support occupancy stability.
Home values in the neighborhood sit below national norms, which can introduce some competition from ownership options. However, rent-to-income metrics are comparatively manageable for renters, suggesting lower affordability pressure and potentially steadier lease retention. Investors should calibrate pricing and renewal strategies accordingly.
Vintage is a relative advantage: the property’s 2003 construction is newer than the area’s average vintage from the late 1970s, which can be more competitive versus older stock. Still, plan for targeted systems modernization and common-area refresh to sustain positioning against newer deliveries.
Safety indicators are mixed but broadly around national midpoints. Based on WDSuite’s data, overall conditions align slightly above the national average for safety, with violent offenses tracking better than many neighborhoods nationwide and property offenses comparatively low by national standards. At the same time, recent year-over-year shifts show a rise in violent incidents alongside a decline in property offenses, underscoring the importance of active security management and resident engagement.
For investors comparing submarkets within the Houston region, this neighborhood’s profile sits around the metro middle. A prudent approach would include well-lit common areas, access control, and coordination with local community resources to maintain resident confidence and leasing stability over time.
Nearby energy and industrial employers provide a broad commuter base that supports workforce housing demand and reduces leasing volatility. The list below highlights key names within practical commuting distance that can underpin day-to-day renter demand.
- Boeing: Bay Area Building — aerospace offices (6.8 miles)
- Calpine Turbine Maintenance Group — power generation services (7.9 miles)
- Air Products — industrial gases (12.4 miles)
- Waste Management — environmental services (12.7 miles) — HQ
- Calpine — power generation (12.9 miles) — HQ
The investment case centers on durable renter demand, mid-market positioning, and a vintage advantage. At the neighborhood level, occupancy trends are steady and the renter-occupied share is high, supporting depth of the tenant base. Within a 3-mile radius, household counts have grown and are projected to expand further by 2028, pointing to a larger renter pool and potential support for rent growth and occupancy stability. According to CRE market data from WDSuite, grocery and pharmacy access outperform national norms, reinforcing day-to-day livability even as parks and cafes are limited.
Constructed in 2003, the property is newer than much of the surrounding stock and can compete effectively with older assets while benefiting from selective upgrades to common areas, interiors, and building systems. Neighborhood affordability metrics suggest manageable rent burdens for tenants, which can aid retention, though relatively accessible ownership costs may require disciplined pricing and amenity positioning.
- High renter-occupied share at the neighborhood level supports a deep tenant base and leasing stability.
- 2003 construction provides a relative edge over older area inventory with targeted value-add potential.
- Strong daily-needs access (groceries, pharmacies) and proximity to major employers underpin livability and demand.
- Affordability indicators suggest manageable rent burdens, aiding retention and reducing turnover risk.
- Risks: mixed safety trends and limited parks/cafes; accessible homeownership may create pricing competition.