| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 70th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 296 N Madison Ave, Pasadena, CA, 91101, US |
| Region / Metro | Pasadena |
| Year of Construction | 1987 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
296 N Madison Ave Pasadena Multifamily Investment
Urban-core Pasadena location with deep renter demand and strong amenity access, according to WDSuite’s CRE market data. Neighborhood occupancy has trended upward while high-cost ownership dynamics support a stable tenant base.
Located in Pasadena’s Urban Core, the neighborhood rates A+ and ranks among the top quartile nationally for overall livability. Amenity access is a differentiator: restaurants, groceries, pharmacies, and cafes index in the mid-to-high 90th percentiles nationally, with parks also strong. For investors, this concentration of daily-needs retail and dining tends to support leasing velocity and retention.
Multifamily fundamentals are mixed but investable. Neighborhood occupancy is below the national median, yet it has improved over the past five years, signaling stabilization potential. Renter-occupied housing accounts for a very high share of units (top percentile nationally), indicating a sizable and durable tenant pool for a 27-unit asset.
Housing economics favor rentals. Median home values sit in a high-cost ownership market compared with national benchmarks, which typically sustains reliance on multifamily housing and can underpin pricing power. At the same time, rent-to-income levels suggest affordability pressure in the area, warranting careful lease management and renewal strategies.
Within a 3-mile radius, recent trends show essentially flat population but modest household growth and smaller average household sizes. Looking ahead, households are projected to increase while average household size declines, which supports demand for smaller units and a broader renter pool. Average school ratings in the neighborhood track below national medians, a consideration for family-oriented unit mixes.
Safety conditions are mixed relative to national and metro benchmarks. Neighborhood indicators point to lower safety than the national median, with property crime levels elevated versus nationwide norms. However, recent trend data shows a modest year-over-year improvement in violent offenses, suggesting incremental progress.
For underwriting, investors typically price in higher security, lighting, and common-area controls in similar urban-core locations. Monitoring ongoing trend direction at the neighborhood level is prudent to align operating practices and tenant experience.
The employment base includes nearby corporate offices that support commuter convenience and renter demand, notably Avery Dennison, Edison International, Chevron, Microsoft, and Reliance Steel & Aluminum.
- Avery Dennison — materials manufacturing HQ (6.8 miles) — HQ
- Edison International — utilities HQ (7.5 miles) — HQ
- Chevron — energy corporate offices (8.4 miles)
- Microsoft — technology offices (9.4 miles)
- Reliance Steel & Aluminum — metals & distribution HQ (9.4 miles) — HQ
296 N Madison Ave is a 27-unit, 1987-vintage property positioned in an A+ rated Urban Core neighborhood where amenity density and a high concentration of renter-occupied housing support depth of demand. While neighborhood occupancy sits below the national median, five-year improvement indicates stabilizing dynamics, and elevated ownership costs in Pasadena reinforce reliance on rentals. Based on CRE market data from WDSuite, rent-to-income levels warrant attentive renewal and concession strategy, but the surrounding household growth and shrinking household sizes within 3 miles expand the renter pool over time.
Vintage suggests attention to systems and common-area modernization can unlock value-add potential versus older competing stock, while proximity to major employers underpins weekday occupancy and leasing resilience. Underwriting should incorporate affordability-sensitive pricing and security/operational controls typical of urban-core assets.
- Amenity-rich A+ Urban Core location supports leasing velocity and retention
- Deep renter base (high renter-occupied share) provides tenant depth for a 27-unit asset
- Improving neighborhood occupancy and high-cost ownership market bolster rental demand
- 1987 vintage offers value-add potential through targeted system and common-area upgrades
- Risks: below-median safety indicators and rent-to-income pressure call for prudent pricing and operations